In years past, private medical insurance (or PMI) was seen as a luxury product for those who wanted to upgrade their healthcare and avoid the waiting lists of this NHS. Adding benefits include being treated in a private room in a private hospital.
Private medical insurance policies can and are still used for this purpose. However, it is important to realise the additional benefits of private medical insurance. Not only can one obtain a private room, in a privately funded hospital, but there are many other benefits as well. Private medical insurance offers the benefit of immediate access to treatment, and thus avoids the NHS waiting list or ?lottery system? for treatment and drugs.
The benefit of the growing private medical insurance market is passed on to consumers by the way of decreased and competitive premiums. Lower prices and wider selection for private medical insurance are a new benefit that can be enjoyed by a more inclusive audience than the affluent.
Lastly, the choices available to consumers provide the benefit of being able to customise each individual private medical insurance policy. Some packages offer the benefit of being budget packages that only include in-patient cover. Other packages offer the benefit of full outpatient cover along with in-patient cover.