Private Medical Insurance Private Medical Insurance in Shanghai
Private Medical Insurance is another monthly payment scheme. In this case though, cover is provided for an individual (or a family) to receive medical treatment from or in a private hospital rather than from the state.
The real benefit of this kind of cover is that most pills or treatments that may be required will be provided for very low cost or no cost to the patient and waiting times for consultations and treatments will likely be only a matter of a day or two.
Many employers will arrange bulk rate schemes for their employees as a staff benefit and (I presume) as a way to get staff back at work quickly when possible. This would save them from making additional sick pay payments and hopefully improve productivity.
Should you be offered membership to such a scheme by an employer, I would recommend that you take the option. Though the membership may be taxable (in the UK it is taxed as a benefit ‘in kind’) it may prove to be of immense value to you or your family in a time of need.
As an example of what I mean here, I can use my father. A few years ago he had an accident whilst rock climbing. He broke all sorts of bones but most severely damaged were his elbows. Since my mother is a member of a private medical care scheme (via her employer) Dad was able to have his physiotherapy treatments provided by the scheme. In itself, that might not be such a big deal. He would have received similar treatments from the NHS, but would have needed to wait several months before they could begin. He needed the treatments NOW and not in 3 or 4 month’s time.
This one thing alone had him back at work and able to drive a car and live again far faster than otherwise might have been the case.
In my Dad’s experience, the Dr or consultant that he was likely to see (via the NHS) would have a waiting list of several months, but when going private, he or she was available within a few days. If you are really unwell and need treatment immediately, are you going to let a little thing like money stand in your way? I thought not.
Each PMI scheme is likely to offer different terms and benefits. If you are free to choose a provider, be certain to understand the potential benefits. However, when all is said and done, almost any cover of this nature is likely to be better for you and your family than no cover at all.
Obviously, any scheme or insurance of the nature in this chapter will insist upon some sort of medical history and possibly a medical exam for those being covered. This may, of course, present problems for those readers who are not in A1 health. Sometimes, cover can be refused or ‘rated’ so that the insured pays a higher regular premium for cover. On other occasions, certain conditions may be excluded from cover (due to a previous affliction).
In other words, you need to concentrate when looking into any type of medical or sickness cover. The conditions (should you accept them) will be legally binding and as such, determine what will and will not be paid for. So, it is in your best interests that you understand them!
You will probably have noticed that each type of cover does a different job, pay an income, or a lump sum or for your medical costs. This is true and so it means that potentially, if you are so inclined, you could have three plans working for you at once. If, for example, you contracted cancer, a critical illness plan would pay out a lump sum, whilst permanent health insurance would replace your income whilst you are away from your job and medical insurance would provide reduced cost or free medical care. All you need do is concentrate on a full recovery. The insurance industry thinks of everything doesn’t it!
