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Health Insurance is insurance which is used to cover the costs that can occur when receiving medical treatment. The most common type of health insurance is known as Private Medical Insurance (PMI). The insurer will weigh up the overall risk of health care being needed by an individual and develop a premium that will be needed to be paid in order to be insured.
Thesepremiums are what you need to pay the insurer to be covered and are usuallyavailable to be paid in monthly or quarterly instalments. They can also be paidin full if you wish. Premiums usually only cover 12 months at a time asinsurers like to review the agreement annually to cover medical cost rises inthe industry.
Privatehealth insurance is provided by private sector medical and insurance companieswhich are non-government funded. These insurance companies are separate fromthe government funded National Health System (NHS) through public taxes.
Privatehealth insurance runs side by side the NHS and is used by roughly 8 percent ofthe population in the UK. Private health insurance doesn�t necessarily replacethe NHS but is seen more of an add-on or top up of services available on theNHS. PMI can also provide access to health care options not always immediatelyavailable through the public system.
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