Private medical insurance

Private medical insurance (PMI) covers the expenses incurred when you undergo private medical treatment for short-term curable illnesses and injuries.

People in employment often have the option to join a company sponsored scheme and as it is a benefit in kind, a small amount of tax is due once a year. If you buy PMI yourself because you are retired, self employed or your company does not offer this benefit it can be quite expensive, which is why it is worth knowing a bit about the different types of policy before purchasing cover.