Private medical insurance can have an number of benefits. Faster appointments, treatment in private hospitals, access to specialists – you can benefit from all of these things and many more. However, always do plenty of research before you decide on a policy as there are lots of different deals out there.

Check exactly what you get for your money. Premiums can vary considerably, but what they include is also very different. They may or may not include additional options such as dental treatment or appointments with an optician.

Check the excess. It might be the case that if excesses are very high, it might not be worth your while to have certain things covered by your policy. For example, if there is a £100 excess on appointments but an appointment with a dentist would only cost you £75, then it might not be cost-effective to choose this cover. Claims can also push up your premiums. Understand fully what your policy will include and what the excesses are, or you might end up being faced with a bigger bill than you thought.

If you opt for a group of family policy, have a clear understanding of what this includes and for who. You may or may not have to declare previous medical conditions depending on who is a part of the group policy. Also bear in mind that if other people who are a part of the policy make lots of claims, the cost of everyone’s premiums might rise.

Remember that medical insurance is a taxable benefit. This means that even if it is included for free as part of your employment package, you will have to pay tax on it. It’s worth remembering this when deciding on whether or not you want a medical insurance policy.