Private Medical Insurance (PMI): Who Qualifies and What You Get
Understand how private medical insurance works, including how it is taxed and what types of medical care it covers for you.
Private Medical Insurance (PMI) is a type of health coverage provided by private companies that allows you to access medical care outside of the public health system.
Who it's for
This coverage is often provided to employees as a corporate benefit by their employers.
What you get
Having this insurance allows you to have faster access to specialist doctors and private hospitals for your medical needs.
What it costs you
If your employer provides this as a benefit, it is taxed as a Benefit-in-Kind (BiK). This means the value of the insurance is treated as part of your income for tax purposes.
The catch to know
Most private medical insurance policies do not cover conditions that you already had before you joined the plan.
How to apply
- Check your employment contract or benefits package to see if your employer offers it.
- Contact your HR department to confirm your coverage details.
- Speak with your provider to understand the specific terms of your policy.