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New Financial Regulator
Date: 10 Apr 2013  Written By -
The financial regulator is changing! All firms selling Medical Insurance policies are regulated by the Financial Conduct Authority (FCA) from 1 st April 2013. The FCA aims to provide better protection for consumers. The FCA will ensure that firms are focused more on consumers and less on the bottom line. Firms will be required to evidence that they are Treating Customers Fairly. The FCA will endeavour to ensure that advertising is not misleading. Consumers should be able to complain more easily and firms not acting responsibly will be dealt with more quickly. So protect yourselves and be aware: Ensure that you are buying from an FCA approved Firm or Website.  - you can check this at www.fca.org.uk All firms should give you full information about any product you are buying. Every firm must have a complaints process in place, if this does not resolve any issues, be aware that you can refer to the Financial Ombudsman Service for additional assistance.
 

Trouble with pre-existing conditions
Date: 27 Mar 2013  Written By -
Have you has trouble with "pre-existing conditions"? First, what are they? They crop up most when you want to change insurer.  Any condition you have - whether it has been treated or not - is excluded from insurance cover in your new policy.  That can be very tough especially as you get older and have any number of problems you have had treatment for over the years.  The result is that you just have to put up with the ever-increasing premiums without any sensible ability to change insurer. Now there are specialist brokers (also known as intermediaries) who might be able to help - see link on the PPF website (http://www.privatepatientsforum.org/).  Otherwise, as the Association of British Insurers (ABI) stated in their evidence to the Competition Commission, "For individual policies it is more likely there will be anti-selection [that is when there is a high chance that you will claim and the risk is not covered by the insurance rate] that ultimately increases the ...
 

Warning for people in company PMI schemes
Date: 11 Feb 2013  Written By -
It has always been important for those of us who are insured for private healthcare through our employers to find out details of our cover.  There has been a lot written about so-called "open referral" and we have heard from people who discovered that their employers had transferred the choice of doctor and hospital from the patient to the insurer. Being realistic, these days cost savings have to be found everywhere.  PMI is no exception.  But do ask your HR department to keep you up-to-date with changes.  There is a new 'stripped down' private medical insurance being introduced by some insurers.  It is intended to enable employers to extend private healthcare to more employees and is aimed especially at minimising time off work for illness.   That might be very good but do just make sure, if you have been in a scheme for some time, that you don't find yourself covered for less now. We all hate small print - that's why we tick "accept terms and conditio...
 

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