As the uptake in UK private health insurance is increasing, you may wonder how health insurance works? If you are new to health insurance, let us help you understand how it works in practical terms. It is important to remember that health insurance (also known as PMI) does not replace the NHS. Health insurance works alongside the NHS and the premium you pay will dictate the benefits and cover you receive. If you want to be able to have access to private treatment for everything, then you will need to buy a fully comprehensive policy. You may even need to…
Insurance Premium Tax; why the ABI is urging the government to reduce IPT rates
Whether you agree with it or not, private medical insurance does mean that many people have treatment privately and therefore do not rely solely on the NHS. The NHS, who are already struggling to cope with demand are then faced with providing treatment for those who traditionally had private medical insurance but feel they can no longer afford it.
Important information about Insurance Premium Tax
At SMP Healthcare Ltd we’re committed to keeping our clients new and existing up to date about changes that affect Private Medical Insurance policies. That’s why we want to let you know about a change to Insurance Premium Tax. What does it mean to those who either a hold a policy, or are considering putting a policy in place. First things first…what is Insurance Premium Tax? *Insurance Premium Tax (IPT) is a tax on general insurance premiums and therefore applies to Private Medical Insurance policies. There are two rates of IPT: – A current standard rate of 10% – A…