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Individual PMI costs £40-£200 per month depending on age, coverage level, and excess. A 40-year-old with standard cover pays approximately £80-£100/month. Premiums increase significantly with age — a 60-year-old pays roughly double a 40-year-old. Family cover costs 2-3 times individual cover. Comprehensive policies with dental and optical start from £130-£200/month.

Standard PMI covers: consultant consultations, diagnostic tests (MRI, CT, blood tests), hospital treatment and surgery, cancer treatment, and physiotherapy. It does not typically cover: pre-existing conditions (initially), GP visits, emergency treatment, pregnancy, cosmetic surgery, or chronic/long-term conditions. Comprehensive policies may include: mental health, dental, optical, and alternative therapies.

PMI is worth considering if: NHS waiting times are long for your condition (currently 18+ weeks for many treatments), you want choice of consultant and hospital, you need faster access to diagnostics, your employer offers it as a benefit (often tax-efficient), or you want a private room. The average NHS wait for treatment was 43 weeks in 2025 for some specialties.

Individual PMI premiums are not tax-deductible for employees. However, employer-paid PMI is a tax-efficient benefit — the company claims corporation tax relief, and the employee pays BIK tax at their marginal rate (20% or 40%) on the premium value. Self-employed individuals cannot claim PMI as a business expense. Company-paid PMI for employees costs the employer less than equivalent salary.

An excess (or deductible) is the amount you pay before the insurer covers costs. Common levels are £0, £100, £250, £500, and £1,000 per year. Choosing a £250 excess typically reduces premiums by 10-15%. A £500 excess reduces premiums by 20-25%. Higher excesses give lower premiums but mean you pay more when you claim. Consider the balance between monthly cost and potential out-of-pocket expenses.