Premium

What you pay the insurer, monthly or annually, to keep the policy in force.

The premium reflects your age, where you live, the hospital list, the excess, the outpatient limit and any optional modules, along with the insurer’s own claims experience. It is not fixed for life: most private medical insurance is an annual contract that is re-rated each year, which is why renewal is the point at which people most often review cover or take advice.