What's an excess
Most of us have an excess on our insurance policies. The excess is the amount you have to pay in the event of a claim. In general, the larger your excess is the lower your insurance premium will be (because of the discounts offered by the insurance company.
Excess insurance covers the cost of your excess amount in the event of a claim.
How it works
If you have a £250 excess on your Private Medical Insurance policy and you have a claim for £1000, you are liable for the first £250 of the claim and the insurance company pays £750.
Your medical excess and shortfall insurance policy is designed to reimburse you for the £250 excess you was charged.
What's a shortfall
Shortfalls arise when there is a difference between the level of reimbursement that insurance providers are prepared to pay and the fees consultants and hospitals charge. It is your responsibility as the patient to pay the shortfall.
Your medical excess and shortfall insurance policy is designed to reimburse any shortfall up to the policy limits (£500).