private health insurance

private health insurance (PHI) A form of insurance that covers all the normal costs associated with private medical treatment. PHI enables those who wish to do so to choose their own consultants, choose when and where they are hospitalized, and to have private rooms (with private telephones) in hospitals. Because these facilities are often important for managers and executives, businesses often offer PHI to senior employees as a fringe benefit. Many companies offer group schemes at discounted premiums.