Is Private Health Insurance Worth it?

Why Do I need Private Health Insurance?

Most of us own some type of insurance to cover our cars, our homes or our pets. Yet our health is just as much at risk, which is why it is important that we take measures to protect it.

While the NHS does a fantastic job, it can’t be denied that the service is facing immense pressure and this is being reflected in longer waiting times.

• At the end of March 2018, 2,755 patients waiting to start treatment after a referral had been waiting for more than 52 weeks.
• At the end of March 2018, an approximate total of 3.84 million patients were waiting to start treatment.
• In 2017/18, the median wait for admitted treatments was 10 weeks.
• Roughly 13% of patients had to wait more than 18 weeks to receive treatment as of March 2018.

Many people in dire need of treatment are having to wait weeks before they can be seen.

If you were forced to take time off work due to a painful health condition, an 18 week wait to receive treatment through the NHS could put you in serious financial difficulty.

With private healthcare, on the other hand, you could be diagnosed and treated much sooner.

Private Health Insurance vs the NHS

While private Health Insurance has a lot of benefits, it doesn’t cover anything. This means that you won’t be able to rely on private care alone depending on your medical issue.

While Private Health Insurance can improve the level of care you receive, there are some things that you can only get from the NHS.

How Much does Private Health Insurance Cost?

The cost of Private Medical Insurance will not be the same for everyone. This is because Health Insurance is varied between providers and most have optional levels of cover that you can choose from.

What Affects the Cost of Health Insurance?

Geography

If you live in an area that has expensive private hospitals, such as London, then the cost of your health insurance will be more because it will cost more to cover your medical expenses.

Your age

Older people are more likely to have health complications because health deteriorates with age. Because of this, there are likely to be more medical expenses that your insurers need to cover and so the cost of your insurance policy will be higher.

The level of cover

A basic policy that covers only inpatient treatment will cost far less than a comprehensive policy that also covers outpatient treatment.

The private medical facilities you choose

Different facilities have different prices for treatments and care. When you apply for your Health Insurance policy, your insurer will give a list of eligible facilities to choose from if you require treatment.

If you choose to be treated the top facilities where care is more expensive then your insurance policy will also be more expensive.

Added benefits

Most policies have optional benefits and adjustable levels of cover that you can choose from when you take out your policy. The options you choose will affect the cost of your policy, making it either more or less expensive.

6 week NHS wait option

This optional condition with many policies can lower the cost. With this in place, your private cover will kick in only if the NHS waiting list for the inpatient treatment you need is longer than 6 weeks, saving you money.

Note that this only applies to inpatient treatment. If you’ve added outpatient cover on the policy to provide cover for diagnostic tests / scans etc., this will take place privately as soon as possible.

Due to the current length of NHS waiting times, some insurers such as AXA aren’t offering this option. The market changes regularly, so if you’re unsure, give us a call on 02074425880 or email help@drewberry.co.uk to find out your options.

Excess

An excess is an amount that you agree to pay to cover some of the cost of your treatment. The higher you set your excess, the cheaper your Medical Insurance policy will be.

There are ways to reduce the cost of your policy, ensuring that the price of your Private Health Insurance is worth it for the cover you receive. For advice on which policy is best for you, contact us today.

Nadeem Farid
Head of Employee Benefits at Drewberry

Is Private Health Insurance Worth it? Get Expert Advice

Overall, Private Health Insurance is worth it for certain reasons, but cannot replace the NHS entirely.

Private Medical Insurance is, however, a great way to ensure many health problems are treated quickly and that if you require certain medical procedures, you can receive them in comfort and privacy.

We can guide you through the different policies and options, covering how much these options will impact the cost to make sure that your Private Health Insurance is worth it.

Why Speak to Us…

We started Drewberry™ because we were tired of being treated like a number.

We all deserve a first class service when it comes to issues as important as protecting our health. Below are just a few reasons why it makes sense to talk to us.

• There is no fee for our service
• We are an award winning 🏆 independent insurance broker who works with all the leading UK insurers
• You’ll speak to a dedicated expert from start to finish
• We are very proud of the 3895 and growing independent client reviews rating us at 4.92 / 5
• Claims support when you need it most.
• We are authorised and regulated by the Financial Conduct Authority. You can find us on the financial services register here 🧐
• Claims support when you need it most.

If it is all getting a little confusing and you want to talk through your options to make sure you find the most suitable cover please don’t hesitate to get in touch.

Pop us a call on 02074425880 or email help@drewberry.co.uk.