Is Private Health Insurance Worth It

Private Medical Cover

Also known as private health insurance, is a worthwhile investment for so many reasons. But with NHS care available for free, many are wondering: is private health insurance worth it? 

Despite free healthcare available to those in the UK, around four million people still obtain health insurance either through their employer or independently. 

We’ll go through the pros and cons of private health insurance and whether you should consider purchasing a health insurance policy to help cover the costs of medical treatment.

What Are The Benefits Of Private Health Insurance?

One of the major benefits of insurance for health is that it allows you to get a quicker diagnosis and treatment than you would through the NHS. 

While the medical care provided by the NHS is great and treats nine out of 10 patients within the maximum waiting time of 18 weeks, the waiting time can vary from hospital to hospital and by location. 

Every year, reports show that the NHS is dealing with immense workloads and lengthy waiting lists of people seeking medical treatment.

There are also several surgeries that don’t fall under 18-week waiting times, so if you’re dealing with a condition such as cataract removal, hernia repair or another non-urgent operation, you could be waiting even longer. 

By purchasing health insurance, you can ensure that you’re seen much faster and receive a high care of treatment, with the potential of access to a broader range of medications.

Another benefit of private medical cover is that you can ask your GP to refer you to a consultant on a private basis, whether this is for a specialist opinion from someone trained in the specific field of care you require or simply for a second opinion. 

This can provide peace of mind that you are being diagnosed properly if you’re uncertain of the diagnosis you have received so far.

The range of treatments and medications available on the NHS are limited by cost, so you can also use your cover to pay for specialist drugs or scans that perhaps will not be available for free through standard care. It’s also quicker and easier to gain access to physiotherapy sessions through your insurance than through the NHS, which can be beneficial to those with muscular or sports injuries.

An element of private healthcare that many people cite as one of the main reasons for purchase cover is the opportunity to make decisions about when and where you receive care. 

With NHS treatment, you’re limited to the appointments that are available at the time and these may not always be convenient to you and your lifestyle. 

But through private health insurance, you have the chance to choose the specialist who treats you as well as a choice of hospitals and at a time and location to suit you.

Struggling with an illness or injury makes everything more difficult as it is, without having to deal with the added stress of being treated in a crowded ward. 

The comfort of a private room and more attentive care can be a huge benefit during such a tough time and is one of the key advantages that make medical cover worth it for many people.

What Are The Disadvantages Of Private Health Insurance?

While there are many benefits to private healthcare, there are some disadvantages that may mean it’s not for you. 

For many people, the cost of private health insurance can be a stumbling block that means that NHS care is the best option. For a typical family, premiums can vary between £60 to £140 per month depending on the level of cover you choose, which can be difficult for some people to budget for. 

If you’re worried about the cost of private health cover, you may wish to rely exclusively on the care provided by an NHS hospital.

Location also plays a big part in your treatment – while private healthcare gives you the option to see a specialist or be treated locally, this is dependent on availability and your policy options. 

Where serious health conditions such as stroke or heart disease are concerned, the NHS is great at providing swift priority treatment which can be a huge relief if you need to rely on an NHS hospital for your care. 

Depending on where you live, your insurance can be more expensive as well, as regions such as London have a higher price tag associated with them.

It’s also worth noting that private health insurance only covers acute medical conditions, so if you have a chronic or incurable illness, including some cancers, your insurance is unlikely to cover it. 

Injuries from dangerous sports are also excluded from most insurance policies, as well as normal maternity costs and cosmetic surgeries. 

Do You Really Need Private Health Insurance?

Most of us are familiar with insurance policies to protect our homes, cars or even pets. But our health is just as much at risk, so it’s important to protect it. 

With the NHS under such immense pressure and waiting lists getting longer all the time, it can be a great comfort to know that quicker care and treatment is available to you under your insurance policy.

At the end of March 2018, more than 3.84 million people were awaiting treatment in the UK and around 13% of patients had to wait longer than 18 weeks to receive treatment. 

The NHS is under strain from under-funding already and this is likely to continue to be an issue going forward, which means that in order to receive swift medical care, private health insurance is the best option.

Illness or injury can massively impact your everyday life, whether it’s time off of work or making daily tasks a struggle. 

For those forced to take time off work due to their health condition, a lengthy wait to receive NHS care could result in major financial impact. But with private health insurance, you can get a diagnosis and receive care much quicker and get back to full health. 

For those forced to take time off work due to their health condition, a lengthy wait to receive NHS care could result in major financial impact. But with private health insurance, you can get a diagnosis and receive care much quicker and get back to full health. 

Private health insurance can be great value if you need specialist, expensive treatment as this can be covered either partially or entirely through your insurer. 

For example, sporting enthusiasts may need access to private treatments that aren’t available on the NHS, such as surgeons or specialists who only provide care to private patients. And if you need to make several claims to cover your particular condition, having private medical insurance could save you a lot of money.

If cost is a worry to you but you still want to have the protection of private medical insurance, there are ways to bring your premiums down to make them more affordable. For example, factors like age or location can’t be changed, but you can make lifestyle changes to make your insurance cheaper, such as giving up smoking, as well as reducing the number of hospitals on your hospital list.

The level of cover you choose will also impact the cost – comprehensive cover delivers the broadest and most in-depth level of cover but is the most expensive, while basic cover will protect you against most acute conditions and is more budget-friendly. 

It’s important to remember that even with private health insurance, you still have access to NHS care. But you’ll have a safety net that provides peace of mind that anything not covered by the NHS will be covered by your insurance company, and vice versa.

It’s important to remember that even with private health insurance, you still have access to NHS care. But you’ll have a safety net that provides peace of mind that anything not covered by the NHS will be covered by your insurance company, and vice versa.

Final Thoughts

The Financial Conduct Authority assesses insurance providers to ensure they meet a strict code of conduct, so you can be sure that they have been regulated and approved, and worth the investment.

Private health insurance offers great protection for acute medical conditions and can help you get back to full health quicker, without the financial burden that private care normally comes with. 

It also ensures that you can receive your treatment in a comfortable private room with unlimited visiting hours, which can make the process of dealing with your health condition easier to cope with. 

Whether you choose a policy just for yourself, for your whole family, as a student or as an employer, there are medical insurance plans available to suit a host of different needs.