In this article we’re answering the question of should you choose private health insurance? We’ll explain what private health insurance is, what the pros of it are and how to make it more affordable.
Private health insurance, also known as medical insurance, pays for some or all the treatments when you use private healthcare. Although most residents of the UK are eligible for free treatment through the NHS, there are many private hospitals and treatment centres being used in the UK too.
Private health insurance usually requires monthly or annual payments to the insurance provider, and in return you have access to private healthcare. The access you get does depend on the type of policy you have purchased as not all policies are the same. Some treatments are not covered at all. You do not need a health insurance policy to have private treatment. However, paying for individual treatments can be more expensive than spreading the cost out over smaller insurance payments.
What are the pros of private health insurance?
As a nation we’re fiercely proud of the NHS. As waiting times get longer, and the NHS continues to be underfunded and understaffed, many people are choosing to pay for private health insurance instead.
Pros include:
- Shorter or no waiting times
- More choice of treatments
- Private hospital rooms
- Additional choices of hospitals and doctors
- Quicker access to physiotherapy and other out-patient aftercare
- Some insurers provide benefits alongside the policy
Choosing and paying for the healthcare benefits you need, means that if you get a short-term illness or injury, and are referred by your GP, you will have a different experience to going through the NHS. You will chose from a large range of high-quality private facilities and hospitals. Then if you make a claim, your insurance provider will process the claim quickly and without adding stress on you. As waiting times in private healthcare are typically shorter, you are likely to be treated sooner than on the NHS therefore you can focus on getting better, sooner.
How can you make private health insurance more affordable?
You can often omit parts of the policy, the optional extras, you don’t need which can help reduce costs. For example, if you don’t live in London, your premium might be cheaper. Or you could remove mental health from the policy if it does not concern you. Think about your personal healthcare needs and the history of illness in your family. You may want to tailor your insurance towards specific conditions, which again, could help reduce the costs.
Other ways you can save money with your private health insurance is to get family cover instead of individual cover. Multi-person discounts can be more affordable.
If you are already on a dental or eyecare plan, it might be cheaper to cancel that and include it as part of your health insurance policy instead.
Having a healthy lifestyle can help with some insurers who reward their policy holders with discounts and incentives.
Find out if your workplace offers a discounted membership or health insurance policy that you can become part of.
Choosing options that include flexibility may mean you can choose when your appointments and treatments are. This will help with not having to take time away from work to attend them and therefore save you any money you would have lost in wages.
Tips for choosing the right private health insurance
Avoid selecting a policy based on cost alone. Your health needs, and those of your family, should be taken into account.
That said, do consider your financial situation, especially if you have debts or have had trouble keeping up with payments before.
Compare multiple providers so you can be sure you are getting a good policy for the price. At Grange Mortgages, we provide this service to find the best policy for you.
When considering private health insurance, it is important to compare policies and focus on what is right for you and your loved ones. Private health insurance can make you feel more in control of when, how and where you’re treated. Grange Mortgages are here to offer advice and guidance through the process.
If you would like to discuss further about your personal requirements, please call 0300 303 0707 and ask to speak to Sally.