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Private Healthcare

Once the preserve of the very wealthy, NHS cuts are leading more and more people to consider private health cover.

private healthcareIn the UK, we are fortunate to have a health service that is free at the point of delivery. However, regardless of your politics, we all recognise that when you are unwell, you want to be seen and treated quickly and for all its strengths, the NHS cannot always guarantee that. For many people, therefore, the benefits of private health care outweigh the costs of the premiums.

Private Healthcare from your employer

If you are employed, you may be offered private health care as part of your package, either as an optional benefit towards which you pay, or you may automatically be included in a group scheme.  This will be charged as a P11D taxable benefit in kind. The plan may have the option to include your partner and children.

If you are self-employed

Like everything else if you are self-employed, if you want private health care you have to organise it yourself and pay for it. Whilst on the face of it, it seems very expensive, if your business cannot run without you, you need to minimise the time waiting to get  treatment  and get back in the saddle as soon as possible.

Policy excess and pre-existing conditions

All policies tend to have an excess, and most have exclusions for pre-existing conditions. Pregnancy and births are almost always excluded. As with all life cover, the premium is dependent on your age at the outset of the policy and your general health. Unlike most term insurance cover, the premium is not set for the term of the plan and will most likely rise each year as you age.

You may decide that rather than paying monthly or annual premiums you would prefer to set aside funds to pay for private treatment should you need it. Many people using this strategy have their illness assessed and diagnosed privately but have follow-up treatment in the NHS. Bear in mind that for the more serious illnesses, for example sudden accidents or heart failure, you will always be treated by the NHS.

Prices vary widely in this sector and it is well worth using a comparison site to shop around if you are considering private health care.

Additional Reading

  • Assess the Need for Long Term Health Care

    If you assess the need for health care properly, you can ensure you are prepared for each eventuality. Call us for more advice and guidance.
  • Why Have a Financial Adviser

    Why bother with a financial adviser? We explain the risks of doing it yourself. Find LGBT-friendly financial advisers on our site.
  • Cost Management of Long Term Care

    Find out more about cost management for health care. Our professional advisers can talk you through everything you need to know.
  • Compare Health Insurance

    Why not compare health insurance to see what cover you can afford. From medical cover that's comprehensive to more affordable cheaper policies you can choose.
  • Health & Wellbeing Issues

    Want to find LGBT specific health advice? Why not take a look at our dedicated channel, with everything from ilness to contraception or screening.

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