Do I need healthcare insurance

Do I need healthcare insurance

Healthcare insurance maybe what you are looking for and they do say ‘health is wealth’ and without it you may well have nothing, and that saying “you don’t want to be the richest in the graveyard” springs to mind, but health insurance comes at a hefty cost.

Private cover will give you greater access to medical resources, as well as reduced waiting times and private room which seems to be the biggest want for those seeking health insurance, but have you also considered squirreling the money that would have normally gone on premiums and when the time arises for treatment, walking into a private hospital with £50 notes at the ready?

Deciding on healthcare insurance needs to be thought out, affordable and being right for you. Imagine taking out a healthcare policy in your thirties and reaching your eighties and still have not made a claim, you then find yourself in the twilight years when premiums rise exponentially as the likelihood of an expensive claim is on the cards for the insurer, dare you cancel? Or do you question why you did not save all those premiums up over the years, it must have been tens of thousands of pounds.

Healthcare insurance policies tend to go up with age which is typically between 3-5% and in later life premiums can easily be well into the several hundreds of pounds per month, let me tell you a little secret, the insurers don’t want you as a client, the risk is too great and hence they will price you out of renewing and for those that can pay will pretty much leave hospital paying through the nose.

Fortunately, we live in a country with an excellent national health service, and when the situation is serious the NHS really do go into over-drive, and you may even find that the consultant that you are seeing through the NHS may well have been the same consultant if you claimed via a private health insurance policy.

A pro of having private health insurance is instant on demand access to a wide variety of specialists, but you could walk into a private medical hospital off the street and pay to see a consultant and once diagnosed go to the NHS and mention you have already seen a consultant, some say this is a way of reducing the waiting list, but this isn’t for me to comment.

But if you do not have a healthcare insurance policy and there is a need for treatment that is not available on the NHS because it is too expensive or not available in your region, you could fall back on what we mentioned earlier, ‘health is wealth’

One thing to note is that deep in the small print of some health insurance paperwork, some chronic conditions such as diabetes, high blood pressure, some incurable cancers and heart disease are excluded, how frustrating would that be to have paid for decades to then be told your health insurance policy does not cover you.

Clients of ours are surgeons who have a need whether it is for family members or themselves, they know who the best private health inurance providers are and what they want from them, do you think they go for the cheapest policy? how good is a comparison site to them? Having this knowledge means we know how to source the best policy with the right insurer for all our clients.

We also use cashflow modelling to make sure our recommendation is affordable now and in the future. So, if you need health insurance in the UK we can help.

You may also be interested in reading about cash flow modelling.