Compare My Health Insurance | Compare Health Insurance | Compare Medical Insurance | Compare Private Health Insurance | Health Insurance Quotes

Is Private Health Insurance Worth It?

What is Private Health Insurance?

In the UK, most residents have access to free healthcare through the NHS. However, many individuals choose to purchase private medical insurance to cover the costs of receiving treatment from private healthcare providers. This article will explain how private health insurance works, when it may be suitable, the advantages and disadvantages, and important considerations before making a decision.

What does it do?

Private health insurance, also known as private medical insurance, covers some or all of your medical expenses if you choose to receive treatment privately. It provides you with the freedom to choose the level of care you receive, as well as when and how it is provided. Opting for private treatment without insurance can be very costly, especially for serious conditions.

What does it cover?

The coverage provided by private medical insurance depends on the policy and provider you choose. Basic policies typically cover the costs of in-patient treatments, such as tests and surgery, as well as day-care surgery. Some policies also extend to cover out-patient treatments, such as consultations with specialists, and may provide a fixed amount for each night spent in an NHS hospital.

What isn't covered?

Private health insurance usually does not cover private treatment for organ transplants, pre-existing medical conditions, normal pregnancy and childbirth costs, cosmetic surgery for aesthetic purposes, injuries from dangerous sports or war-related activities, and chronic illnesses like HIV/AIDS, diabetes, epilepsy, hypertension, and related conditions. Mental health, depression, and sports injuries may be covered by certain policies, but it is not guaranteed.

How do I choose a private health insurance plan?

Private medical insurance can be offered as part of employee benefit plans. Some employers set up the policy and pay the premiums, while others provide access to lower-cost insurance options. If you don't have access through your employer, you can purchase insurance from insurers, brokers, financial advisers, banks, building societies, or even retailers like supermarkets. Comparison websites can also help you find and compare different health insurance options.

Do you need private health insurance?

The decision to get private medical insurance is personal. UK residents have access to free NHS treatment, so private insurance is only necessary if you prefer not to wait for NHS treatment, want to use private hospitals, or need coverage for treatments not available on the NHS. Consider your specific needs and preferences before making a decision.

Who doesn't need private health insurance cover?

You may not need private medical insurance if you are satisfied with relying on the NHS for your care, already have insurance through your employee benefits, are primarily concerned about your child's health (as children receive priority on the NHS), can only afford basic insurance like car and home insurance, have debts to repay and no savings, or can afford to pay for individual treatments without insurance.

The pros and cons of private health insurance

Pros:

• Specialist referrals: You can request referrals to private specialists for second opinions or specialised treatment.
• Access to scans: If the NHS delays or denies a scan, private insurance can cover the cost.
• Reduced waiting time: Insurance can help shorten waiting times for NHS treatment if the wait exceeds six weeks.
• Choice of surgeon and hospital: In theory, you can choose the surgeon and hospital that suit your preferences, which is not possible with the NHS.
• Private room accommodation: Private insurance increases the likelihood of staying in a private room rather than a mixed-sex open ward.
• Availability of specialist drugs and treatments: Some treatments not approved by NICE or SMC may be covered by private insurance.
• Quicker access to physiotherapy: Insurance often provides faster access to physiotherapy sessions compared to the NHS.

Cons:

• Potentially better care on the NHS: NHS hospitals can provide excellent care, especially for serious illnesses like cancer, heart disease, or stroke.
• Expensive premiums: Private medical insurance can be costly, with premiums increasing annually and with age.
• Limited coverage for chronic illnesses: Most policies do not cover incurable chronic illnesses like diabetes and certain cancers.
• Exclusion of pre-existing medical conditions: Adding pre-existing conditions to the policy may increase the price or result in coverage denial.
• Limited treatment options: Some policies have approved lists of consultants and hospitals, which may not include desired experts or convenient locations.

Alternative options for private treatment
If you prefer private treatment but do not have insurance, you can use savings to cover some or all of the medical costs. Another option is to pay for a private consultation to receive expert opinions and then be referred back to the NHS for treatment if necessary.

Five things to consider when buying private health insurance

• Seek advice: Consult a financial adviser or broker to navigate the wide range of options and find the coverage that suits your needs.
• Reduce costs: Some policies offer discounted cover when the NHS cannot provide treatment within a specific timeframe. Removing unnecessary elements from the policy can also lower the price.
• Consider switching: It may be worth exploring other insurance providers for better deals, but be cautious as your risk level and medical conditions may affect coverage options.
• Be honest about medical history: Accurate disclosure of medical history is crucial to avoid claim rejection or policy cancellation.
• Read the fine print: Understand the coverage, treatment cost limits, drug treatments, excess options, and potential no-claims discounts. Seek clarification from the insurer, broker, or financial adviser if anything is unclear.

Use CompareMyHealthInsurance.co.uk to receive free advice

• To arrange a free chat to discuss this further you can share your requirements and receive a call from one of our specialist brokers.

Thanks for reading :)