Is Private Healthcare Worth Having?
Private Healthcare
Last year, around half a million people took out private healthcare in the UK.
Since 1980, the amount of people taking out private healthcare has increased substantially, rising from 0.5% to 2.3%, with this increase being attributed to the decline in healthcare services seemingly available post-pandemic.
With long waiting lists and difficulty accessing specialist care, more people are being encouraged to pay for their healthcare, with the reassurance that should they need it, it is there.
Private healthcare can get you seen quicker and in a more premium setting, but there are things that should be considered.
The average age of a private healthcare policyholder has decreased from 40 to 33 over the past year – a drop of 20%.
This means that things such as pre-agreed conditions and minimum age requirements for cover could be influenced, not to mention premiums and overall costs seeing increases.
Let’s take a look at whether private healthcare is worth having.
How Does Private Healthcare Work?
Private healthcare is covered by health insurance, with the premiums covered by the patient through an annual or monthly outgoing.
It typically covers a wide range of conditions. However, most of these are acute, which is where the illness may come on suddenly, as opposed to chronic conditions, such as diabetes.
If you need treatment for a new illness or health problem, then health insurance can cover the cost of private treatment.
Private health insurance works like other insurance premiums, and the policy can be for yourself or applied to family members.
How Much Does Private Healthcare Cost?
On average, the yearly premium cost for private healthcare is around £1,500, which works out to around £125 per month, but a lot of patients can pay less.
The amount you pay depends on your insurance provider, what is covered on your policy, and your personal circumstances.
Insurers may offer you cheaper premiums if it is unlikely that, depending on your current health and age, you become unwell and need to make a claim.
Health insurance premiums can be affected by factors such as:
- Who is covered in the premium – some policies cover only individuals, whilst others cover families or couples. The number of people on the premium can affect the price.
- Your age – the older you are, the more likely you are to make a claim on your insurance, so your age can cause your premium to be more expensive.
- Medical history – most private health insurers won’t cover pre-existing conditions. Still, any that you may have could suggest that you are at increased risk of developing conditions in the future.
- Lifestyle – factors within your lifestyle may also affect your premiums, with smoking, drinking, and weight all affecting the total cost.
What Does Private Healthcare Cover?
If you take out private healthcare cover, you will find that different insurance plans offer different benefits.
Before taking out cover, you should consider what it is exactly you want to be covered and whether there are extras, such as physio or dental cover, which you would also like included. Typically, most private healthcare plans include:
- Treatment in a private hospital
- Private consultations, with specialists if needed
- Out-patient care, including scans, tests, and X-rays
But additional benefits can include things such as physiotherapy, mental health cover, patient and carer accommodation, and dental or optical cover.
Most policies won’t include cover for emergency treatment, maternity services, or treatment for long-term or pre-existing conditions.
There are some healthcare services, such as dentists, where if you choose to go private, then you will benefit from their plans, as opposed to adding them onto your private healthcare cover.
For example, if you are interested in having full dental implants, this treatment is likely not to be covered by private healthcare.
However, you can often save money by choosing to become a private dental patient and choosing their monthly subscription plan.
It is always worth exploring avenues such as this as it could save you money in the long run, depending on your treatment.
Is It Worth Having?
It is very much a personal choice as to whether you choose to take out private healthcare coverage.
As a UK resident, you are entitled to free treatment on the NHS, but you may opt for private treatment if you would prefer not to wait for treatment, don’t want to use the NHS, or want to be covered for treatments, drugs or medication not available on the NHS.
You don’t need to take out private cover if you’re happy to rely on the NHS for your treatment or if you only have the means for basic insurance policies such as car and home.
Share this:
Category: Health
