Sunday, March 3, 2013

Is Private Healthcare Insurance a Good Buy for UK Over 50s?

People living in the UK are entitled to free healthcare from the National Health Service (NHS). This might sound like a great deal, but unfortunately it does have its downsides - most notably, long waiting times if you need any kind of procedure and standards of care that are entirely dependent on where you live. Because of the healthcare lottery, many seniors choose to buy private healthcare insurance policies to enable them to boost their existing NHS healthcare. But are private healthcare insurance policies a good buy for the over 50s, or are you throwing your money away for no good reason? 

How Do Private Healthcare Insurance Policies Work?

Private healthcare insurance is just like any other insurance policy. You pay a monthly premium that entitles you to receive a wide range of medical treatments, including consultations, physiotherapy, medical care in your own home, and surgical procedures in a private hospital. The main thing private healthcare does not cover is treatment in the event of an accident or emergency, and if this type of event occurs, you would need to be treated in an A&E department of an NHS hospital. 

What Are The Advantages Of Private Healthcare Insurance?

One of the main advantages of private healthcare insurance is that you do not need to wait an interminable amount of time to see a consultant or receive treatment for a medical condition. Instead you can make an appointment at a time to suit you and if you require a hospital stay, you can enjoy private, comfortable facilities and one to one nursing care. 

What Are The Disadvantages Of Private Healthcare Insurance For The Over 50s?

Since insurance companies price their products based on the level of risk to them, medical insurance for the older generation is inevitably a lot more expensive than policies aimed at 20 year olds. The older we get, the more likely we are to suffer from health problems and, unfortunately, the more likely it is that these health problems are serious. So the older you are and the more pre-existing medical problems you have, the more likely you are to be charged a small fortune for private healthcare insurance. 

What Are The Options For Private Healthcare Insurance?

There are different levels of private healthcare insurance and several different insurance companies who specialise in the over 50s, so if you are considering buying a private healthcare insurance policy, it is worth spending some time researching the pros and cons of each available policy. 

Is Private Healthcare Insurance Worth The Premium?

This very much depends on whether you want the peace of mind of knowing you don’t have to run the gauntlet of NHS healthcare. Even if you are a healthy 50 year old with no history of illness, insurance companies will still view you as a high risk applicant, so your premiums will be costly. However, if you have are worried about waiting times for non-urgent conditions, the cost may be worth it. Just bear in mind that any pre-existing conditions must be declared at the outset and will not be covered by the policy.

Janet writes for a number of blogs aimed at seniors. She decided to buy private healthcare insurance after her sister was diagnosed with hearing problems and needed help from In the last two years, it has been money well spent and she doesn’t regret the cost.

1 comment:

  1. I really like your post. Always been very informational. I hope you'll keep up the good work and maintain the standard. Best of luck.


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