Private health insurance

[Sudden]

My company provides health insurance for free. It's considered a taxable benefit though so it does reduce the tax free allowance by about 700 quid. Since that does ultimately mean that I'm a few hundred quid less well off at the end of the year, I was wondering if it was really worth it/what other people do.

I'm lucky enough that I don't get ill much so have used the NHS maybe 3 or 4 times in the last 12 years. Have used my private insurance only once a few months ago, and it turned out that the check-up I wanted wasn't covered by it so would have to go through NHS anyway.

I can afford to continue paying it, but was wondering if there was really any point to it, given my usage and also the backstop of the NHS.

What do you lot do? Does anyone pay for private independently of getting it as a corporate benefit and if so, is it something you find useful?

 

[[FnG]magnolia]

Strong thread/sig combo.

 

[FL630]

Well worth the money I spend on it each month.

I had a sudden and random illness last year, fees were £3500 in total, covered by health insurance, but I was seen, tested and fixed within 2 weeks. Worth every penny.

 

[Sudden]

Strong thread/sig combo.

Hahahaha, didn't even think of that Nice catch!

 

[Raymond Lin]

I had it in my last place, 5 years and didn't needed once.

But each to their own and your own circumstances.

 

[dowie]

What does your policy say about pre-existing conditions? Some company policies allow them, in which case perhaps you can do the one thing insurance policies are not usually supposed to let you do and only sign up if you're actually likely to want to make a claim? (ethically dubious but potentially you could game the system there)

Anyway in general the company policies are much better value, especially if you've made a claim or have an existing condition - not only are you only essentially paying some income tax on the cost of the policy but that cost is IME less than the exact same policy would be if bought as an individual form the same company - I found this out when leaving an employer and wanting to carry on a policy for a year as an individual.

 

[Dr House]

I would never be without PMI !!!

 

[doran1801]

2 knee ops after training injuries, consultation, scan and operation within 10 days, plus solid aftercare. all through my employers PMI wife had same injury, took 6 months of NHS, they sent her to physio with a ruptured ACL hoping it would reattach itself somehow

 

[Scuzi]

I don't get sick very often but out of the blue came down with a rare condition. 2x misdiagnosis by my GP and a second opinion later (2 weeks and a course of irrelevant medication) I was referred to a consultant on the NHS. The first available appointment was 9 weeks away.

Still not knowing what was wrong with me and perpetually being in severe pain. I have Bupa with work so called them up and they put me in touch with a renowned specialist just up the road. I called and was asked "Can you come in this afternoon?"

Went, was diagnosed properly within 15 minutes and received the treatment right away. Within a week I was cured. Had I left it for the 9 weeks the NHS was offering, I'd have ended up with permanent chronic symptoms and difficulties for the rest of my life.

I've only used it properly once but yeah, it was worth it.

And yes, the state of the NHS does result in a reduction in care. Clinical decisions are affected. People end up worse off because their care is delayed or the appropriate treatment is not offered as a first stop.

 

[Malt_Vinegar]

1 operation on an injured wrist, 1 full spinal MRI various other MRI/x-ray on non urgent sports injuries over the years.
I have also had a full course of physio for a small back injury.
Currently under physio for the wrist operation.

It's great because anything that might be wrong or injured I can get to see a specialist in very short order.

I love the NHS and it can't be beaten for emergency care and I have used it for that for more short term injuries.

However, I see it as an obligation of anyone who can afford private to pay for it somehow to leave the NHS able to cope with people who have no alternative.

It's a win win. Everyone gets more prompt care the more people we have treated privately.

 

[glenimp617]

Private is in a different league to the NHS, if you can afford it, keep it

My friends sister had it which literally saved her life, as the wait on the NHS would have killed her (nobody knew at the time)

You never know what's around the corner

 

[Sliver]

I would only plump for private insurance if I was wealthy enough to afford full coverage, which I'm not. To be fair though, my experiences with the NHS over the years have been good. Yes waiting times are often a PITA but considering it's free at the point of use it's worth it. Many countries around the world are envious of our NHS. The Americans have it bad with private health care bills. Watch the Michael Moore documentary, SICKO. It's appalling that the richest country on Earth has a health system based on profit as opposed to patient care. There is one family in SICKO where the wife and husband get ill and in order to cover their medical bills they had to sell their house and move in with their grown up kids. Watching that documentary made me glad to be English and living in the UK.

 

[SpeedFreak]

I have it via work and for the money (£1800 as a taxable benefit in kind) I get full family cover for 5 of us. We are yet to make use of it but I wouldn't be without it. Several people I work with have had fantastic care and treatment in a much quicker timescale than the NHS.

 

[Freefaller]

I've never had so much as a cold (well maybe a little sniffle now and again) *touch wood*. However I have had a lot of physio and MSK type of treatment, and private health care is amazing for that. My policy is a family policy however so it means that my whole family can see specialists too. Getting an MRI and x-rays take no time at all. In fact last time I had an x-ray I phoned my local hospital, and went in in the afternoon and got the results the morning after.

The NHS is great, but if you can get private healthcare for a tiny amount of money via BIK (come on £700 off your tax free allowance? You won't notice it), it's totally worth it, plus you unburden the NHS.

 

[FortuitousFluke]

I'll be looking for this on my wishlist for my next career move, I used to be covered as a child under my Dads insurance and the service was incredible, with my plan to start a family in the next few years my priorities in terms of career packages has definitely shifted.

 

[Skiddley]

I've had it for a long time, and rarely claim, but when we do it's a god-send. I pay for my immediate family too.

My wife had a skin-cancer scare this year. She was straight in the same day, and everything sorted. No waiting in line, no fretting that things are getting worse. Sorted.

Knowing that I saved a few quid and put her through that? Nah.

 

[Psycho Sonny]

It's one of those things where you don't think you need it. So you cancel it to save what £200 a year. Which is nothing. Then you break your legs playing football and wish you had it.

Keep it. Would be stupid not to. Chances are you will use it somewhere down the line.

 

[Mak3R]

Keep it, you never know when you could get suddenly injured or fall ill.

 

[DampCat]

3 things to spend money on in my opinion.

Home, food, health.

If you can afford it, it's worth it.

 

[BYTEr]

I've been considering this for me and my wife, but I'm not 100% sure how it works, is the main benefit essentially you cut out waiting times? So you go to your normal GP, if they refer you, you then tell your private medical insurance company and they arrange an appointment much faster than otherwise? And the same for operations etc?

Thanks in advance.