Private Medical Insurance

[Haggisman]

If I understand it correctly, tax is charged anyway, regardless of whether it's paid by the employer or by herself?

It depends how it's structured by the employer, how it usually works if it's an employee benefit, is that the employer pays for the cover, and the employee pays the tax on the value of the benefit. Crude figures for example:

Cost of cover: £100 (paid by employer)
Tax + NI (assuming basic rate): 20% = £20 + 8% = £8
Total cost to employee = £28
For a higher rate taxpayer then it would be a bit more (£48?)

However if it's just a group scheme where you have to pay for the cover itself and the only saving is the "bulk" discount, then the cost to you would be the £100 (and you shouldn't have to pay any tax on this, as it would already have been paid).

@Haggisman it does seem a lot but when I enter my basic details online, I don't see anything under £86pm. Looking at my wife's company PMI (Vitality) - it's £115 for a good range of coverage but potentially less perks that I would like use (and this is them selecting the consultant). Going my own route with Vitality with slightly more tailored coverage (less things but stuff I wouldn't necessarily want), perks I would use but them also selecting a consultant @ £106pm. And same again but with my own (national) consultant selection @ £117pm*. There's also the consideration that going my own route means I'm not tied to my wife having a role at her company.

We're with Vitality as well, looking at your location, I wonder if there's a London weighting to the cost

 

[tangey]

I'm with Aviva, have been for around 20 years.

I've had good "value" out of it. Had some investigations done about a year ago which came to about £8K. Premimum the following year was about £1800. I was lucky in that they basically gave me a "as a long standing client, if you claim this year, it won' affect you NCB".

I think there is also some additional value to be had if you get covered BEFORE you get too old, i.e. before you start getting stuff that happens when you get older. I'm in N.I. and if you think the waiting lists in England are bad, you aint seen nothing. 4-5 years for a standard hip/knee replacement. Even the private facilities here (there are not that many), now have some delay as so many are using them on a PAYG basis. For most procedures here it will be the same NHS consultants...there is not a big enough set up here to faciliate doctors to be 100% private only.

As has been mentioned before, the hard part is identifying a good consultant for your ailement. How do you know that Dr Smyth is well regarding in his profession compare to Dr Jones ? Also many consultants charge the standard rate, but some are higher, and you have to pay the difference with Aviva.

I know for sure that I've gotten more value over the years from my insurance than I've paid in premiums. I also know that I have a hip which is just a bit dodgy, and the other one isn't great. So there is £7K or so a pop somewhere down the line.

I had a cancer diagnosis whilst with Aviva. But for something like that, which required major surgery, NHS was the way to go. Aviva did pay a flat per day in-patient stipent. I'm sure they are more than happy that they didn't have to fork out the £80-£100K that would have been the cost of my surgery+ICU++ etc. But as I had it whilst already with Aviva, I still have converage, whereas I don't think any other PI company would take me on.

 

[MrRockliffe]

I was notified today that Aviva is going up again, by 15%.


My premium has shot up massively the past couple of years. £2600 odd now a year for a couple.

 

[peige]

I've had a policy for myself and my wife now for 2 years with Vitality.

It is good at getting you in front on a consultant quickly, you can go from video GP to consultant in less than two weeks and then onto MRI, CAT and bloods a few days later and back to the consultant.

Now all of that is done its all clear but they wanted another MRI in a year just to monitor one aspect for change, here Vitality cop out and say its monitoring and that isn't covered so I chose to pay for a MRI and consultant visit (600 and 275). If its turns out more is needed I feel that Vitality will try not to help and we will be over to NHS. We shall see as we await the consultant appointment (MRI yesterday)

So, good for getting diagnosed and fixed for lots of issues but if its a long term treatment they will become less helpful. To me its still worth it, I think the benefit if being diagnosed quickly is essential, most of the stuff you get is best delt with quickly but its not an everything fix. The point about putting that money aside for medical (a bit like a pet plan really) rather than paying for the policy may well work out but it would only take one bit of major surgery and you'd be done for, none of us know really.

 

[doodah]

Signed up to Vitality but not off to a good start. I can't log in to anything and now seeing the reviews of their app (they have incentives on there like a step counter), it looks like one of the most bug ridden pieces of software in existence. I do have a 14 day cooling-off period so will give it a few more days.

 

[Freefaller]

I had and have it via work. I use it for physio and fast tracking referrals for any issues with the kids (thankfully not had to do it other than once when they were small).

Would I pay for it? No I don't think so.

However mine DOES cover pre-existing conditions.

 

[CaptainRAVE]

I started it this year with Bupa. I get it through my job with a reduction, but you can’t carry it with you after you leave. For my age and health I only pay about £50 a month with a low excess. I’m actually not that bothered about my health, but it gives my wife one less thing to moan at me about.