Private health insurance, BUPA or National Deposit Friendly Society?

Broke_American_Chiquita

Hi Everyone,

I am looking at my Private healthcare insurance options and after a lot of time researching and speaking to many brokers and generally shopping around, I have narrowed down two insurance products. BUPA ClientChoice Plus insurance plan is comprehensive and offers a good all round coverage, including Cancer. However I don't like the idea of giving free money to someone on the monthly basis, especially since I may not be making claims. I DO understand that this is how insurance works, but of course if there are other options that work in your favor, then why not?

The other option is National Deposit Friendly Society deposit account plan where you pay a certain amount per month and half of that is placed into a kind of savings account under your name and the other half acts like a premium. If you ever need to make a medical claim, then 10% of your savings account balance is used towards the treatment and the rest is covered. If you do not have enough in your account to cover the 10%, you will still be covered, as the amount you pay on a monthly basis includes a 'top-up' amount which basically guarantees you healthcare coverage from the get go.
You can also withdraw cash from your savings account at any time.

The only catch that I can see with this is that coverage is only up to GBP30,000. I am an averagely healthy 27 year old female who is sometimes ill, but wants to have private healthcare facilities. I might get shouted and screamed at here, but the NHS 'service' here is no way comparable to the routinely private healthcare services available back home (for those insured!). If I ever did get into a situation where I need hospital treatment, I at least would like to have peace of mind knowing that I can at least choose where and which Dr can treat me. I was taken aback a bit when I went to the hospital recently, and I cannot say that it was clean! I saw posters everywhere reminding people to wash their hands, as if it wasn't common sense anymore.

I have also noticed that seeing a specialists is not the norm. For example, if you are having symptoms and it looks like you may have diabetes, the GP would send off for blood work. If that is done and comes back normal, they just tell you "oh, you don't have diabetes, there's nothing wrong with you". My guess is that if you are having symptoms of whatever nature that you shouldn't and the GP doesn't know what it is, then doesn't that mean you should be referred to a specialist? My friends say that you have to specifically request it and then you have to wait forever and people die in the meantime. For example if I wanted to see an Endocrinologist, would I have to ask my GP to be referred and THEN wait?

Has anyone had any experience with National Deposit?

Thanks in advance

BAC

olly300

Your comments about the NHS are generalisations due to the postcode lottery that's in place.

All I can say is that in the example you gave the last time I wanted a blood test to check out something I was made to give samples to check out everything the GP thought could be wrong due to my family history. And would have no hesitation in referring me to a specialist even if I didn't want to go.

Your GP will work out if you are an emergency or not when they refer you. If they think you are they will refer you then and there, otherwise they won't stress you need urgent treatment. (This why it's important to choose a good GP's practice and not to p*ss the doctors off.)

In regards to Saturday funds most people don't claim from them as they forget they have them.

However you need to work out with the kind of illnesses and activities you do whether the policy will cover you for enough treatment. For example I have annoying sports injuries about every 4 years and the amount of treatment I need is normally more than the private healthcare policies would cover so it's more beneficial for me to pay for it myself.

Finally in regards to private health care in the UK they are good for certain things like sports injuries, speech therapy and routine operations like hip replacements but not good if you have cancer or a heart condition. Simply because that's what the service is geared up to treat.

Oh and the wash hands thing is aimed at patients and visitors. The staff get told and taught repeatedly about hygiene.

The_silver_surfer

Yes if you want Bupa then the best value for money plan on the market is client choice which is only available through top brokers.

Three choices of plans Essential (no physio & out patient consultations unless linked to In/day patient stay), Client choice (£500 physio & OP consultations) and Plus (£1000 physio & OP consultations).

Here are the rates for the three schemes, with and without a £250 excess: http://www.scribd.com/doc/19425958/Client-Choice-New-Bus-Rates-May-09

Here is the table of benefits for client choice:
http://www.scribd.com/doc/19425937/Client-Choice-Plus-Key-Facts1

I have placed many people with National Friendly (have just changed their name from National Deposit) over the last 12+ months. It is a very popular policy and i've had nothing but good feedback so far from my clients and other advisers clients. I 've just joined them myself after switching from Pruhealth (who are good by the way if you have pre existing conditions you want covered).

National deposit will cost you (aged 27 & single) £30 premium + a £10 or £15 top up. The £10 top gets you £30,000 of extra cover from day one in case your account runs out. The £15 top gets you £45,000 of extra cover from day one. The top up last for 10 years and then drops off, the idea being it gives you ten years to build up your deposit account. You can also cover kids for £10 per month.

The reason i and many other people have opted to join National freindly over traditional providers like Bupa is that if you look at the Bupa premium table above (its similar to most traditional providers). The premiums aren't too bad when your young. But as you get older they really do get very expensive. I have people in their 70's and 80's on my books paying £7000 + for their PMI with traditional providers and because they are claiming/have claimed they can't move and they have lost their no claims discount.

When do people statistcally claim most on their PMI and therfore need them most ?..... When they reach retirement 65+

When do most people cancel their policies?.... When they retire.

Why?... Cost, they get too expensive (especially if they are coming off a company scheme).

The older you are, the more tends to go wrong with you, thus the higher the risk to the insurer, thus the higher the premium. Insurers get 'stung' more in general with older people and therefore raise the premiums or in some peoples eyes the insurers force out the high risk people with very high premiums.

National deposit will never put your premiums up regardless of age claims etc and they cover dental and optical and you get half your unclaimed premiums back. Ok yes they work in a completly different way to Traditional providers and there is the possibility of your money running out with National friendly where as it won't in the same way with a traditional provider. You are covered for ten times what is in your account plus the £30,000 or £45,000 top up from day one.

Bupa and National Friendly are two very good but very different choices in my opinion. You can also get cashback, around 20% of your first years annual premium (£76) via some brokers within 7 weeks (don't pay more than you have to).

Quentin

Beware getting any pms from rogue brokers who come here looking for opportunities to use the pm system to tout for business!

shelly

I have BUPA cover through hubbys work place and overall I would recommend them.
I have had 2 claims and whilst the first claim (cervical cancer) was a bit of a nightmare to sort out in the beginning the second claim (cyst removal) was processed quickly and perfectly.

In my experience you have to be referred by your GP to be treated by BUPA. Though waiting times to see a specialist are much quicker than NHS.


Probably not much help but if you have any questions I'll try and help some more.

Mist_2

I've just read Silver Surfer's article with a lot of interest. I am considering changing to this type of policy, does anyone else have anything to say about the company?

radman_2

I've just been looking at National Friendly, and it seems a bit different from how "Silver Surfer" explained - Has it changed, or is the policy different when bought through a broker?

At http://www.nationalfriendly.co.uk/Health-life-cover/Healthcare-Deposit-Account/ is says:

No dental or optical
The premium/deposit account split is now 75%-25%

I guess this makes the deal a little bit worse than it was before - Especially the removal of dental.

Adam.

The_silver_surfer

radman wrote: »

I've just been looking at National Friendly, and it seems a bit different from how "Silver Surfer" explained - Has it changed, or is the policy different when bought through a broker?

At http://www.nationalfriendly.co.uk/Health-life-cover/Healthcare-Deposit-Account/ is says:

No dental or optical
The premium/deposit account split is now 75%-25%

I guess this makes the deal a little bit worse than it was before - Especially the removal of dental.

Adam.

Yes these changes came into effect on 1/2/2010. Please see link below:

http://www.scribd.com/doc/29232959/National-Friendly-Big-Changes-1-2

Its still a very good policy, but yes not as good as it was.

If you are looking for a traditional provider Bupa are very good (especially service wise at the point of claim):

http://www.scribd.com/doc/19425958/Client-Choice-New-Bus-Rates-May-09

The above product/premiums rates are not availiable via Bupa directly only top brokers.

Pruhealth as a rule of thumb,if you have pre existing medical conditions you want covered (as most other insurers could/will exclude pre existing conditions from cover).

There are 60+ insurers to choose from, 100's of different policies and 1000's of variations of thoise products. Good advice in finding the right one for you is crucial , as PMI can be a minefield. Find a good heathcare specialising broker. Make sure their FSA registered and do not require a fee.

They will give you all the advice, info and quotes for free. They will be paid a commission if you take a policy out via them by the insurer you choose. Your premiums will either be the same as you would get direct or they can also often get better premiums than you can yourself can get going direct i.e. the bupa scheme and premiums above.

You could also ask for cashback (i.e. a part of the commission they earn).

Hope i've been helpfull.

Wutang_2

The_silver_surfer wrote: »

Yes these changes came into effect on 1/2/2010. Please see link below:

http://www.scribd.com/doc/29232959/National-Friendly-Big-Changes-1-2

Its still a very good policy, but yes not as good as it was.

If you are looking for a traditional provider Bupa are very good (especially service wise at the point of claim):

http://www.scribd.com/doc/19425958/Client-Choice-New-Bus-Rates-May-09

The above product/premiums rates are not availiable via Bupa directly only top brokers.

Pruhealth as a rule of thumb,if you have pre existing medical conditions you want covered (as most other insurers could/will exclude pre existing conditions from cover).

There are 60+ insurers to choose from, 100's of different policies and 1000's of variations of thoise products. Good advice in finding the right one for you is crucial , as PMI can be a minefield. Find a good heathcare specialising broker. Make sure their FSA registered and do not require a fee.

They will give you all the advice, info and quotes for free. They will be paid a comission if you take a policy out via them by the insurer you choose. Your premiums will either be the same as you would get direct or they can also often get better premiums than you can yourself can get going direct i.e. the bupa scheme and premiums above.

You could also ask for cashback (i.e. a part of the comission they earn).

Hope i've been helpfull.

Wonder where you're going with this??

Quentin

Beware receiving any rule breaking, touting for business private messages from "The silver surfer"!

radman_2

That's a shame, I quite liked the old National Friendly policy.

I'm currently a PruHealth member, with my policy expiring in July. I'm a Platinum member, so am expecting a big hike in both gym fees and premiums. As a result, I'm expecting to want to leave.

Although it's three to four months away yet, I was just hving a little look around the market to see what else it out there, so I know what I can expect.

Anyone know if there is anything similar to the old National Friendly policy out there?

I'm thinking long (very long) term, so am thinking specifically about the fixed premiums (although the new National Friendly premiums don't look as though they will go up quite so much with age as some policies, they certainly aren't as fixed as the used to be).

Adam.