Is it worth having private health insurance

Lancastrian6

My wife and I have been with BUPA for the best part of 40 years but are finding the annual premium rising each year despite the fact that we have had no claims for over 3 years and only modest claims over the years.
Our renewal is in early May.
We have been happy with the service provided by BUPA on the occasions when we have needed treatment.
Are there any reputable alternatives which may not be as costly as BUPA or is it a question of " you get what you pay for "

lisyloo

One option is self-insurance.
This is where you put the premium in an account and keep the money yourself then pay privately.

The big pros are
1) No admin costs or profits
2) You are arbiter of your own claims.

But a fairly major con is that you wouldn't be able to afford a major claim short term.

The biggest factor affecting your premiums is almost certainly your age, so I don't think there are any easy answers.

InsideInsurance

Lancastrian6 wrote: »

My wife and I have been with BUPA for the best part of 40 years but are finding the annual premium rising each year despite the fact that we have had no claims for over 3 years

You'll probably find yourself getting older each year too and therefore higher risk hence premium increases.

Is it worth it? Guess it depends on how much you value the "service" you get with private -v- NHS.

If I dont work, I dont get paid. For me its worth having because I dont have to lose too many days waiting on an NHS waiting list before years of premiums are outweighed by the loss of income. It doesnt cost too much more to have the Mrs covered under the same policy and so for that (and "political" reasons) we are both covered.

In fairness to the NHS themselves, never personally had a problem. I have had several close relatives that have though and they suffered significantly during the delays which they wouldnt have had through private.

Self insurance is an option, save the premiums up and just pay the treatments you need yourself. On average you should break fairly evenly if not in your favour as you dont get the insurers bulk buy discount but you dont have their overheads/ marketing etc. Of cause in reality not everyone is average. Some will go a lifetime without needing treatments and others will have multiple injuries/illnesses that cost £50k+ each.

Lancastrian6

Thank you.
Yes there is the age factor - I am 71 and my wife 68 - we are active and fit and fingers crossed hopefully will stay that way for a while

Lancastrian6

Thanks - Yes when I was working and ran my own business private health insurance was essential - now not vital but I would still like the reassurance of cover in case anything serious befalls us so I suppose we will have to accept the BUPA renewal if there are no viable alternatives.

InsideInsurance

Lancastrian6 wrote: »

Thanks - Yes when I was working and ran my own business private health insurance was essential - now not vital but I would still like the reassurance of cover in case anything serious befalls us so I suppose we will have to accept the BUPA renewal if there are no viable alternatives.

There is a difference between saying that PMI is prudent and saying there is only one PMI provider you should consider.

You can always speak to Bupa about the cover you have, are there optional extras you could live without? Do you want to raise your excess to reduce the premiums thus making it more for serious things rather than little niggles?

Alternatively speak to other providers or a broker about their pricing. Bupa is certainly one of the more expensive ones out there but there cover is also one of the most comprehensive. The one thing to check before switching provider is about covering any "pre-existing conditions" and what explicitly they define as such. Some simply wont cover them, some will but only after X years of no issues with them and others will as long as you've had cover for them elsewhere immediately prior

Lancastrian6

Thank you Inside Insurance and Keithn1720 for your input.
I think we will go down the route of continuing with Health Insurance but will take stock of what sort of cover is vital to us and what is not vital!
I have just !spoken to Bupa about my options with them and I have also spoken to the Health Insurance Group who have taken some details and are to get back to me with their recommendations.

Lancastrian6

Thank you Heathinsuranceexoert I have discussed at length with BUPA my options with them and have spoken to two independent advisers at length and await their advice and will then we will make a decision

Lancastrian6

Update is that Health Isurance Group have recommended a switch to a like for like policy with Aviva at an acceptable premium with no exclusions.
We have no knowledge of Aviva in the Health Insurance field but have been happy with the handling of my personal pension plan now handled by Aviva which I took out with Norwich Union 35 years ago.
We have until 12th May to make a decision.

GavinH

Avoid Aviva like the plague.
Plug Aviva Medios into your search engine and look at 'are we being treated fairly'.
You'll deduce 2 things.
First, Aviva is not trustworthy.
Second, it's main product is based on No Claims Discount which makes it appropriate only if you have no claims.
If you do, it is one of the most expensive products in the market place.

Lancastrian6

Thank you GavinH - I have taken a look on Google and also at a review centre and can see that the review ratings about Aviva are very poor.
I also looked at review ratings about BUPA and they were also very poor.
Heath Insurance seems quite a minefield !!
We have never had any problems with the service from BUPA but we have no recent experience as it is over over 4 years since my wife needed anything and that was a consultation and over 6 years since I needed anything and that was a consultation.