Opt in or out of employer's medical ins scheme?

Caspian2014

Hi


I have received medical insurance as a benefit from my employer (fully paid for by them) for nearly 30 years. Most recently this has been an AXA scheme. I recognise it's a good benefit but, as a higher rate tax payer, and being in my fifties, it actually costs me ~£700 per year in tax. This is for family cover (me, my wife and child).


So, I always wonder at renewal time whether to opt out. After all, the NHS provides a good service. I could be saving that money.


I know it's difficult to give advice on this, but I would be interested in opinions as to whether to opt out or in please.


Best regards

InsideInsurance

Does your age impact it? All the employee schemes I've been in are flat rated for all employees irrespective of age, gender, smoking status, pre-existing conditions etc.

Does your policy cover pre-existing conditions? If so, do you have any?

Looking at a new business quote from Axa with all the added options and a moderate excess you are looking at around £3,000 a year exc any pre-existing conditions. So your company scheme, assuming its also full fat, is good value if you need it.

As to Private -v- NHS, only you can answer it really. Having had treatment from both I would certainly say the Private was much quicker, more complete and better. My wife has had the same condition treated under both, private was 3 days for the first appointment, monthly follow ups and average appointment 30 minutes (first was over an hour). NHS was 4 weeks for the first appointment, 1st follow up was 4 months later and appointments are lucky to be 5 minutes (first was about 10 minutes)

Given I am effectively self employed its certainly a no brainer for me as missing a week or two awaiting appointments outweighs the cost of the insurance in lost income. It would then be harder to tell the wife she cant have it

Caspian2014

Thanks for your reply - it was very helpful.


Not sure yet whether my age will impact the premium. Nearly all the company schemes I've belonged to have had age brackets. I'm waiting for details.

HHarry

Always a difficult decision.

I've just spotted that my Mum is paying £200 a month for individual cover. She's paid for 8 years since my Dad died, so that's £20k gone which would have paid for a fair bit of private care.
That said, the payout for my Dad's cancer treatment topped £100k over the 6 years he had it.

As for private vs NHS? Well I can remember the facilities my Dad had access to, which were great. Very little waiting time, better staffing ratios, and if you visited at dinner time they'd get you a meal as well!
Whilst the NHS does emergencies well, the waiting times alone for non-urgent care would make me want to go private. My wife was referred for a back procedure in November, which she had at the end of June (and she only got that date by pulling in a favour)

Keep paying, you can't put a price on health!

InsideInsurance

Caspian2014 wrote: »

Thanks for your reply - it was very helpful.

Not sure yet whether my age will impact the premium. Nearly all the company schemes I've belonged to have had age brackets. I'm waiting for details.

No problem, it should be easy for you to check. The quality of PMI does vary greatly, in my time of being employee I had some schemes that were only available if NHS waiting times were over X weeks (8 I think), had limited hospitals to chose from and excluded pre-existing conditions. On the flip side I had ones which were instant, included all hospitals and pre-existing conditions.

For one of a number of reasons the price being charged to employees was almost the same despite the evident difference in quality. In the highest one they were exceptionally keen for people to take it and use it as the cost of sick days to them was higher than whatever running/maintaining the scheme was hence the full fat option