Private Medical Insurance - My wife or me?

nomoredebtplease

I'm about to start a new job which comes with private medical insurance through BUPA. At present, my family and I are covered under my wife's policy with Cigna. 

Putting the merits of Cigna v BUPA and respective policy limits aside for a moment (although I'd be interested in peoples' views - we've been very happy with Cigna so far), are there any simple factors that I should look at to decide whether we should stick with Cigna or move the whole family over to BUPA? Will it just come down to the BIK amount? We'll both be 40% tax rate payers although I'll have no personal allowance as I'll be over the £125K limit. 

Thinking about it, I might need to cross post this to one of the tax forums!

Brie

Can you/your wife quit her policy at any time?  Presumably you can join yours due to joining the firm but you might otherwise be restricted to an annual "benefit change" period.  

If your wife does cancel her policies could she rejoin in the future?  Some companies have a one time only option.  This might be mitigated if she stays in hers, you join yours and then you decide what to do about the kids.

Are they separate benefits as in you have a policy and then your wife has a policy and then each child has a policy or is it one policy for all?  This may effect how you can change things or need to pay.

I don't know Cigna or Bupa personally (ours is AXA) but check out the differences in benefits (prescriptions? private or semi private rooms in hospital, dental (simple or orthodontal)? glasses?  what do you have to pay monthly or as an excess?).  And then I'd ask your future colleagues who easy it is to navigate accessing treatments etc.

tasticz

I have access to BUPA through my employer (moving job next month so not anymore). It comes with access to Babylon digital GP who can provide referral letters over video call discussion - no need to see your GP for letters.

you get the consultant referral reference code via phone or live chat - all good and excellent - no intrusive or back questioning. I believe live chat is 24 hours. Plenty of consultants to choose from their directory. 

I have only used BUPA and would recommend in a heart beat with the experience I have had so far!

Sandtree

From a BIK perspective the question will be what the annual costs is of the two and the chances of either of you becoming additional rate tax payers (45%)

PMI, and even more so work PMI policies, vary massively in terms of levels of cover, treatment of pre-existing conditions, choice of hospitals, excess etc etc. Some even vary within the employer depending on if you are senior management or not. Its worth understanding the policies and how pricing works plus career plans before buying on price alone.

Racky_Roo

I don't think BUPA covers pre existing medical conditions, so worth checking the T&C's out if you have had any treatment

Sandtree

Racky_Roo said:

I don't think BUPA covers pre existing medical conditions, so worth checking the T&C's out if you have had any treatment

They offer full coverage without underwriting on their corporate policies as an option as that what we had last time I was an employee. 

Most insurers offer most options and it comes down to what the two employers have chosen to go with.

nomoredebtplease

Thanks for the feedback. I'd be closest to 45% bracket so, all things being equal, I assume it would be worth us sticking with Cigna unless the BUPA benefits are massively better? Although surely the extra tax difference is only going to be trivial isn't it? I need to look at the BIK figures for each to compare as well.