Is private medical health insurance worth it?

NOVAMET21

Hi

If the company is offering a private health care insurance, I presume it will be treated as benefit in kind and hence paying tax.

Is it worth it?

Dazed_and_C0nfused

Only you can judge that.

From a tax perspective it simply adds £X to your taxable income.

So in most cases you will pay 20% or 40% of £X in extra tax.

But in some cases adding £X to your taxable income could have bigger impacts.  For example it might increase HICBC, increase tapering of the Personal Allowance or even make you ineligible for Marriage Allowance.  Some of none of which might be relevant to you.

Albermarle

Normally your employer will get much lower premiums that you could get yourself privately, which would compensate for any tax taken.

kinger101

I pay effectively 45 percent of a £2000 premium that covers myself, wife and son.

I got some investigations done at a Harley Street clinic much sooner than I would on the NHS.  This ended needless worry for me when I got an all clear.

I'm still paying for my health insurance, and frankly, I'm hoping it turns out to be wasted money.  Ditto for my home and car insurance.  OK, that comparison isn't fair, as the NHS is there.  But delayed diagnosis of cancer for example might be the difference between life and death.

silvercar

kinger101 said:

I pay effectively 45 percent of a £2000 premium that covers myself, wife and son.

I got some investigations done at a Harley Street clinic much sooner than I would on the NHS.  This ended needless worry for me when I got an all clear.

I'm still paying for my health insurance, and frankly, I'm hoping it turns out to be wasted money.  Ditto for my home and car insurance.  OK, that comparison isn't fair, as the NHS is there.  But delayed diagnosis of cancer for example might be the difference between life and death.

I agree. These days there is also the advantage that PMI also comes with online or phone GP service. Very useful to be able to have a GP appointment within hours rather than the days or weeks it can take when your normal GP is so busy you can’t get an appointment.