Private Health Insurance - Don't know where to start..

RolandFlagg

The NHS services where I live are shocking bad, and I'm in the fortunate position now my mortgage is paid off to afford up to £70 a month for private insurance.

But I just don't know where to start, even the comparison sites seem confusing.
I'm 56 and in good health except for some acid reflux caused by a small hiatal hernia.
What level of cover should I be looking for?

And is the extra worth over going for the £15 cover on Benenden, which I'm aware isn't the same thing as full cover.

NorthYorkie

I don't know what current rates are but I guess you would be lucky to get cover for only £70 per month (10 years ago I was paying nearly £500 per month to BUPA). Of course, the insurers will not cover you for any existing conditions so your premiums would be a waste of money unless you need treatment for a new condition.

Have you considered paying that £70 per month into, say, an ISA to build up a fund which could pay for private treatment for any condition, existing or otherwise?

Flugelhorn

agree not sure you would get much for £70 a month - that is only £840 a year and that wouldn't cover much healthcare. that is how the insurance companies look at it. also no cover for pre-existing conditions and probably several other things 
may be better to save up and use the funds if you need to be seen quickly etc 

flaneurs_lobster

You'd do well to peg back your expectations on what cover you could get for £70/month, I'm paying little more than that for just dental coverage.

The last time I had full medical coverage (when my employer was paying) it was costing over £400 a month, and that was in the 2010's, with a big employer discount. Don't think the cost has come down since then.

MyRealNameToo

Benenden is not normal PMI, you may have seen a thread about a declined claim on here recently too https://forums.moneysavingexpert.com/discussion/6621475/private-health-insurance-question-beneden-healthcare

Your budget is tiny for PMI even before considering your age. You also need to remember that premiums are adjusted each year and inevitably go up as you get older. If you can afford £70 this year will be you able to afford £77 next year and £86 the following etc? 

An all bells and whistles policy is going to be well outside of your price range, but you can put in place lots of limits and exclusions that may bring it into something closer to your budget but then you are looking at cover for major surgery etc at the most basic hospitals without cover for diagnosis, outpatient etc.  

Ultimately speak to a PMI broker, they'll be able to tell you what you can get for your budget and what additional features you could get if you stretched the budget. 

Corporate PMI can be much better value for money, especially if you are a lower rate tax payer. If your employer does a PMI scheme or salary sacrifice for PMI you may get more for your buck but its dependent on what level of policy your employer has bought as there are more basic ones available via that route than private customers.