Private medical insurance: making informed choices for your health

13/06/2023

UK residents are entitled to free healthcare through the NHS. However, many people also opt to take out private medical insurance.

Private medical insurance can provide a vital safety net in the event that you fall ill and are left unable to work, covering the associated costs of private healthcare and enabling you to get back on your feet as soon as possible.

Here at B-Advised, we receive a lot of interest in private medical insurance from our clients, so we thought we’d take a closer look at how this type of insurance product can support you, and what it can offer.

How can private medical insurance support you in your employment?

Whilst some employers do offer private medical insurance, this is not a norm in the UK. In truth, very few of us would be able to access private healthcare through our employee benefits package if we were to fall ill or suffer an accident.

With a private healthcare insurance policy, you can rest assured that in the event of illness or injury, you would be able to access the treatment you need quickly.

Many people who take out private medical insurance find that this type of policy gives them a great deal of comfort and confidence, safe in the knowledge that their cover would enable them to better avoid lengthy absences from work if they were to fall ill.

Can private medical insurance cover physical AND mental health issues?

According to figures from the Association of British Insurers, one in four people in the UK will be affected by a mental health condition in any given year, and of these individuals, millions will struggle with their finances simultaneously.
Luckily, we are pleased to say that over recent years, the insurance industry has begun to demonstrate an increasing commitment to supporting those who are suffering from poor mental health.

As such, many private medical insurers and policies will cover you for both physical health conditions and mental health conditions. Considering the issues within the public mental health services, such as the severe underfunding they are subject to, the ability to quickly access private support can be a real blessing to those who find themselves struggling with mental illness.

I’m self-employed. Do I need private medical insurance?

If you’re self-employed, it’s a smart choice to consider taking out a private medical insurance policy.

Previous employers may have offered health insurance as part of your benefits package. However, once you’re self-employed, you’re no longer entitled to these benefits, and being off work due to ill health and lengthy NHS waiting lists could mean losing out on much-needed earnings.

If you’re in a position to pay the premiums, it’s certainly worth considering it. With private medical insurance, you’ll be able to access the level of care that you are looking for, and make decisions around how and when it is provided.

What about Income Protection insurance?

You may feel that you’re not a suitable candidate for private medical insurance. There are, however, other types of insurance products designed to support you in matters of health and employment that may be more suited to your needs. Income Protection insurance is one such product.

This type of policy is designed to provide you with a financial safety net that can ensure you are able to support yourself in the event that you fall ill or have an accident and are left unable to work.
Many people would be unable to cover necessary outgoings – such as mortgage payments or bills – without their usual, regular income. If your employer does not offer sick pay, or if you do not have a solid amount of savings put to one side, you may want to consider Income Protection. You can read more about Income Protection here.

How can B-Advised help?

When it comes to choosing an insurance policy, it can be easy to become overwhelmed with the variety of options available to you.

Here at B-Advised, we pride ourselves on our ability to support our clients, providing much-needed clarity as to what is on offer in the insurance market and guiding them towards choices that best suit their unique circumstances.

Looking to explore your options when it comes to private medical insurance and other such products? We can help. Simply get in touch to speak to one of our friendly advisers.