Skip the NHS Queues: Why Private Medical Insurance Could Be Your Health Lifeline

The private healthcare boom

It’s expected that by the end of 2024, there will have been over 900,000 private healthcare admissions, driven largely by NHS backlogs and long waiting times. Admissions funded through private medical insurance (PMI) have seen an 11% increase, with self-pay options also experiencing growth, rising 32% above pre-pandemic levels​.²

With NHS waiting lists longer than ever³, the appeal of skipping ahead with private insurance has never been stronger. Imagine getting that procedure you need within weeks rather than months. PMI could be your ticket to regaining control over your healthcare.

What’s in it for you?

Private Medical Insurance doesn’t just offer quicker care,  it’s designed to help put you in the driver’s seat. You can choose your specialist, your hospital, and you’re likely to benefit from faster access to diagnostics, surgeries, and treatments. Plus, many policies now offer mental health coverage, acknowledging that a healthy mind is just as important as a healthy body⁴.

Here’s what most policies cover⁴:

• Fast-tracked consultations with experts in their field
• Surgeries and hospital stays in private facilities
• Outpatient services such as tests, scans, and X-rays
• Physiotherapy for when you need to get back on your feet
• 24/7 GP access—often via virtual consultations, giving you round-the-clock support

However, PMI doesn’t cover everything. Emergencies, chronic conditions like diabetes, and maternity care are typically excluded. These are important limitations to be aware of when deciding if PMI is right for you⁴.

Not ready for PMI? Here are other options

If you’re still unsure about PMI, you’ve got alternatives. Critical illness insurance offers a lump sum if you’re diagnosed with a major condition⁵, while income protection provides a safety net if you can’t work due to illness or injury⁶. These policies can provide financial stability in times of health crises, so don’t discount them.

Is Private Medical Insurance the right choice for you?

Let’s be real: the decision to invest in PMI depends on your personal priorities. If the idea of waiting months for a specialist through the NHS makes you anxious, PMI could be one answer for helping give some peace of mind. For self-employed individuals, it’s even more critical. A health issue could mean serious financial setbacks, and PMI might just save the day by helping you to get back to work faster.

Alternatively, you could create a dedicated savings pot for medical expenses. But remember, medical bills can rack up quickly, and you might find that your savings don’t cover everything when the time comes.

Your health, your choice

In the end, the decision to take out PMI is entirely personal. It’s about how much you value immediate access to healthcare, and how much you’re willing to invest in securing that peace of mind.

Take the next step towards smarter healthcare choices

We can help you find the right insurance product to suit your needs and budget. Whether you’re leaning towards PMI or exploring other forms of protection, we’ll guide you through the process, to help you make an informed decision that fits your exact needs.

Sources

1. Private Healthcare Information Network (PHIN) (2024) Strong private healthcare sector performance continues. Available at: https://www.phin.org.uk/news/Strong-private-healthcare-sector-performance-continues-with-payment-through-insurance-leading-the-way- [Accessed 17 Oct 2024].
2. Independent Healthcare Providers Network (2024) New research shows “going private” is becoming the new normal. Available at: https://www.ihpn.org.uk/news/new-research-shows-going-private-is-becoming-the-new-normal/ [Accessed 17 Oct 2024].
3. British Medical Association (2024) NHS backlog data analysis. Available at: https://www.bma.org.uk/advice-and-support/nhs-delivery-and-workforce/pressures/nhs-backlog-data-analysis [Accessed 17 Oct 2024].
4. Money.co.uk (2024) How does private health insurance work?. Available at: https://www.money.co.uk/health-insurance/how-does-health-insurance-work [Accessed 17 Oct 2024].
5. Citizens Advice (2024) What is critical illness insurance?https://www.citizensadvice.org.uk/consumer/insurance/types-of-insurance/what-critical-illness-insurance-is/ [Accessed 17 Oct 2024].
6. Citizens Advice (2024) Income protection insurance. Available at: https://www.citizensadvice.org.uk/consumer/insurance/types-of-insurance/income-protection-insurance/[Accessed 17 Oct 2024].

All the information in this article is correct as of the publish date 31^st October 2024. The opinions expressed in this publication are those of the authors. The information provided in this article, including text, graphics and images does not, and is not intended to, substitute advice; instead, all information, content, and materials available in this article are for general informational purposes only. Information in this article may not constitute the most up-to-date legal or other information.

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