Health of the NHS – should you consider Private Medical Insurance? - 4th March 2024

We are pleased to share this article from Independent Health Care Solutions (IHCS)

There is undeniable evidence that the NHS is struggling, and this is no reflection on the dedicated and caring healthcare professionals who work tirelessly to care for those in need. However, many people are now asking themselves if they feel comfortable in relying solely upon the NHS for necessary treatment. In January 2024, the British Medical Association (BMA) confirmed that the NHS backlog for consultant lead care is now 7.6 million people and this has increased from 4.4 million in February 2020.(1)

(1) Source: NHS backlog data analysis (bma.org.uk)

A more sobering fact is that over 355,000 have been waiting for treatment for over a year and 3.18 million people have been waiting over 18 weeks (1).

For cancer patients, for whom prompt care can realistically mean life or death, the NHS aims to start treatment within 62 days. Unfortunately, they only achieved 65.2% in November 2023. This is significantly below the targeted operational standard of 85%. The net result of the problems that the NHS is experiencing is that many people are having to turn to privately funded treatment or private health care insurance.

What are your options if you choose not to wait for the NHS?

The only option for those patients who have a pre-existing condition but are without medical insurance, is to self-fund their treatment but this can be extremely expensive. The data below clearly shows the realities of self-funding care or waiting for treatment on the NHS. (2)

(2) Source: Health insurance statistics (finder.com)

For those whose who do not have private medical insurance and wish to avoid the NHS backlog, they seldom have no other choice but to deplete savings, including pension funds or borrow money to pay for private medical treatment.

This can then lead to people incurring debt, considerably reducing their living standards or potentially delaying retirement to fund medical treatment. The reality is that as people become older, they require more frequent, complex medical care and this naturally comes at a greater cost.

The illustration below shows that 61% of respondents who chose private treatment, funded care from savings or borrowing money. (3)

(3) Source: Health insurance statistics (finder.com)

With an ageing population, the pressure upon NHS services will only become more acute and the likelihood of having to self-fund care increases significantly.

The alternative to self-funding, is to implement a private medical insurance policy that can offset the financial obligation on to an insurer.

As with many things in life ‘prevention is better than cure’ and this is why over 13% of the UK population now have private medical insurance.

What does a PMI policy offer and how much will it cost?

The national average premium for a member in their 60’s is less than £90 per month. Even the most basic policy will cover the following core benefits, with the ability to upgrade cover further. Exclusions may apply for pre-existing conditions.

• In-patient surgical care – i.e. heart / joint operations

• Day-patient surgical care – i.e. cataract operation

• CT/ PET/ MRI scans • Access to a National hospital list

• Cancer care – including drugs and treatments not currently available on the NHS

• Virtual private GP consultations

In Summary

Private medical insurance may not be the answer in every circumstance, but the reality is that accessing NHS care is becoming more difficult and therefore the likelihood of needing private treatment increases.

Private medical insurance is an affordable way to obtain treatment and access the very best care, without compromising future plans or savings.

Source: Independent Health Care Solutions (IHCS) https://www.ihcs.co.uk/