Is Luxury Healthcare Worth It?
In the UK, the NHS has been available for more than 70 years, but it’s well known to be a little over-stretched these days. Signing up with a private medical provider or insurance could supplement the services available to you. This could give you the confidence to know you are covered should anything go wrong.
Many companies offer a private healthcare opt-in as an employee benefit, but this will be another monthly or annual expense to consider. This will also restrict the kind of health service that’s available to you, as even private options vary. Here we look at different kinds of healthcare to help you understand each service.
Travelling & Health Insurance
Whether you’re planning an awesome week in the Alps or a luxurious extended holiday from anywhere from South Africa to the Maldives, it could be important to have healthcare covered just in case something happens.
An accident whilst abroad in a foreign country can be quite expensive. For example, if you experience a bad fall whilst skiing, a medical helicopter could cost you £1500, whilst a blood wagon down the mountain starts at around £200, but this can go up exponentially, depending on the resort. Private health insurance with a travel add-on or built into the policy could provide peace of mind if this was to happen. It means your emergency finances are taken care of before you even step into the airport, meaning you won’t have to rely on a short term loan or borrow money to get out of an urgent situation.
More importantly, the quality of standard healthcare from country to country can vary, too. Private travel healthcare also often covers the cost of getting you home and ensures you will receive the best available care. Reports show that the average cost for overseas medical treatment is £1,300, which is a lot of money to have readily available whilst you travel. The Money Advice Service says that a family plan for private healthcare could cost anywhere from £700 per year, but this covers you for a year. It is a lot less than the average accident and covers four people! It also means you can enjoy a last minute holiday, without having to organise additional cover.
Avoid Public Healthcare Wait Times
One of the biggest benefits of premium healthcare policies is the buying power. Paying for the medical service you receive might mean you could ‘skip the queue’ and the wait time of public facilities. The NHS prioritise patients by the severity of their illness or accident, private healthcare could mean that you are not subject to the same kind of system.
Moreover, some treatments and procedures are not yet approved in state hospitals, this means if you have a rarer condition or illness that requires urgent care, the NHS might not be able to help you. In turn, you’ll have more buying power and sometimes are able to choose your hospital, doctor, surgeon and private room whilst you recover. There are also instances in which private insurance policies cannot cover certain procedures and conditions, this can be chronic problem as well as terminal or incurable cancers. Thus, if you require urgent care, sometimes it might be better to have private coverage, as public healthcare systems are often subject to long waiting times.
Private healthcare could ensure that you have care when you, or your family’s, health is at risk. There are options available for a one-off emergency, but most of these are not suitable for ongoing illnesses. You might consider looking into care that provides peace of mind, both financially and medical care.