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Private Health Insurance - cost
Costs depend on what type of plan you choose and whether other family members are included. The more comprehensive the range of treatments covered, the more expensive it is. Also, if you want to be treated in top private hospitals or the London teaching hospitals, it will cost you more.
Many policies come in three classes, depending largely on your choice of hospital. Remember that premiums for private health insurance tend to rise faster than inflation.
If you want to save money you should consider a Budget policy, which applies only if the treatment you need is not available on the NHS within a set period.
Other ways of keeping costs down include paying a larger portion of the claim than normal, or by agreeing to accept a restricted choice of hospitals.
Some policies offer no-claims bonuses that can help limit the increase in your premium. This gives you an incentive not to make minor claims, which always account for the majority of claims.
You could also try to persuade your employer to offer it as a perk. That way, administration costs are kept to a minimum and the employer may well be able to negotiate bulk discounts or more generous terms.
Around half the people with private medical insurance get it as a perk. Bosses prefer it because it means that performance of key staff is not hit by nagging conditions that could be quickly treated.
Private medical insurance is taxed as a perk if you earn above a certain amount a year.
If your private medical insurance is included as part of your employment contract and you retire you will have to renegotiate your policy, but you are likely to qualify for discounts. Bear in mind that the over 60s no longer get tax relief on private medical insurance.
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If you are unsure about specifics or have questions about health insurance or would like a free, same day quotation - then please do get in touch with us by filling out our simple enquiry form.
Read more about Private Health Assurance
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Medics Financial Services is a trading name of Global Financial Ltd. Global Financial Limited is an appointed representative of Best Practice IFA Group Limited which is authorised and regulated by the Financial Services Authority. Registered in England, number 922704, registered office as above.
The Financial Services Authority does not regulate some aspects of commercial mortgages.
The Financial Services Authority does not regulate taxation and trust advice.
The guidance and/or advice contained within the website is subject to the UK regulatory regime and is therefore primarily targeted at customers in the UK.
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"I have been receiving very sound, reliable, thorough, unbiased and extremely professional advice for the past eight years. This company has certainly stood the test of time and, without exception, the advice has been spot on. I have observed a seamless journey through developing technology with the resulting consistent top of the range care. I am very grateful for the confidence you inspire in me, and the comfort I now enjoy knowing that my financial affairs are in the best of hands. Thank you!"
Tom Browne MB. FRCS.M.Ch FRCS (Gen), Consultant Vascular Surgeon, Broomfield Hospital
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