Good health is not a luxury | Personal Finance | Finance

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It has also been hit by the doubling in insurance premium tax from six to 12 per cent, which has further reduced demand.

However, families can still get budget cover, starting from around £40 a month.

The drawback is that premiums rise as you get older and your health declines, so those who need it mostcan be priced out.

PREMIUM COVER

Mark Todd, private medical insurance team leader at insurance comparison service ActiveQuote, said going private is not only for the rich, with different cover levels available for different budgets.

“A family of four can get insurance from as little as £38.74 a month, which works out at around £465 a year,” he said.

A non-smoking 65-year-old couple could get budget plan WPA Essentials for £63 a month, according to a search on ActiveQuote.

They would pay £140 a month for Aviva’s Healthier Solutions midrange plan, or £222 for the fully comprehensive version.

At age 75, the Aviva Speedy budget plan would cost the couple £83 a month, rising to £209 for Aviva’s mid-range plan and £330 for itscomprehensive policy.

Premiums vary according to your personal state of health.

SHOP AROUND

Most people are familiar with market leader Bupa, but there is a wide choice of companies, including Axa PPP Healthcare, Aviva,Vitality, Saga, The Exeter, Freedom Health Insurance, Health-on-Line, LV= and WPA.

A good insurance broker can help you find the right policy for your needs and pocket.

Many insurers allow you to add or remove parts of the policy. “You can tweak the details, so if you do not need, say, dental cover, you can remove this,”said Todd.

You can also cut premiums by agreeing to pay a higher excess when you claim, or accept treatment at a limited list of hospitals.

The key to getting an affordable plan is to apply while still in reasonable health.

Todd added: “Too many people contact us when they have been diagnosed with an illness and by that point it is too late to get cover for that condition.”

CUTTING COSTS

Claire Ginnelly, managing director of health insurance brokers the Premier Choice Group, said private medical insurance is wrongly viewed as a luxury product: “There is plenty you can do to bring it within your budget, such as limiting your choice of hospitals, or adding a six-week wait option where you get immediate private care if the NHS cannot treat you within six weeks.”

Ginnelly suggested a slightly different option, from mutual Benenden Health, which costs just £10.25 per month.

This gives speedy access to private healthcare, but only when there is a wait on the NHS and it excludes certain conditions such as joint replacements and cancer.

She said: “However, it can be a valuable policy and age is not a barrier.”

She added: “If you would like health insurance, test the market to see what is available and how much cover you can get for your money.”

Steve Nelson, sales manager at healthcare broker Medibroker, said comparing policies can drive down the cost, but there is only so much insurers can do: “The lower your premium, the fewer the benefits and the greater the number of exclusions, so cheapest is not always best.”

Nelson said people prize private healthcare because it gives access to top-quality specialists with no waiting list: “The biggest advocates are those who have received private medical treatment and see what a difference it makes. Your health is the most valuable thing you have.”

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