Private Medical Insurance

Happy New Year to everyone and what an eventful year it has been so far!

 

A conversation came up recently around what Financial Advisers thought would be the most important products in 2021, for me the answer to that is going to be Private Medical Insurance. It is very common knowledge that th.”e NHS is going to be even busier than normal with wait lists being at an all time high. Private Medical Insurance is an ideal option to help relieve the pressure from the NHS, I have recently had an ankle operation through my insurance which I would still be waiting for on the NHS. So I thought it would be an ideal opportunity to take you through the experience so far.

 

Total of 4.46million patients were waiting for hospital care in November 2020 This is the highest figures have ever been and is above last year’s numbers A record 192,169 patients have also been waiting more than a year for care”

 

First Hand Experience

 

Firstly I called my medical insurance, to explain to them that I had an injury, they arranged for me to speak to a triage service who confirmed that they would authorise for me to see a consultant. The other option would be to get a referral from my GP.

 

I was able to choose the consultant and also the hospital that I went to.

 

My appointment was within the week, my consultant appointment was very relaxed and thorough it lasted for around 30 minutes. After which I was referred for an MRI scan and also an ultrasound, at this hospital I was able to have this on the same day and got the results from my consultant the next week. As it happens I wanted a second opinion on the treatment plan which the insurance company had no issue with.

 

From my treatment plan they have also paid for x-rays, two operations and several follow up consultations.

 

Each time I have been able to see my consultant within the week, they have been substantial appointments most lasting for around 30 minutes, my personal experience has been that through the NHS appointments previously these have felt very rushed.

 

I have asked my current consultant what my position would currently be under the NHS and he confirmed that I would be waiting for an appointment as although my injury was painful and affected my lifestyle in the current circumstances it would not be classed as serious and the wait time for treatment would be over 1 year.

 

“2019 – There were just 1,398 people waiting a year or longer last year.”

“330,000 people waiting more than six weeks for key diagnostic tests.”

 

How much does it cost?

 

If you are a limited company you can put this through as a business expense and it can also be used to cover your family, we have our two boys covered. You will need to declare personally on your P11D which your accountant can sort for you.

 

e.g.

If the annual premium is £1,000 the saving in corporation tax would be £190.

 

Where applicable company national insurance would need to be paid.

 

Your P11D would then be completed with by your accountant.

 

For soletraders the tax situation is slightly more complex for those with employees it is treated as business expense for the employees, for the owner of a soletrader business it is classed as a personal expense.

 

Premiums vary depending on age and if you want to cover any existing health conditions but start in the region of £40 per month.

 

“Professor Neil Mortensen, president of the Royal College of Surgeons of England, said: ‘Today’s figures show the calamitous impact of Covid-19 on wait times for operations.””

 

What should I do if I think this will benefit me?

 

We would always recommend going through an independent adviser as there are many products on the market all with differing benefits. I can be contacted on krowell@aventur.co.uk or 07486424465

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