Private health insurance UK: 'I'm a money expert - here's everything you need to know about health insurance'

• Soaring demand for NHS services is leading to patients facing longer waiting lists for care.
• Private health insurance, which was once seen as a luxury, is now becoming more common amongst people in the UK.
• Liz Hunter, Managing Director at Money Expert, shares everything you need to know about private health insurance.

The NHS provides a vital service offering free healthcare to the British public since its creation in 1948. It employs over 1.7 million dedicated professionals who work tirelessly to deliver world-class care to patients.

However, the system has been under immense strain, from extreme staffing shortages, to underfunding and soaring demand. This has led to people seeking out private health insurance, with 7.3 million people in the UK covered according to the Guardian. The service which was once seen as a luxury is now becoming more common. Liz Hunter, Managing Director at Money Expert, shares everything you need to know about private health insurance.

What are the benefits of private health insurance?

The NHS is under immense strain, from soaring demand to underfunding and staff shortages. These are some of the benefits of private health insurance outlined by Liz Hunter.

Quicker access to care

According to government data, the waiting list for NHS hospital treatment rose to a record of nearly 7.8 million in September 2023, with the 18-week target for treatment not being met since 2016.

Private hospitals generally have fewer patients, potentially offering faster access to healthcare. It can also provide a quicker route to potentially life-saving care. However, some private services do also experience delays and waiting lists.

To help you decide, the My Planned Care website outlines waiting times to see specialists and for treatment on the NHS in England.

Access to specialists and advanced treatments

Private healthcare often (but not always) offers access to a wider range of specialists, providing patients with greater choice and potentially more specialised care.

Additionally, private hospitals have higher budgets than the NHS and frequently invest in cutting-edge technology, allowing them to offer a broader spectrum of specialist drugs and treatments, which may not be readily available within the NHS.

Enhanced facilities

Private hospitals can sometimes provide more enhanced facilities, with patients having the option of a private room, often with en-suite bathrooms. Some private hospitals also offer “complementary services”.

How much does private health insurance cost?

The cost of private health insurance will vary depending on your age, lifestyle, location and any pre-existing health conditions. Bupa has provided a few examples to give you an idea of what costs to expect:

• Around £50 a month for a single person, aged 25, who lives outside of London and doesn’t smoke.
• Around £110 a month for a couple who are both 30-40 years old and don’t smoke.
• Around £220 a month for a family including two adults in their 50s and two teenage children.

The best way to get an idea of how much private health insurance would cost for you or your family is to check out a variety of quotes using a comparison website.

Can I access private healthcare without insurance?

You can access private healthcare without having private health insurance by self-paying. This means that you only pay for private healthcare when you need it. Prices can vary depending on the care you need.

To give you an idea of how expensive specific treatments can be, here are some guide prices for a variety of treatments at Spire Hospital in Manchester:

• Hip replacement: From £14,121
• Back surgery (slipped disc): From £9,425
• Varicose vein treatment: From £3,492
• Endoscopy (stomach examination): £1,840

What do health insurance policies cover and not cover?

Each health insurance policy will be different and the cover you receive will depend on your insurance policy. Private medical insurance doesn’t typically cover you for pre-existing conditions that you are already diagnosed with or have already sought medical help for. They also don’t generally cover the costs of treating chronic conditions that require ongoing or long-term care.

Private health insurance also often doesn’t cover accident and emergency, intensive care, pregnancy or childbirth, fertility treatment, sleep problems and disorders and allergies or intolerances, amongst some other conditions.

If you decide to take out a policy it’s important to consider the level of cover you need, check its limits and access and consider the costs as the more comprehensive your cover, the more expensive it will be.

We’d love to hear from you! Have you considered getting private health insurance, do you think it’s worth it? Share your thoughts and opinions in the comments.