Introduction
With the NHS already underfunded and unable to meet the needs of all British citizens, it can be tempting to look at private healthcare as an attractive alternative. However, many people are often unaware of just how much private health insurance costs in the UK, both on an annual basis and per month. The costs may surprise you!
Why private healthcare is needed
There are a number of reasons that individuals or their employers may want to buy private health insurance. You may have pre-existing conditions and be unable to get insurance from the NHS, or you may simply be unwilling to wait in emergency room queues for hours on end.
The issue is that private health insurance can be expensive, so knowing how much it costs per month will help you decide if it's worth it to you. The prices depend on what plan you choose, but one estimate says £104 a month (or £1,128 annually). This doesn't include treatments covered by your policy and any 'cost sharing' with an NHS hospital for treatment.
Is public care enough?
If you're able to go with public care, you won't have to pay anything. However, depending on your condition, this may not be a viable option. If you find that this is something that you cannot do, then you will have to consider going with private care.
With a private doctor and treatment plan from a hospital, the average monthly price is approximately 1000-1500 pounds per month. Even with all these benefits, private health care does come at a hefty price for what it offers in return for those who can afford it.
Expenses associated with public care
Public care is universal, which means that anyone who needs it can get it without fear of being turned away. For most patients, this means paying nothing at all for medical treatment or medicines. The NHS covers any treatments its doctors believe are necessary for maintaining health or preventing illness, including cancer treatments and hip replacements.
It pays for over 12 million consultations a year - around one every three seconds! However, there are limits to what the NHS will provide free of charge, with prescription charges costing £7 per item and there may be additional costs for dental services too.
Expenses associated with private care
If you are insured and not paying anything for your health care, it might be because your insurance company is simply covering the cost but they still expect you to pay a significant fee every month.
It is possible that you would only have to pay a small fee if you go through an HMO but if you choose a more expensive health care provider then it will inevitably cost more. The reason this type of insurance is so costly is because while they might say they offer 24/7 service, they don't truly provide it. In order to get this coverage, one must first have an excellent credit score and agree to high premiums.
The price tag may seem daunting at first but what many people forget is that all this money does go toward something very important: their life.
Why are we paying more despite having insurance?
Private healthcare costs a lot more than public, but that doesn't mean you should switch to it, or not have it at all. You should do some comparison shopping for what you really need and only buy it if its a good deal for you and your family.
In addition, to be able to afford private healthcare when it's needed, make sure that you are putting enough money away every month into an investment account like stocks or savings bonds. This way, if you lose your job or are in an accident and need surgery, there will be some money waiting for you!
How to lower your costs
When looking for private healthcare, it is essential to weigh up the options available to you. Most people will want a balance between affordability and care and that can be achieved by looking at your options.
Many people only look at their monthly costs and then opt for the cheapest option available, however, there are also extra expenses such as annual premiums, administration fees, and supervision fees that need to be considered. In addition to this, while some plans charge per GP visit, others offer set amounts of GP visits a year which can lower your monthly cost but potentially not give you access to GPs when needed.
It is therefore important to take into account all factors before deciding on which plan is best for you.
Saving Tips for Healthcare Costs
It is important to factor healthcare costs into your monthly budget. To do this, calculate how much you need to spend on health insurance per month and compare it with your earnings. This will give you an idea of what is affordable for you or not.
Another way to cut down on your spending is by shopping around for good value health insurance and checking if there are any discounts available (e.g. signing up through a group policy). Remember that being healthy also helps keep medical bills low, so try and stay active, eat a balanced diet, and take care of yourself!
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