Research underlines continuing appeal of private health insurance, but might you be over insured?
However, over 40% of those questioned also said they would consider taking out a private health insurance family policy to cover a partner, children or grandchildren or one which offered the most comprehensive cover. Yet precisely this emphasis on a comprehensive level of cover may mean that people are in fact over paying for insurance, thinks the mutual insurer National Friendly.
Head of Sales and Marketing at National Friendly, Wayne Carter, noted: "Whilst most potential clients will tell their broker they want a comprehensive medical insurance package, a far simpler, less expensive policy may be more appropriate, especially for those who may struggle to afford a comprehensive policy but would still like access to private healthcare."
"We understand that many people look to purchase polices because they fear long waiting times, and prompt access to specialist consultants is appealing. However, this benefit can in fact be enjoyed through a more cost effect mid-range policy, which not only provides appointments with private GPs but also prompt access to specialist consultants with no long wait times. This may offer consumers the possibility of premium savings."
As an example, a comprehensive policy from Bupa costs £197.61 a month*. Whereas opting for a mid-range policy such as National Friendly's Optimum, combining an Out-patient Plan with an In/Day-Patient plan, would cost a 50 year old £ 130.69 per month**. Optimum still provides appointments with private GPs, diagnostics with specialist consultants, and a selected range of musculoskeletal and mental health treatments via the Out-patient Plan. The In/Day-patient Plan offers fast access to private hospitals treatments, from one of the widest lists of eligible hospitals available from any insurer.
Using this comparison, a client could save over 30% on premium costs by opting for a mid-range policy and still have the comfort of prompt access to private GP appointments, specialist consultations and private hospital treatments.
Details of the new insurance plans are available on the National Friendly website at www.nationalfriendly.co.uk/
For further information on National Friendly, please contact:
Guy Stephenson/Erica Evans
Nacelle Limited Tel: +44 (0)20 8333 9125
*Includes full out-patient cover, full cancer cover, extended hospital access and a £0 excess. Quote is based on a 50 year old, non-smoker, with no partner or dependents on policy, as of December 2017.
** Out-patient cover includes diagnosis and a range of out-patient treatments. £2,000 cover available each policy year. In/day-patient cover Includes access to a range of private in-patient and day-patient treatments and operations, including a selection of heart and cancer treatments. £250,000 cover available each policy year.
Based in Bristol, National Friendly is a mutual organisation which is solely owned by its members.
Established in 1868, it has no shareholders and exists to serve the best interests of its 35,000 (as at September 2017) members.
National Friendly is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority.
Its vision is to be a forward-thinking and trusted mutual that meets the health, welfare and protection needs of its customers.
For more information please visit www.nationalfriendly.co.uk