As NHS waiting lists remain elevated, increasing numbers of people are exploring private healthcare, either through medical insurance, paying directly for treatment, or a combination of both. The article highlights a significant rise in self-funded treatment, particularly among retirees and those unwilling to wait for NHS care. While private medical insurance can provide faster access to treatment and a broader range of services, premiums often increase significantly with age and rising healthcare costs, making affordability an important consideration.
The article examines the trade-offs between health insurance and self-funding medical expenses. Some investors choose to maintain insurance as a safety net, while others build dedicated healthcare reserves to cover potential future costs. James Baxter of Tideway Wealth argues that insuring against highly predictable medical expenses can be expensive and suggests that, for some individuals, setting aside funds in a tax-efficient savings vehicle may offer greater flexibility. Ultimately, the most appropriate approach depends on personal circumstances, health considerations, financial resources and attitudes towards risk.
Read the full article here.
“Buying insurance against near-certain expenditure is always very expensive.”
- The content of this document is for information purposes only and should not be construed as financial advice.
- Please be aware that the value of investments, and the income you may receive from them, cannot be guaranteed and may fall as well as rise.
- We always recommend that you seek professional regulated financial advice before investing.