Private Medical Insurance - Is it Worth it?

Private Medical insurance could increase the holder's access to private rooms and a higher level of resources and quicker access to specialists.

The downside is mainly the cost of doing so. Especially if you are willing to make use of NHS facilities where possible.

The cost of medical insurance increases every year according to Dan Hutson of :

"Typically speaking, health insurance premiums tend to increase by around 3-5pc per year, partly because of the increasing cost of treatment, and partly because people are living for longer."

So what are the positives and negatives?


A negative aspect of the NHS service is the fact that there will be waiting times for non emergency procedures. If a specialist is required, the length of the wait could be extended further. In addition, private insurance will also increase your access to a wider range of treatments and give you more choice in terms of hospital, doctor and room options.


The cost is the main drawback of private medical insurance, with the price varying widely, between £700 to £1,800 for a family of four based on figures form the Money Advice Service. In addition, the price will increase over time in line with the ages of the beneficiaries of the policy. The NHS by comparison is mostly free.

Getting value for money

Unlike other forms of insurance, switching providers will not likely result in a lower monthly fee, so it's very important to conduct your due diligence before deciding on a policy.

If you think private medical insurance could be for you, contact Westminster Wealth Management today. One of our skilled advisers can help you to find the right policy to look after your health, including that of your finances.