Private Medical Insurance - improving quality of life at any age

By FMB on 

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Quality of life as we age

It is a simple fact of life that as we all get older, we have to grapple with our own mortality and as the general age of the world population increases, quality of life is of a much more acute concern.

To put it simply, the older we all get, the more things deteriorate and the more we need increasingly significant medical care. According to the World Health Organization* (WHO) by the 2030’s, 1 in 6 people will be over the age of 60 and the risk of the following conditions become increasingly more likely:-

  • Cancer
  • Cataract
  • Diabetes
  • Osteoarthritis
  • General health conditions

With the backdrop of increasing NHS problems and the sky rocketing cost of medical treatment, what options do we have?

  • Rely on the NHS
  • Self-fund care
  • Private medical insurance (PMI)

Whilst PMI will not be the solution to all medical conditions, the reality is that, in the UK, it is becoming much harder to access treatment in a reasonable timeframe and this can have a significant impact on people’s quality of life. Medical insurance can offer patients a low cost option to help protect their long term health. Surgical & Cancer care plans are available from as little as £60 per month for someone who is in their 60’s and could enable patients to circumvent the NHS surgical waiting lists and offer access to the best cancer treatment options in the country.

Mental Health epidemic affecting children and young adults

The stress on the youngest members of our society has increased dramatically in recent decades and young people are now having to contend with pressures that were unimaginable 30 years ago. Unfortunately, this coincides with the NHS having significantly reduced in-patient mental health beds by 5,837 in recent times when the private sector has actually INCREASED beds to 10,123. **

Thankfully a number of PMI providers now include comprehensive mental healthcare as STANDARD or for a very small additional cost.

Summary

So, whether we are thinking about the younger or older ends of our society, health protection could be useful.

Private Medical Insurance can help us to protect ourselves from unwelcome complications at times when we are at our most vulnerable, and it can be more affordable than you might think.

We work with IHCS in Yorkshire, who are experts in the PMI field, to help find the best quote. They can sometimes get a better premium even with your existing provider. If this is something you would like to investigate, please talk to your Financial Planner or give us a call.

*https://www.who.int/news-room/fact-sheets/detail/ageing-and-health

** https://amp-theguardian-com.cdn.ampproject.org/c/s/amp.theguardian.com/society/2022/apr/24/nhs-paying-2bn-pounds-a-year-to-private-hospitals-for-mental-health-patients

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