Private health insurance...YES/NO?

[gra001]

Currently with AXA PPP and after chatting with GP and several friends (reference ever increasing premiums) tempted to chuck it in and pay for treatment as and when, seems to be an option several are taking. Views of Pistonheads collective appreciated...thanks.

[GT03ROB]

Age & general health would make a huge difference. My parents are in their 70's & PAYG works out cheaper for them.

[gra001]

GT03ROB said:

Age & general health would make a huge difference. My parents are in their 70's & PAYG works out cheaper for them.

I'm 67, good health, no pre-existing exclusions. Policy amount for next year is £2185 with £100 excess and at the other end with a £2500 excess it's £1650 and they include the maximum 50% no claim discount. I've checked the market and all similar so I'll stay with AXA or quit. Tempted to go for the £2500 excess/lower premium and use for peace of mind in case a big ticket item crops up. I feel there will always be a temptation not to claim as that puts an already high premium even higher so i'd probably self fund for the lower cost stuff anyway.

[Lozw86]

My employer provides my health insurance, if it wasn't for that I think I would pay if / when I needed specific treatment

You could always put the money you would spend on the premium in a pot somewhere

[audidoody]

The thing about putting the equivalent premium money in a savings/investment pot is that you can't ever touch the money as it is your insurance cover. So no different to forking out the premiums. Unless you reach the age 85, cash in the pot for hookers and coke, and let the NHS take the strain of the subsequent heart attack!

[GT03ROB]

gra001 said:

GT03ROB said:

Age & general health would make a huge difference. My parents are in their 70's & PAYG works out cheaper for them.

I'm 67, good health, no pre-existing exclusions. Policy amount for next year is £2185 with £100 excess and at the other end with a £2500 excess it's £1650 and they include the maximum 50% no claim discount. I've checked the market and all similar so I'll stay with AXA or quit. Tempted to go for the £2500 excess/lower premium and use for peace of mind in case a big ticket item crops up. I feel there will always be a temptation not to claim as that puts an already high premium even higher so i'd probably self fund for the lower cost stuff anyway.

If I recall correctly they found it was round 70 or just after that it started to rack up & was cheaper to PAYG. That sounds a good price to be honest I thought it would be more.