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When choosing a private medical insurance package in the United Kingdom for you or your family there are a few questions that need to be answered before a decision is made.

No one actually needs to have private medical insurance in the UK as National Insurance contributions are automatically deducted from pay packs of the workforce.

For instance, anyone who earns wages in the region of £139 to £817 per week has 12% of whatever monies are made between this number automatically deducted from their wages. So if one earns £239 per week there weekly national insurance contributions will be £12 per week.

The self employed receive a slight tax break. They pay £2.50 per week and 9% of any monies made in the region of £7,225 to £42,475 per annum.

National Insurance contributions cover more than just national health insurance. They also cover state pensions, jobseekers allowance, (unemployed benefits) Bereavement allowance, maternity allowance and contribution based employment and support allowance.

The NHS is well received in Britain with only 8% of the population using private medical insurance companies for enhanced services. 8% may not sound like much however, the UK’s current population stands at over 62 million people (62,218,761) so… contributions

The number of people in the UK who have private health insurance stands at just under 5 million people (4,977,500).

Having private medical insurance all comes down to affordability. If one is well off and has large amounts of disposable income then private health insurance would appeal however, there are affordable packages that can appeal to the working and middle class people of the UK.

The best way to find out if private medical insurance is suitable is to get independent financial advice.

A good financial advisor will sort through current finances, making sure everything is in order and give advice on affordability and different health insurance packages. It’s always a good idea to go over the recommendations made or receive a second opinion.

Questions for the financial adviser

1. What does the medical insurance package cover?

2. What are the exclusions and how they affect me?

3. What level of cover can I afford?

4. Are there no claims discounts?

5. Have you got quotes from other health insurance companies out with the selected recommendations?

The final piece of advice would be to ask the advisor how much commission he stands to make by recommending one to any specific insurance company. Make sure he has your best interests at heart and not his.

My name is Gavin Boyd and I work for a digital marketing agency based in Glasgow. Some of our clients operate in the private health insurance sector hence the article “National Health Insurance Vs. Private Health Insurance”.

 


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