Health plan targets over-55s
BRITONS place a high price on their health care - £2.9bn to be exact. That is how much is spent on private medical insurance each year by people wishing to cover themselves in case they need treatment.
Medical insurance provides protection for curable, short-term medical conditions and allows people to jump National Health Service queues to see specialists, have surgery or be diagnosed.
But those that often need the service most end up paying a premium for it. The cost of Health insurance rockets as you get older. On average, premiums are increasing by 12% a year, with the largest increases being imposed on those over the age of 55. But now one company has launched what it claims will be an affordable policy for this older age group.
AXA PPP Healthcare's Retirement Essentials plan covers four of the most common medical problems suffered by the over-55s - heart conditions, arthritic joint replacement, hernias and cataracts. The policy also covers the cost of consultations and physiotherapy.
By limiting its scope, AXA PPP claims the plan is between 30% and 70% cheaper than rival policies.
A 65-year-old man would pay around £69 for the policy compared to £189 for a fully-comprehensive policy from the same company. For the same customer, Prudential would charge £99.53 under its basic Core plan, rising to £148.28 for its fully inclusive Comprehensive Plan.
Bupa offers a policy that focuses on heart and cancer conditions. For the same 65-year-old the cover would cost £79.35 a month. Its fully comprehensive cover would cost £179.35 a month.
Charity Help the Aged claims medical insurance premiums for older people have increased by 109% over the past 10 years, with the average annual premium for a 50-year-old costing between £800 and £1,200 a year.
Mark Christopher at Help the Aged, says: 'Private medical insurance schemes have a relatively low take up among older people. For many, the costs associated with such schemes can be prohibitive.
'We believe it is important that people on lower incomes also have the opportunity to exercise choice in how their healthcare needs are met.'
Bupa's policy is unusual in that it covers treatment for cancer. Charity CancerBacup says the majority of health insurers refuse to pay for treatments, such as chemotherapy, and even withdraw cover during treatment if a patient's condition becomes incurable.
If medical insurance is till beyond your means, Help the Aged also operates a cash plan, which helps towards medical expenses. For £6 a month, the plan will pay up to £375 a week for hospital or nursing home stays, up to £535 for courses of physiotherapy or osteopathy and other 'alternative' treatments.
Another approach could be simply to pay a sum equivalent to any monthly premiums into a savings account that could help with the cost of meeting medical treatments, or turn into a nest-egg.
Further information:
AXA PPP Healthcare, axappphealcare.co.uk or 0870 608 0850
Bupa: www,bupa.co.uk, or 0800 600 500
Prudential: pruhealth.co.uk, or 0800 092 6666
Help the Aged: helptheaged.org.uk, or 0808 800 6565
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