More of us go private as NHS pressures increase

is designed to provide rapid access to medical treatment when required at a time and place most suitable for an individual with a consultant, surgeon and hospital of their choice, which may not be possible in the NHS.

Depending on any pre-existing conditions there could be restrictions put in place after underwriting has been completed. So it is not always suitable for those receiving ongoing medical treatment through the NHS. Chronic conditions like HIV/AIDs-related illnesses, diabetes, and epilepsy are generally not covered either.

However, most plans will meet treatment to bring a chronic condition back to its controlled state or to full recovery. Treatment intended to manage a condition or keep symptoms in check will be reviewed to assess whether it is eligible.

Plans don’t extend to organ transplants, normal pregnancy and childbirth costs, cosmetic surgery and injuries relating to dangerous sports.

Also most do not cover minor ailments in order to keep premium costs to a realistic level.

Nevertheless, if affordable cover can be put in place for you and your family which enables you to have treatment quickly to get your life back to normal, this is definitely something worth thinking about.

A private medical insurance plan can be tailored to costs.

It ranges from the very basic ‘core’ benefits to one that covers additional elements such as extra cancer cover, psychiatric cover, NHS cash back (where you can claim a cash payment for overnight stays if treated by the NHS), therapies, dental and optical care, travel insurance and also access to an extended list of consultants and hospitals.

If costs are high for the cover that you want you can reduce these by having a policy excess, for example, the first £100, £200, £500 of any claim. The higher the excess, the cheaper the plan.

In a similar way to car insurance, premiums are paid to an insurer who then covers some or all of the cost of treatments as and when required, subject to policy restrictions.

The cost of healthcare increases every year by around 3-5 per cent.

Factors that play a part in this include:

As methods used to diagnose conditions become more advanced and are used more, doctors are able to identify some conditions earlier and patients can be treated more quickly.

As new drugs, such as those for the treatment of cancer, become available and as the technology used in surgery becomes more advanced, private medical insurance usually extends to cover new medical developments, as they become established medical practice.

As you get older you are more likely to need treatment. Premiums usually increase with your age to reflect this. Claims history. According to the Money Advice Service, a typical family premium – covering two adults in their 40s and two children under 10 – can vary from £700 to £1,800 per year.

Worth shopping around to find a plan which suits you. Trevor Law is managing director of Eastcote Wealth Management, chartered financial planners,

based in Solihull. Email: tlaw@eastcotewealth.co.uk

The views expressed in this article should not be construed as financial advice