Why Medical Insurance?

Latest government figures show in excess of 379,000 people have been waiting more than 12 months for non- urgent surgery, compared to 1,600 people pre-covid, a 243% increase in 12 months. If you are unwell or injured but not in a life threatening position, if you don’t want to be number 379,001, you have three choices.

1/ Do nothing, live with it and suffer whilst you wait. If it were say a knee cartilage tear for example, you will be waiting over a year to see a lower limb consultant in Leeds and district on the NHS. Meanwhile your mobility will be affected and maybe your ability to earn a living.

2/ Pay for a consultation and treatment out of your own resources. For the cartilage repair above, an inexpensive claim, typical costs – Consultation- £220, MRI scan £650, arthroscopy procedure with surgeon/anaesthetist/accommodation £3,000. So nearly £4,000 for something simple. If it were a heart defibrillator, £45k, a replacement knee £15k, and cancers, think of a number.

3/ Pay for medical insurance. This allows you to choose when you see a consultant (the day after tomorrow rather than the year after next), where you are treated (private facility, own room, even a wine list), and by whom. You can often choose your consultant, maybe a professor as opposed to a newly qualified, I know who I would rather perform brain surgery on me!

Medical insurance may not be as expensive as you think, group cover at an entry level of benefits is around £35 pm for a 35 year old, and is tax deductible for the business. This buys you a lot of employee loyalty, and if someone needs treatment now, to stay doing their job well, it’s priceless.

If you have an accountant, they should be your first stop for business advice. If you don’t have an accountant or they can’t help, BuBul has a wide range of experts available. For more advice, contact our expert* Michael on LinkedIn

*We’ve picked experts we know and trust who are good at what they do. All of them will give you at least an extra 30 minutes free advice if you contact them and would then charge their normal prices. They don’t pay to be on BuBul and don’t give us any money from anything they earn as an expert.