Private Health Care & Life insurance

[PencilPot]

Hi All,

I was wondering if many of you have your own private health care plans as contractors? and if so do you put it through your Ltd company? and do you have your family on the policy?
Fibally who do you have the policy with? And would you recommend the service?

I also wondered the same about life insurance?

Do you have that and who do you use? And do you put it through your Ltd company?

Thanks in advance for your comments. Hope you are all keeping well

[malvolio]

Put it through YourCo and it will be taxed in full as a BIK, especially if it's covering more than you, so you will need to do the sums. Probably better paying personally.

Coverage and costs vary wildly (and ramp up as you get older) so be careful to compare like for like. IPSE have a scheme that may suit as a baseline.

[ladymuck]

Be sure what you want to cover.

You can get cover to pay for private health care, cover that pays you an income if you can't work due to illness, and cover that pays out to your dependents if you die. All are very different and it's well worth having a chat with an IFA to determine what is important to you.

[tazdevil]

For healthy people with no previous complaints health insurance is expensive but nice to have to get personalised care in nice surroundings. For older or people with prior conditions its too expensive especially as critical care is better handled, or can only be handled, by the NHS. Better to get good travel insurance than health if money matters.

[ladymuck]

For healthy people with no previous complaints health insurance is expensive but nice to have to get personalised care in nice surroundings. For older or people with prior conditions its too expensive especially as critical care is better handled, or can only be handled, by the NHS. Better to get good travel insurance than health if money matters.

This is why I went for an income replacement policy as that makes much more sense for my circumstances.

[northernladuk]

Hi All,

I was wondering if many of you have your own private health care plans as contractors? and if so do you put it through your Ltd company? and do you have your family on the policy?
Fibally who do you have the policy with? And would you recommend the service?

I also wondered the same about life insurance?

Do you have that and who do you use? And do you put it through your Ltd company?

Thanks in advance for your comments. Hope you are all keeping well

Contractors are ineligible for this. Too much coke and and hookers. Smoking big fat havana's lit with a £50 note doesn't help either. No one will cover us for that.

[Smartie]

For healthy people with no previous complaints health insurance is expensive but nice to have to get personalised care in nice surroundings. For older or people with prior conditions its too expensive especially as critical care is better handled, or can only be handled, by the NHS. Better to get good travel insurance than health if money matters.

The really significant benefit for private medical at the moment is that it can take months to get scans and a diagnosis and then more time to get treatment on the NHS.
If you have serious issues, pain etc. this delay is a major problem and could affect your ability to work. Getting diagnosed privately and quickly is something to consider.

Income protection could help with the work situation, depending on the period you've selected before it kicks in but you'll still be in pain for months.

[Smoggy]

I have income protection (not via company) that pays a regular income if I'm too sick to work. I also have life insurance for £1m through the Ltd Co (key person cover). Both are very expensive due to type 1 diabetes but I feel reassured by having them so worth the cost.

No health insurance but paid for once off consultations with neurologists in the past due to NHS being useless with regards to the wife's severe migraines which was well worth it.

[PencilPot]

Thank you all for your reply to my question above.

I have been looking into family bupa cover as many have said it is expensive. I would be interested to know of anyone who may have health care cover and who they used. Someone did mention vitality health.

I will get my life insurance with my mortage company.

Thanks for all the info above its appreciated ? it looks like i would be best placed to pay for it all personally and not via the ltd

[d000hg]

I have life cover but not health cover.

Every time I look into private medical insurance (which covers your medical bills rather than paying out cash) I end up unsure what you actually get. I couldn't even find a private GP nearby.

If I were someone actually rich or, more importantly, famous how would I avoid ever having to receive NHS services? You cannot get a private ambulance AFAIK but it if Tom Cruise injures himself filming in the UK you're not going to find him sitting in the ER in the local hospital for 6 hours. The NHS seems pretty egalitarian but do they have special access for 'special' people? Boris was in a regular ICU but if he broke his leg surely he wouldn't be sat awaiting ER triage with drunken lager louts?