Pensions and healthcare advice

[s2budd]

What I do is:

Pension:
through company, though I am starting think that this is pants so will let this option die a slow lingering death and ramp up the ISA/Pep thingy to max.

Life insurance: None, no defendants apart from the Mrs and house is paid off so she will be ok. If I had defendants then I would have life insurance.

Dentist: Private. I just pay the fee on visiting the dentist. The NHS Dentists are pants / non-existent in this area. I was with an NHS one but the service was dire so changed.

Health insurance: None, though this maybe an idea or at least pay for a professional checkup yearly.

Work Insurance: None. Insurance against unemployment is very expensive and not cost effective.

Physical Ability insurance: Insurance against you being unable to perform work (i.e. you have become a vegetable due to some type of accident) about £40 per month from personal account. It's one thing to be out of work because there are no contracts but another to be unable to even work in Tesco's thus I think this is a good deal. Obtained from Dentist & General and pays out about £400 a week but there are lots of other options. I have claimed once for about two weeks while in hospital. No problems.

[FarmerPalmer]

....trust me, once you've had a medical problem private health cover becomes very appealing!

We have used it extensively in the past. a number of scans & procedures at ~£1k each etc - but I doubt if it would cover pre-existing conditions without very expensive premiums - thus the PAYG.

[centurian]

....trust me, once you've had a medical problem private health cover becomes very appealing!

Oddly enough, this is also the point when it tends to become a lot more expensive..

[AlfredJPruffock]

I've been working 30 years.

I gave up on pensions 25 years ago in favour of managing my own savings.

I have never had any form of health insurance. I decided that if I ever needed anything that the HNS couldn't do for me as soon as I needed it, I would pay for it. I've spent 1000 pounds in 25 years which is about the cost of two year's premium. So, so far I am 15 grand up on the deal.

YMMV

tim

Ive been working for almost 30 years.

I have never subscribed to any pension scheme as I prefer to manage my own savings.

I have never taken out a private health scheme and have not been to a doctor since 1987 which was a waste of time anyway. I dont take anything from Big Pharma either.


Whatever you do - good luck.

[pmeswani]

Over a month into my first contract and starting to think that I should start to think about the boring things like pension and healthcare. Can anyone provide any tips or point me to any links that offer advice?

If you decide to go for a pension, go for a SIPP. Do a search on this forum on the topic, it has been discussed a number of times. Regarding Health Insurance, if you do take it out, don't get your company to pay for it as it may turn out to be a Benefit in Kind.

[jim2406]

I am 27 and have had 9 operations on my knees and 3 on my shoulder.

Thanks to the NHS (who did some of the knee operations) i have no feeling in my left leg due to a severed nerve which was undiagnosed for 4 weeks, long enough to screw the nerve up permanently.

I know you get the same surgeons with both the NHS and privately, but the level of pre and post operative care is on a different level. You also get treatment straight away, rather than long waiting lists.

As contractors we cannot afford to be out of the game for months at a time.

Medical insurance is worth every penny!!

[PM-Junkie]

I have a stakeholder and my company pays in about the same level as myself and my employer used to pay into a company pension before I went contracting.

I considered BUPA, but decided to Pay-As-You-Go instead. Over a year in, and so far I've paid out ~£200 for my wife to have a consultation and physiotherapy - about the same as 1-2 months premiums for BUPA family cover.

....trust me, once you've had a medical problem private health cover becomes very appealing!

[FarmerPalmer]

I have a stakeholder and my company pays in about the same level as myself and my employer used to pay into a company pension before I went contracting.

I considered BUPA, but decided to Pay-As-You-Go instead. Over a year in, and so far I've paid out ~£200 for my wife to have a consultation and physiotherapy - about the same as 1-2 months premiums for BUPA family cover.

[PM-Junkie]

I have private healthcare, and have had to have major back and knee surgery. Without private healthcare, I probably would have topped myself rather than sit on the NHS waiting list for 6 months+

It's all a matter of what level of risk you are willing to live with.

[TykeMerc]

I've been working 30 years.

I gave up on pensions 25 years ago in favour of managing my own savings.

I have never had any form of health insurance. I decided that if I ever needed anything that the HNS couldn't do for me as soon as I needed it, I would pay for it. I've spent 1000 pounds in 25 years which is about the cost of two year's premium. So, so far I am 15 grand up on the deal.

YMMV

tim

That's a perfectly fair and rational argument, good thing you didn't post this in General really.

In 18 years of contracting I've not bothered with private healthcare either (apart from dentistry which is all but impossible to get from the NHS here) and I feel I've had value for my money.

[tim123]

Over a month into my first contract and starting to think that I should start to think about the boring things like pension and healthcare. Can anyone provide any tips or point me to any links that offer advice?

I've been working 30 years.

I gave up on pensions 25 years ago in favour of managing my own savings.

I have never had any form of health insurance. I decided that if I ever needed anything that the HNS couldn't do for me as soon as I needed it, I would pay for it. I've spent 1000 pounds in 25 years which is about the cost of two year's premium. So, so far I am 15 grand up on the deal.

YMMV

tim

[Jonny M]

Over a month into my first contract and starting to think that I should start to think about the boring things like pension and healthcare. Can anyone provide any tips or point me to any links that offer advice?