Listen to The Money Vault - Private Healthcare - More affordable than you think?
In this episode of The Money Vault, we discuss the reality of NHS waiting times and the increasing number of people turning to private healthcare for diagnosis and treatment. We explore the main routes to accessing private medical care and the typical costs of common private procedures and scans.
We also outline the different types of health insurance policies available, including fully underwritten and moratorium options, as well as alternative middle-ground solutions like Benenden Health. Crucially, we explain how to ensure you get the best and cheapest health insurance policy, as well as how you can get up to £100 cashback if you take out a plan.
Speak to a specialist adviser* - We have partnered with one of the UK's leading private health insurance comparison specialists in order to provide you with the best health insurance to suit your budget. If you take out a policy, you will qualify for £100 cashback – the offer ends on 31st August 2026. T&Cs apply.
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The Money Vault - Is Private Healthcare Right For You? Costs and Insurance Explained
Summary:
In this episode, we discuss the growing trend of patients opting for private healthcare in the UK amid rising NHS waiting lists. We explain the processes for both self-funding treatments and utilising private medical insurance, highlighting the necessary practical steps, such as obtaining a GP referral. We also break down the average costs for common private diagnostics and surgeries, and examine the different types of health insurance policies available to suit various budgets, ensuring you understand the options available to protect your health and finances.
Key insights
- NHS waiting lists are growing - As of April 2024, the waiting list stood at 7.57 million cases, with the median waiting time for treatment nearly doubling since pre-COVID levels to 14 weeks.
- A referral is always required - Whether you self-fund or use insurance, accessing private care requires a GP referral, which can be obtained through an NHS doctor or a paid private consultation.
- You can mix private and NHS care - Self-funding is an option for fast-tracking diagnostics like MRI scans (£200-£500), and patients have the right to return to the NHS for their subsequent treatment to save on costs.
- Treatment costs vary significantly - If you choose to self-fund operations, costs range from £2,000 to £4,000 for a hernia repair up to £14,000 for a knee replacement.
- Insurance can be tailored - Private medical insurance premiums typically range from £25 to £100 a month and can be adjusted to fit specific budgets. More affordable, limited alternatives exist, such as Benenden Health, for around £15 a month.
- The best way to buy private health insurance is to speak to a specialist adviser* - They will be able to find you the best policy for your specific priorities. We have partnered with one of the UK's leading private health insurance comparison specialists in order to provide you with not just the cheapest, but the most comprehensive types of insurance to suit your budget and priorities. If you take out a policy you will qualify for £100 cashback – the offer ends on 31st August 2026. T&Cs apply.
Resources
Links referred to in the podcast:
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