MoneyTalk (November 2004 Second Issue)

by Arch Financial Planning Limited

PRIVATE MEDICAL INSURANCE

When people are asked about the things that really matter to them, the most common answers are ‘my family’ and ‘my health’. We are privileged to live in a country that provides an unrivalled standard of healthcare to every citizen no matter what their financial status.

Most of us take the National Health Service (NHS) for granted, but if you were born before 1948 you will have lived some of your life in an era when healthcare was a luxury not everyone could afford. The NHS became a reality on 5 July 1948. It is easy to forget that prior to that time, elderly people, for example, who were no longer able to look after themselves often ended their lives in the workhouse. This was a Victorian institution feared by everyone, where people worked unpaid in return for food and shelter. Although workhouses changed their names to Public Assistance Institutions in 1929, their character, and the stigma attached to them, remained.

Although the NHS offers excellent service for emergency treatment, the increased public demand for higher levels of treatment means that where your treatment is deemed to be non-urgent you may experience some delay.

In order to recognise the priority that health has in their lives, many people are willing to pay for such non-urgent treatment themselves, either by paying for the treatment out of their own resources, or by paying premiums to a private medical insurer.

We have produced a new Fact Sheet: Private Medical Insurance. If you would like to print-off a copy or read about this important subject further, please visit our website www.arch-fp.co.uk/private_medical_insurance.htm.

If you would like to find out about the cost of private medical insurance for you or your family you can now do so via our website. Go to Health-on-Line which is a new way to obtain private medical insurance using a new approach under which you only pay for the type of cover that you require. Alternatively if you want to discuss this with us, and you have an Arch adviser, then please contact him or her, otherwise email direct@arch-fp.co.uk or telephone 01483 204600.

Risk Factors

Information given relating to Income Tax legislation and Social Security benefits is based on our understanding of legislation and practice currently in force. Whilst we believe our interpretation of current law and practice to be correct in these areas, we cannot be responsible for the effects of any future legislation or any change in interpretation or treatment.

In particular you are warned that levels of tax and tax reliefs and also State Benefits are subject to alteration and, in any case, the value of such reliefs and benefits may depend on an individual’s circumstances. These notes are intended as a guide only and do not replace the full product details that accompany each Private Medical Insurance illustration.

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Arch Financial Planning Limited

Head Office & Registered Office: Caswall House, 6 Wharf Street, Godalming, Surrey GU7 1NN - Tel: 01483 527278, Fax: 01483 527279

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