Following on from Pats post and something I’ve been thinking of for a while.
health insurance, with turning 53 this year and having always been lucky health wise I’ve been considering insurance. Something that can cover loss of earnings should I get any serious lurgy.
the place I’m at now is great on most respects concerning money and the job but just the sick pay is basic.
What would be the best company and type of policy would you folks recommend as I’m clueless with this stuff.
Cheers.
I have no idea if it’s still available, but I took a policy out with Cirencester Friendly Society about 20 years ago. It pays out from Day one, and if you don’t use it, it pays out a lump sum when you get to retirement age, which was 60 for me back then.
As an extra, my mortgage allows me to take a three month payment holiday once a year.
What do you want the health insurance to provide?
Financial fall back, should you be unable to earn an income?
Fast access to medical care ie: BUPA?
Repayment of dental/optical costs ie: HSA?
There are many types of health insurance available, can you be more specific
He said something that covers loss of earnings. As he only gets SSP, it makes sense.
albion:
He said something that covers loss of earnings. As he only gets SSP, it makes sense.
That’s the one albion, cheers
This is something that i think about often as i get older but taking it a bit further i think employers and employees need to start taking this subject seriously the national health service is falling apart and the whole system needs a major rethink maybe along these lines
GP Visits remain in the National Health system as would hospital appointments with specialists but hears where it changes if you require operations or specialised care thats where health insurance should step in i maybe the employer pays into it as would we the employee and a percentage from government so all full time jobs come with a package pension health insurance and life cover those not working and on social benefits remain in the system as they are now
Just a suggestion…get some quotes for cover then instead of paying out each month pop it into a savings account and draw from it when necessary.
TiredAndEmotional:
Just a suggestion…get some quotes for cover then instead of paying out each month pop it into a savings account and draw from it when necessary.
From memory, previous threads on TN regarding sickness income insurance seem to suggest that this is this is the best action, as the hoops you need to jump through to receive payment from these sickness insurance policies seem to suggest it’s stacked against you. However it would be far to tempting to dip into the pot to pay for holidays and home improvements etc therefore depleting the pot.
Does anyone remember the people who used to frequent the truck parking areas at certain motorway service areas flogging these type of policies?
peirre:
TiredAndEmotional:
Just a suggestion…get some quotes for cover then instead of paying out each month pop it into a savings account and draw from it when necessary.From memory, previous threads on TN regarding sickness income insurance seem to suggest that this is this is the best action, as the hoops you need to jump through to receive payment from these sickness insurance policies seem to suggest it’s stacked against you. However it would be far to tempting to dip into the pot to pay for holidays and home improvements etc therefore depleting the pot.
Does anyone remember the people who used to frequent the truck parking areas at certain motorway service areas flogging these type of policies?
^^^^
This all day long.
T&C’s on these type of policies will be stacked against you. You have to be off work for a certain period of time before payout and will have to provide all manner of documentation and then you can guarantee they will only payout the very basic minimum. This is how Spanish policies work and can only imagine its the same UK and elsewhere. Company i sub for had their ‘own’ ins at one point (ins company not used anymore) but when one or two drivers tried to claim they made it more or less impossible with t&c’s/ clauses…
As Tired and Emotion mentions, its better (if you can) to put a small amount in the pot each week strictly for these type of circumstances…
It does depend on the Insurer. I took the advice of an IFA and I’m comfortable with my policy. I think it’s the critical illness ones that you need to be super careful of.
TiredAndEmotional:
Just a suggestion…get some quotes for cover then instead of paying out each month pop it into a savings account and draw from it when necessary.
I’m fortunate we have a good company sick scheme but in my last job they didn’t so I made a conscious effort to put £100 a month away and leave it alone, admittedly I dipped into it once for a lads weekend in Portugal but manage to put back about £5,000 in total.
slightly off topic, but do remember that past 60 you have to have an annual medical exam to renew your licence. Costing £50 - £150, you can insist on a full medical (not just a perfunctory tick box. e.g, “Are you a mad person?”) and request referral to a specialist if you have any concerns. All expenses including travel and sustenance can be reclaimed from HMRC.
Euro:
slightly off topic, but do remember that past 60 you have to have an annual medical exam to renew your licence. Costing £50 - £150, you can insist on a full medical (not just a perfunctory tick box. e.g, “Are you a mad person?”) and request referral to a specialist if you have any concerns. All expenses including travel and sustenance can be reclaimed from HMRC.
I thought it was from the age of 65 you had to renew every year ?
bald bloke:
I dipped into it once for a lads weekend in Portugal about £5,000 in total.
Whatcha do … drink the town dry 
peirre:
bald bloke:
I dipped into it once for a lads weekend in Portugal about £5,000 in total.Whatcha do … drink the town dry
It felt like it but no I saved up that amount whist spending 7 yrs in my last job with no sick pay and ended up not actually going sick in that time.
bald bloke:
TiredAndEmotional:
Just a suggestion…get some quotes for cover then instead of paying out each month pop it into a savings account and draw from it when necessary.I’m fortunate we have a good company sick scheme but in my last job they didn’t so I made a conscious effort to put £100 a month away and leave it alone, admittedly I dipped into it once for a lads weekend in Portugal but manage to put back about £5,000 in total.
I never made the effort to save in case of time off work but just naturally save money. Was very happy I have lots of savings when nearly three years ago I was off work for 6 weeks then another 4 weeks in one year due to my arm injury rolling the lorry over. It meant when I was only getting £112 iirc a week sick pay I had a stress free time and even bought a new Playstation as I was in the house so much 
My son has personal injury insurance as well as other insurance due to his outside pursuits of playing a contact sport ( American Football the university team he coaches has just won the national title ) & yep he has had a couple injuries they paid out straight away also covered him for loss of earnings
Can ask him who he is with when he is home after a tournament tomorrow
A boss I worked for reckons if you save money on the wage he pays you were robbing him. [emoji23]
If we could afford holidays he said he was paying us too much!
He did actually look after drivers if they were taken ill though.
Funny folks. [emoji12]