What worries women?

• Author: Stephen Phillips
• Published: 03/11/2006

A recent survey amongst women in the 40+ age group by "Woman & Home" magazine shows that 45% are concerned over health generally and 43% are worried over money. When it comes down to detail, more than a third are worried about breast cancer in particular.

What they may not realise is that unless you are prepared to rely on the over-stretched National Health Service, the cost of a mastectomy could easily reach £5,000, including hospital care, or even more if complications arise. Looking at other typical treatments that can affect families, a hysterectomy can cost almost as much and a simple tonsillectomy up to £2,150. A hip replacement, later in life, can cost almost £9,000.

It is not just the cost of treatment that can be a major issue for families, but the disruption that accompanies a major hospital visit that is of concern. So having a facility to at least take care of the financial side can make all the other stress points so mush less threatening. Of course, most private hospitals will offer a fixed price service, but this does not allow for complications; nor will it help much that the hospital may allow you to spread payments over a year or so.

The need for private medical insurance has never been as great as it is today. What is more, the cost, while not insignificant can be easily manageable, as there are a wide range of plans available. In fact there are almost too many; which makes it difficult for the average person to navigate their way through the minefield of choice. That is why it is always a good idea to seek professional advice when looking for any form of financial product.

After all, different product providers offer various types of cover, from individual plans to schemes for families and workgroups; from schemes that cover the full cost of treatment, to those offering simply a cash benefit while the individual is in hospital.

There is no rule of thumb as to which is most beneficial; it is a matter of balancing individual requirements and resources. One option to keep costs down is to accept a significant excess that is to pay the first £1,000 of each claim yourself. Alternatively, some schemes have an excess that applies during the year, rather than for each event, so that once total claims exceed the agreed level, all bills are paid.

Other schemes help keep the cost down by covering all consultations by only paying for hospital treatment if the NHS cannot act within (say) 6 weeks.

One of the greatest benefits of private health care is that, provided you use an approved hospital and consultant, payment will be made directly to them, without you having to part with any cash, other than any excess that applies.

There are, of course exclusions and, while these will vary from one insurance company to another, they can often mean that basic dental treatment is not covered, while anything involving a hospital stay might be. There are also sometimes exclusions relating to mental conditions. Again, the importance of consulting a professional adviser is reinforced by the differences between covers.

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• Private Medical Insurance