When you are planning your retirement, it is important to consider how you will manage potential health problems in your later years. For example, you might explore various ways to pay for residential care, should you need it.
You could also take out private medical insurance (PMI) to give you access to healthcare services outside of the NHS. This is becoming more common as the Actuary reports that 7.6 million UK adults had PMI in 2024, an increase of 900,000 since 2020.
While PMI is an additional cost to bear in retirement, there are significant benefits to self-insuring, and your DBL adviser can help you reduce the financial burden.
Read on to learn more.
NHS waiting lists have fallen but 7.36 million people are still awaiting treatment
You have likely seen news headlines about consistent increases in the number of people awaiting treatment from the NHS in recent years. This crisis is a key issue for the government and while they have made some progress, you could still face a significant delay in receiving treatment.
According to the NHS, waiting lists fell by nearly 30,000 in May 2025. However, there were still 7.36 million people awaiting treatment.
This could mean that, if you face health problems, you must wait a significant period before you can receive the necessary treatment. When health problems make it difficult to stay active and travel around, these long waits might affect your quality of life.
Additionally, certain health issues could worsen while you are waiting for treatment.
That is why you may consider private healthcare instead, yet this often comes at a considerable cost.
The costs of private medical treatments could be difficult to manage if you do not have insurance
When you need treatment and NHS waiting lists are so long, you may consider going private instead. However, if you do not have PMI, you could pay a significant amount for treatments.
For instance, Spire reports that, at their Cheshire hospital, you would pay:
- £15,346 for a hip replacement
- £2,315 for back pain relief injections
- £3,309 for hernia surgery
- £2,480 for a colonoscopy.
These prices do not include the initial consultation fees either which, according to Spire, could range from £120 to £500.
As such, without PMI, you might have to find a large lump sum to cover private medical treatments in a short space of time, especially if you have a serious condition.
Fortunately, taking out insurance in retirement could make the cost of private treatments more manageable, allowing you to take care of your health more effectively.
The monthly premiums vary depending on several factors including your age, lifestyle, the level of cover, and the excess on the policy.
According to Premium PMI, a 60-year-old would pay an average of £128.40 a month for comprehensive cover, while a 70-year-old would pay £200.60.
While this is an additional expense you would have to cover during retirement, taking out PMI could benefit you in several ways.
Self-insuring could prevent health issues from getting in the way of your dream retirement
One of the key benefits of self-insuring in retirement is that you can get faster access to treatment.
You would be able to opt for private medical treatment and, most importantly, many of the procedures would be covered by your insurance. This means you do not need to find a large lump sum or arrange a payment plan before receiving treatment.
As a result, you can quickly manage health problems that limit you, so you can continue living your dream retirement. For instance, joint issues or severe back pain would reduce your mobility, making it harder to maintain an active lifestyle.
If you waited for treatment on the NHS, you could go for months or even years, potentially missing out on activities you enjoy. Yet, if you had PMI, you could get treated much faster and get back to your normal life.
Lower waiting times for consultations and treatments also mean that you can identify and deal with health issues sooner, before they potentially become worse. Consequently, having PMI in place might mean that you live a longer, healthier life.
Finally, access to private medical care gives you more flexibility to choose when and where you are treated. This means you can fit your medical procedures around your own schedule.
Your DBL adviser can help you find suitable cover and manage the cost of private medical insurance
When investing in PMI, it is important to consider the level of cover and the monthly cost. Naturally, you may be concerned that this additional expense will put pressure on your budget during retirement.
Fortunately, we can help you find suitable cover and compare providers to find the best possible price. More importantly, if you take out PMI through us, all fees will be reimbursed to you, lowering the cost of self-insuring.
Additionally, we can review your budget with you, to ensure you can comfortably pay for PMI and protect your health throughout retirement.
Get in touch
If you require support with PMI then please do get in touch with us at DBL Asset Management.
Email enquiries@dbl-am.com or call 01625 529 499 to speak to us today.
Please note
This article is for general information only and does not constitute advice. The information is aimed at retail clients only.
All information is correct at the time of writing and is subject to change in the future.
Note that financial protection plans typically have no cash in value at any time and cover will cease at the end of the term. If premiums stop, then cover will lapse.
Cover is subject to terms and conditions and may have exclusions. Definitions of illnesses vary from product provider and will be explained within the policy documentation.