Managing your day‑to‑day expenses in retirement can feel a bit like juggling with oven mitts on. You spend decades building financial stability, and now the priority is keeping it – without any surprise costs knocking your plans off course.
But one unexpected bill is catching more pensioners out than most: private medical treatment.
When NHS waiting times stretch on and on, many people turn to private healthcare to avoid months (or even years) of discomfort, pain, or uncertainty. And for pensioners – who often have fewer ways to boost their income – those costs can land at the worst possible time.
The rising reality of self‑funded care
There’s a reason this topic is starting to dominate retirement planning conversations. The state pension age currently stands at 66. But our research found that people aged over 65 typically face more than £3,300 for private treatment when paying out of pocket.
This highlights just how steep those expenses can be when you aren’t covered by a private medical insurance policy. For many, the real figure is even higher. We also found that, on average, people who choose to self‑fund private healthcare spend nearly £6,000. And for one in seven people, the total jumps to more than £15,000.
That’s not a small bump in expenses. That’s the kind of cost that can undo years of careful saving. What makes the situation tougher is that many people only turn to private care in moments of urgency or worry.
Why does planning ahead matter?
While the NHS remains a lifeline for millions, the pressure on services is real and felt sharply by people over 65. Among older patients, the most common reasons for private claims include:
- Optical treatments
- Physiotherapy
- Diagnostic tests and scans
- Musculoskeletal conditions
- Gastrointestinal issues
These are also the areas where NHS waiting times tend to be longest. In fact, more than one in five patients are currently waiting longer than the six‑week NHS diagnostic target.
It’s no surprise, then, that pensioners often start with the NHS but later feel forced to go private. Not out of impatience – but out of necessity. When a condition affects your mobility, independence, or comfort, waiting simply isn’t an option.
Grace Dowling, Head of Marketing at Howden Life & Health, explains: “Planning ahead is crucial because private healthcare is significantly easier, cheaper and far less stressful to access when you already have cover in place.
“Private medical insurance enables faster diagnosis and earlier intervention, which can make a significant difference to outcomes and independence later in life.”
In other words: timing matters. And so does planning.
Why taking out private medical insurance early matters
Here’s a truth many people don’t realise until it’s too late: insurers generally won’t cover conditions that have already appeared. If you wait until symptoms crop up, those symptoms – and the issues linked to them – are likely to be excluded.
That’s why taking out a policy earlier can make such a difference. Private medical insurance works best when you get it in place before you need it.
There’s another perk: once you’re insured, accessing private healthcare becomes simpler, faster and far less stressful. No sudden upfront bills. No guesswork about what a treatment will cost. No frantic Googling to compare prices in a moment of panic.
How much does cover actually cost?
Howden’s analysis found that full private medical insurance for individuals typically ranges between £167 and £333 per month, while couples usually pay between £226 and £532 per month.
If you’re not looking for full cover, a diagnostics‑only plan – designed to get you quick access to scans, tests and initial investigations – starts at £65 per month for individuals and £110 per month for couples.
For many pensioners, having cover in place brings a rare combination of financial predictability and peace of mind. You don’t have to wonder what a future procedure might cost. You don’t have to fear that one health issue could wipe out years of savings. You know you’re protected.
What does Private Medical Insurance actually include?
Private Medical Insurance (PMI) helps you access private healthcare quickly and comfortably, without the financial sting of paying for treatment yourself. Depending on the level of cover you choose, it can include:
- Fast access to specialists
- Diagnostic tests and scans
- Treatment for acute conditions
- Physiotherapy and rehabilitation
- Cancer care and support
- Private hospital stays
Think of it as a safety net: one that catches you before costs spiral, waiting lists grow, or a health worry becomes an emotional and financial burden. If you’re planning your retirement – or already enjoying it – PMI can be a powerful way to protect your wellbeing and your wallet.
Want to explore your options?
We’re here to help you understand what kind of cover suits your lifestyle, your health, and your long‑term financial plans. Learn more about Private Medical Insurance here, or find your nearest branch and speak to your local team.
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This is a marketing blog by Howden.