Given that group health insurance rates are much lower than individual rates I would think the plan is quite comprehensive for £100p/m. It may cost you over 25% more to replace that plan in the individual market.

That's a really good way of looking at things.

I'm so glad I came acros this site. I was thinking about the same thing the other day. This has been really helpful, thanks.

Consider firstly, if you opt out now, can you ever opt back in?

Will the £100 be before tax or after tax - could be only £80 or £60 that you are really missing.

But, speaking as someone who has, in order, used the NHS, paid for private, claimed on insurance for private and lastly, gone NHS twice - I would say take it.

That's not to say that the NHS are poor, they're not - for the things they are good at, they are very good. But there are plenty of things for which they are only adequate, not medically necessarily, but the level of care and service and comfort.

I'd say take the insurance all day long. It's only a bit more than people pay for Sky + a TV licence or a mobile phone.

Adrian

With a health insurance scheme from your employer, it is important to weigh up the benefits you receive. The primary reason for a health insurance scheme is should you or a family member suffer an acute condition or needs tests/consultations to diagnose an issue you can receive these without having to suffer the NHS waiting lists.

If your employer is paying your premiums you will be paying a p11d tax on that benefit currently, the NHS is the best place for long term chronic conditions but if you have an acute condition that needs treating the private sector wins hands down.

You really need to read the t&cs very carefully and if necessary ask a few questions to know exactly what cover you have and then I suggest try and compare it with a private scheme you would have to pay for. Here you may find you simply can't get the equivalent cover as company schemes used to and may still be better than private schemes will offer. For example a friend of mine got the ok for a 28 day drying out treatment in the heart of London from her husband's company scheme which at the time no private insurance would do.

Once you know the cost of the private scheme and have compared it as far as possible with £100 per month + perhaps assume that the £100 cash get out is not worth as much as the scheme - let's say that's £150 - ask yourself if the NHS provides such an "excellent service" why does your company pay £1800 a year in premiums for you. It's all done on statistics collected not a finger in the air as this is an increasingly competitive area.

And finally what happens if the kids get really uncomfortable painful something or others which will pass eventually but could be dealt with now on your company insurance if you still had it?

You should check to see if this health care covers you and your family when you are on holiday abroad. If it does, then it might be worth keeping.

Remember also that these schemes often mean that you don't get stuck in an endless waiting list for a non-emergency operation.

My employer provides 'free' healthcare for me, my wife, and two kids. I can opt out of this healthcare scheme and receive about £100 per month instead.

Are healthcare schemes worth it when the NHS already provides an excellent service?