Across the UK, a growing number of people are finding themselves caught between protecting their health and safeguarding their financial future.
Featured by The Telegraph, Bowmore Financial Planning's Managing Director and Head of Corporate Benefits, Gill Millen, has spoken about the increasing pressure NHS waiting lists are placing on people's long-term financial plans.
NHS England figures show that 7.28 million people were awaiting hospital treatment last month, a figure that has grown significantly from the 4.5 million recorded in the year before the pandemic took hold.
For many, going private no longer feels like a lifestyle choice. It is a decision that carries very real financial implications, and one that may increasingly need to be considered as part of long-term financial planning.
Gill Millen said, “It's a choice of: 'Do I put my life on hold? Do I just exist until I can? Or do I do it now, recognising that I might not then be able to spend as much as I hoped on other things?”
She continued:
"It could be planning a £10,000, £20,000 a year insurance premium, or that they may need to spend £20,000, £30,000 a year on treatments."
For those approaching retirement or managing significant wealth, building healthcare costs into long-term financial planning may be more important now than ever before.
The Telegraph: ‘It was either spend £50k or be paralysed because of NHS waiting list’
Bowmore Financial Planning Ltd is authorised and regulated by the Financial Conduct Authority.