Warning issued over medical insurance costs

Thu, 19 Apr 2007

Medical insurance provider Saga Personal Finance has urged people to think carefully about the cost of health insurance by pointing out that it can work out more expensive than fees for a top private school.

In a new study from the financing specialists, it was discovered that 25 per cent of over-50s were unaware that it currently costs more to pay for a year in a nursing home in the UK than it does to send a child to Eton.

Furthermore, it has been revealed that 33 per cent of respondents incorrectly believe the NHS will not contribute towards the cost of supporting relatives in long-term care.

However, Owain Wright, head of care funding services for elderly financial services company Saga, pointed out that the health service may offer between £2,080 and £6,916 per year.

And he also urged people to consider their future financing plans as soon as possible.

"It's vital that people seek independent, specialist financial advice before they do anything else, as this could mean the difference between having to dip into those hard-earned savings or leaving them intact," he said.

In addition to medical insurance, Saga also offers a range of other financial services in the protection sector, including home insurance, car insurance, travel insurance and pet insurance.

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