Private Health Insurance For The Over-50s

Although many people in Britain are rightly proud of the National Health Service (NHS) and people aged over 50 are most likely to use it, research suggests that more and more older people are losing faith in the NHS and turning to private health insurance.

A recent survey revealed that 87% of the over-50s have used the NHS in the last couple of years and that almost half (43%) of them said their experience had been a 'very good? one.

However, the research also showed that 20% of over-50s believe the NHS has deteriorated in recent years. Over a third (35%) predict that the NHS will get worse in the next five years.

Survey respondents listed their top reasons for choosing private medical insurance. These were:

? To avoid National Health Service waiting lists
? Increased flexibility over when and where treatment takes place
? Hospital cleanliness
? Private hospitals are more comfortable
? Care in private hospitals is perceived as being of a better quality
? Policies are available which cater specifically to the needs of the over-50s

Over 500,000 people aged over 50 now rely, at least partly, on private medical insurance.

More reasons that the over-50s choose private health insurance

? They worry about public spending cuts and their affect on the NHS
? The over-50s are more health-conscious and active than ever
? Many over-50s lead very busy lives and they do not want to be slowed down by niggling health problems which could be treated quickly
? They want to have peace of mind about their finances

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Financial Freedom At 55

Life is supposed to begin at 40. So goes the old saying, passed down through generations. As states the ancient Jack Yellin and Ted Shapiro monologue: "Life begins at 40 / And I've just begun to live all over again." This age is when a keen expanse of knowledge is supposed to hit, the fruits of hard work are about to kick in and the joy of family life leads to contentment. But not any longer. The over-55s are the new age group beginning to see the benefits of a number of freedoms - both socially and financially.

Recent research from Birmingham Midshires has stated that the over-55s enjoy a time in their lives never seen before, when they have a greater degree of monetary freedom, so that perhaps they can spend a little extra cash on themselves. While people in their early 50s may still have to support their offspring who refuse (or simply can't afford) to leave the nest, those over the age of 55 didn't have this burden. In total 47 per cent of mums and dads in their early fifties still had children to contend with. This figure had dropped to one in six for the over-55s.

And it's not just the disappearance of the financially-demanding kids that occurs. By the age of 55, that ever-present albatross - the mortgage - may well have been paid off, freeing up more money and removing another worry. Just 22 per cent of those that responded to the survey who were over-55 stated that they were still shelling out for their property, while this figure rocketed to 41 per cent for the early 50s demographic.

Jason Robinson, director of savings operations at Birmingham Midshires said: "After years of bringing up children and working hard, those in their 50s can look forward to a more relaxing way of life, with fewer financial strains."

But what are the over-55s spending their well-deserved, improved level of disposable income on? It appears that many of them are using the money to carry out improvements on their homes, making the living environment a much more pleasant one. This is according to recent research from Abbey, which said that the 50 to 65-year-old generation spends more on house renovation than any other age group in the UK. The mentality and spending habits of this generation has changed, the head of savings at Abbey, Reza Attar-Zadeh commented. "This is the generation of baby-boomers. They are more affluent than their predecessors, are lifestyle oriented and place great value on their leisure time," the official stated. "They enjoy the money they've earned ... improving their homes and eating out."

This demographic is transforming the spending habits of society, he added. They account for 60 per cent of total savings - and even more incredibly, 40 per cent of demand from consumers.

With an improved level of cash, plus new developments to homes, maybe in the form of expensive conservatories, extensions and furniture, home insurance could be a viable option. Brand new additions are always at risk to potential damage or even theft, so insurance could guarantee the relative luxury is enjoyed even more.

Life at 55 is where the genuine freedoms acquire real shape. The children are not to be seen. The mortgage lender has ruefully crept away with the last of their pennies. Perhaps it would be best to change the lyrics of that famous song: " Life begins at 55/ And I've just begun to live all over again."

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