Your retirement wealth might be protected – but what about your retirement health?

Healthcare works differently in the Channel Islands compared with the UK, and the arrangements also differ between Jersey and Guernsey. While residents may have access to publicly funded hospital treatment, you will often pay towards services such as GP appointments, dental treatment and other areas of healthcare.

Private medical insurance (PMI) provides another option. Depending on the policy you choose, it can give you access to private healthcare and greater choice and flexibility over where and when you receive treatment.

However, you might be concerned that PMI could add more to your monthly budget, even though it could result in bigger savings if you do fall seriously ill (provided your illness is covered, which isn’t a guarantee).

You may have had access to PMI as a workplace benefit. When you retire, it's up to you to choose and pay for your own policy.

If you’re unsure whether private medical insurance is right for you, here are four important points to consider before making a decision.

1. The cost of receiving treatment without insurance can be expensive

If you choose to receive treatment privately without PMI, you will usually need to meet the cost yourself. Depending on the treatment required, this can be expensive.

According to Jersey government data, the average cost of:

• An elective public hip replacement is £10,712.
• An elective public cataract surgery is £1,886.

Note that these costs may not include consultation or post-surgery care fees. These are also estimates of the cost to public health services for these treatments, and the cost of private procedures could differ.

With PMI, these treatments are normally covered by your policy. In return, you pay a monthly premium, which might be easier to manage compared with a large, unexpected hospital bill.

PMI can also help cover your costs if you are referred for treatment off the island. According to the Jersey government, the average cost per off-island referral was £8,278.

This may include:

• Travel expenses
• Care costs
• Treatments

Not all plans offer the same level of coverage. PMI also isn’t a catch-all, and some illnesses are excluded. Make sure you’re aware of what your PMI includes before you commit.

2. Purchasing insurance could speed up your access to the right healthcare

Routine hospital care, including appointments, scans and elective procedures, may be available through the public healthcare system. However, depending on the treatment you need and its clinical priority, you may experience a wait before being seen or treated.

The Jersey Evening Post reports that 2,333 patients have been waiting more than a year for their first hospital appointment.

If you need specialist treatment that is not available locally, you may need to travel off-island to receive it. Depending on your circumstances and eligibility, this may be arranged through the public healthcare system.

For example, Jersey has arrangements in place for eligible residents to receive pre-authorised treatment in the UK where they have been referred by the relevant Jersey health authority.

Alternatively, you may choose to receive treatment privately. If you do not have suitable insurance in place, you would normally need to meet the cost of private treatment yourself.

Depending on the policy, PMI may cover eligible private treatment both in the Channel Islands and the UK. This can give you greater choice over where you receive treatment and, in some circumstances, provide quicker access to a specialist.

As always, the level of cover will depend on your policy, so it is important to understand any limits, exclusions or requirements before arranging treatment.

3. You can focus on getting better rather than worrying about your bill

When healthcare is expensive, you might spend more time worrying about a large bill at a time you should be focusing on getting well.

In fact, anxiety about costs could mean you delay seeking treatment, which might cause you to be ill for longer or restrict your future options should symptoms grow worse. According to Bupa’s 2026 Wellbeing Index on the cost of waiting:

• Nearly 1 in 4 said that delaying intervention made their condition worse.
• 1 in 5 have needed urgent medical attention after ignoring early symptoms.

PMI reduces any concerns you might have about your treatment expenses. This means you can concentrate on getting healthy and happy again and continue enjoying retirement to the fullest.

4. You’ll need to factor the cost of insurance into your monthly budget

PMI can be your lifeline if you face a large healthcare bill. However, you’ll also need to account for the additional regular cost when creating your retirement budget.

PMI is typically paid on a monthly or annual basis. Costs vary based on your:

•  Age
• Lifestyle habits
• Personal health history
• Family health history

PMI premiums can vary based on your level of cover or how vulnerable you are. While this cover is valuable, it's also important that costs don’t impact your lifestyle expectations or force you to compromise on your retirement goals.

A financial planner can help you review your budget and determine what impact PMI premiums will have on your lifestyle. This means you can make an informed decision and benefit from the protection of PMI without sacrificing your retirement.

Get in touch

If you’re considering PMI in retirement, we would suggest speaking to an insurance broker to review the options available. We can then help you consider the cost as part of your wider retirement plan.

 You can email enquiries@rfsl.co.uk to book an appointment with your adviser. Alternatively, call 01534 502000 in Jersey or 01481 747940 in Guernsey to set up a meeting.

Please note

This article is for general information only and does not constitute advice. The information is aimed at individuals only.

All information is correct at the time of writing and is subject to change in the future.

Cover is subject to terms and conditions and may have exclusions. Definitions of illnesses vary between product providers and will be explained within the policy documentation.

Rossborough Financial Services Limited is regulated by the Jersey Financial Services Commission under the Financial Services (Jersey) Law 1998 and licensed by the Guernsey Financial Services Commission.