Written by Ahmed Bawa, CEO of Rosemount Financial Solutions (IFA)
In today’s financial advice landscape, it’s becoming essential for advisers to deliver a truly holistic service. Clients might think they only need assistance with a single area of their finances, but the advisers that truly stand out – and secure clients for the long term – are those who can cover the full range of needs. From mortgages and pensions to protection and investment, advisers have a duty to view the client’s circumstances as a whole and develop a strategy that reflects their current and future priorities.
This holistic view matters because money does not operate in silos. Life events and financial pressures intersect in unexpected, but significant ways. For example, job changes may impact pension contributions, while a growing family may necessitate revisiting protection plans. Shifting health concerns may create a new financial vulnerability altogether.
It’s within this context that private medical insurance (PMI) needs to be recognised as a core component of the financial planning discussion. Just as advisers routinely consider income protection or critical illness cover to safeguard a client’s ability to earn, so too should PMI be considered as a means of protecting their access to timely, quality healthcare, without needing to draw heavily on personal savings.
Why patients are going private
The importance of PMI has come into even sharper focus in recent years. The latest figures from the Private Healthcare Information Network revealed a record number of private hospital admissions in Q3 2024. Not only were there over 220,000 in total, but more than 65,000 of them were self-pay patients, covering the cost of the treatment out of their own pockets.
This is not a coincidence. We are all well aware of the growing strain on the NHS – longer waiting lists, delayed diagnostic testing, and stretched resources. When faced with a choice between enduring an indeterminate wait or paying out-of-pocket for prompt treatment, more and more are choosing the latter. But for many, that self-pay model comes at a significant cost, one which could derail financial goals or deplete rainy day savings.
That’s why PMI is such an important consideration for those who might even consider dipping into savings in order to fund private treatment. PMI offers a way to mitigate the unpredictable costs of medical care, providing certainty and reassurance. In the same way that we advise clients not to rely solely on savings when it comes to protecting income, we should be reinforcing the same message when it comes to healthcare.
It’s also worth noting that many PMI providers now offer flexible products with modular benefits, options which can fit within a wide range of budgets. As with any insurance conversation, it’s about identifying what the client needs most, and building a recommendation that meets that need without being over-engineered.
Strengthening both relationships and businesses
Ultimately, integrating services like PMI into your proposition is not just about ticking boxes, but rather adding real value. The more areas you can advise on, the more comprehensive your client relationship becomes. That depth of service builds loyalty, encourages retention, and creates more meaningful outcomes for clients.
For advisers, there is also a tangible business benefit. By diversifying your service areas – whether that’s protection, pensions, PMI, or beyond – you reduce your reliance on a single income stream and make your business more robust. It means you are not overly exposed when certain markets dip, and it creates multiple touchpoints with clients across the lifecycle of your relationship.
Of course, diversification does not happen in a vacuum. It’s far easier to step into a new advice area when you have the right backing. This is where networks can deliver value too, something which we have focused on at Rosemount. Whether it’s through our bespoke training sessions, technical masterclasses, or peer group workshops, we are constantly working to ensure that advisers feel equipped, not just to offer new services, but to excel in doing so.
If advisers are truly committed to delivering holistic financial advice, then every aspect of a client’s financial wellbeing must be on the table, including their access to healthcare. Private medical insurance is not a luxury reserved for a select few, but a practical, increasingly vital component of modern financial planning.
As client expectations rise and healthcare realities shift, PMI deserves to be a standard consideration in the advice process. And with the right support, advisers can incorporate it seamlessly, building stronger relationships and more resilient businesses along the way.
