Protecting yourself from inflation when in retirement can be very expensive. Adrian Boulding, Chief Innovation Officer at Spire Platform Solutions looks at an alternative way of protecting yourself against inflation that should deliver much better client value and outcomes….(read more)

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Spire PS – Don’t buy inflation Protection Upfront

When it comes to purchasing a private medical insurance policy, there are a lot of factors to consider. One of the options that many people are offered is inflation protection, which is a feature that increases the value of your insurance policy over time to keep up with rising medical costs. However, when it comes to Spire PS, it’s important to think twice before buying inflation protection upfront.

Spire PS is a well-known provider of private medical insurance in the UK, and they offer a wide range of policies to suit different needs and budgets. One of the key features of their policies is the option to add inflation protection, which can be a tempting offer for many people. After all, nobody wants to be left with a policy that doesn’t cover the full cost of their medical treatment in the future.

However, there are a few reasons why it’s not always a good idea to buy inflation protection upfront with Spire PS. Firstly, the cost of adding this feature to your policy can be quite significant, and it’s important to understand that the value of the protection will only increase gradually over time. This means that you may end up paying a lot more for the feature than it’s actually worth, especially if you don’t end up needing to make a claim for many years.

Additionally, Spire PS offers the option to add inflation protection at a later date, meaning that you can wait and see how the cost of your policy changes over time before making a decision. This flexibility can be valuable, as it gives you the chance to assess whether the cost of the feature is worth it based on your personal circumstances.

Instead of automatically adding inflation protection to your Spire PS policy upfront, it may be a better idea to take a more cautious approach. By waiting and seeing how your policy evolves over time, you can make a more informed decision about whether adding inflation protection is the right choice for you. In the meantime, you can focus on comparing quotes from different providers and weighing up the costs and benefits of different policy features, so you can make the best decision for your needs and budget.

In conclusion, while inflation protection can be a valuable feature for your private medical insurance policy, it’s not always necessary to buy it upfront with Spire PS. By taking a cautious approach and waiting to see how your policy evolves, you can make a more informed decision about whether to add this feature in the future. In the meantime, be sure to compare quotes and consider the costs and benefits of different policy features to make the best choice for your needs.