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Dental Tribune United Kindom Edition

26 Money Matters I t is at times like these, when everybody is watch- ing their pennies that it can really pay dividends to look at familiar things in a new and more objective light. For instance, in the modern world we all tend to pay for lots of different kinds of insurance. Some is compulsory, such as car insurance or professional indemnity cover. But other poli- cies will be voluntary, and de- spite our assumptions these don’t necessarily offer good val- ue for money. Many of us will have pri- vate medical insurance poli- cies, for example. These of- ten cost between £150 and £200 per month, not an in- significant amount. But we comfort ourselves that we will be covered should we sud- denly need, say, a major op- eration. But is that cover all it is cracked up to be? A colleague is about to un- dergo a relatively major opera- tion to cure a painful problem with his back. He has opted to pay privately to avoid the long delays in getting the problem sorted on the NHS, and is paying for the operation from his own funds rather than through an in- surance policy. There were sharp intakes of breath around the office as we began to calculate the cost of surgeons, nurses, a general an- aesthetic, the operating theatre and the various other expenses that would be involved. We were all surprised to find that the pro- cedure will cost around £2,000. While this is not spare change, it does on the surface appear to represent pretty good value for money, and it is a sum that could be easily made avail- able from a self-insurance route. If the monthly insurance premiums that would go to a medical insurance policy were simply paid into a bank account instead, sufficient funds would be available for a significant operation every year – and the savings would be earning inter- est too. Looking into this, the most expensive operations, such as having a particular organ re- moved, seem to come in at less than £10,000. This might ac- count for around four years of self-insurance savings – but would hopefully be a very rare and infrequent procedure. This isn’t a call to tear up in- surance policies. But it is impor- tant that anybody considering a private medical insurance pol- icy be more aware of the costs involved in taking an alternative route, and the possible attrac- tions of a ‘pay as you go’ alterna- tive. Sometimes moving against the herd can provide a more ef- ficient means of travel. DT It pays to check the benefits Richard Lishman discusses insurance policies About the author Richard T Lish- man of money- 4dentists, which are a specialist firm of Independ- ent Financial Ad- visers who help dentists across the UK manage their money and achieve their financial and lifestyle goals. For more information please call 0845 345 5060 or email info@money4dentists. com www.money4dentists.com July 30 - August 5, 2012United Kingdom Edition P5 Newtron Range P5 Newtron XS with LED Apical Surgery Tips IrriSafe Tip Endo Success Tips Extremely versatile ultrasonic and irrigation products for endodontic treatments. TIPPED FOR SUCCESS W e t o c r e a t e For further information: 01480 477307 info@acteongroup.co.uk | sales@acteongroup.co.uk | www.acteongroup.com Our complete series of ultrasonic generators are available with or without self-contained irrigation and LED light. Other options include the Sterikit and a wide selection of tips. (Free CD-ROM Tip Book is available on request) 2012 Tipped For Success A4 Ad_2012 Tipped For Success A4 Ad 06/01/2012 12:29 Page 1