07 SUMMER PROTECT NEWSLETTER Continued on next page... We all possess anecdotal evidence but the real reason for the rise is : • NHS Waiting Times: With record-high waiting lists for routine procedures, diagnostics, and specialist consultations, many patients are turning to private healthcare to avoid long delays. • Workforce Challenges: The NHS faces severe staffing shortages, exacerbating service delays and impacting care quality. • Post-COVID Backlog: The pandemic created a backlog of treatments and surgeries, which the NHS is still struggling to clear. As this backlog persists, many patients are looking to private providers for faster access to healthcare services. As a result more Self Pay Patients are coming to the fore and are using their savings to access treatments to enhance their Lifestyle, potentially affecting assets under wealth managemtn firms for Wealth firms. This has attracted some firms to look at Private Healthcare as an alternative for clients. Companies are enhancing their health benefit packages and Providers are adapting tiered health plans which provide different levels of coverage depending on patients' needs, helping to increase accessibility. The private healthcare market is expected to continue growing as NHS pressures persist. Patients will likely continue seeking faster, more reliable care in the private sector, either through insurance or self-pay. While demand is rising, affordability will remain a critical issue. Insurers are looking at ways to innovate pricing models and will offer high-quality, cost-effective solutions. Paradigm Protect offers a range of Healthcare Solutions as well as referral options for those who see the opportunity but do not have the capacity for delivering client solutions themselves.Click here to view our Healthcare panel. Wealth transfer Something we touch on but will affect many of the Wealth firms that work with Paradigm Protect is the area of wealth transfer A recent survey by Schroder indicated again that advisers were concerned that their businesses could lose assets as wealth transfers between generations, with the number now standing at 63%, up from 54% in May 2022. Despite the growing industry awareness of the risks and opportunities associated with intergenerational wealth transfer, attracting younger clients is not a top priority for the majority of advisers. This is evident from the aging profile of their client bases and the fact that only 25% of advisers would provide advice to clients with less than £50k to invest, a steep decline from 52% in 2019. Many do not as yet look at Protection based tools such as Convertible Term Assurance with the opportunity to convert to Whole of Life as potential solutions to staving off IHT and engaging with the younger generations in the family to discuss such areas. Such basic IHT planning can help to bridge the generational Gap in families and help advisers understand the needs/wants of the younger generation in terms of Wealth accumulation and views on where to invest. Driving these meetings early on can help to bind relationships and prevent the next generation seeking other easier to access platforms which may be detrimental to their interests. Lifestyle Realities September 10th was World Suicide
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