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Cutting back on the luxuries not the necessities

As the UK economic downturn continues to bite deeper and deeper into personal finances across the UK we are seeing more and more people cutting back on the necessities of life rather than give up their luxuries. One particular area is health insurance where more and more people are letting their policies lapse in the short term in order to retain additional capital within their monthly budget. But is this the right thing to do?

The problem is that those who have looked towards private health insurance have done so for a reason and ultimately this is a lifestyle move rather than a luxury. The NHS, as good a service as it may give to the UK public, is under more and more pressure and funding will be an issue in the short term at least. Despite all of the political parties promising to ring fence investment into the NHS it is almost inevitable that we will see corners cut and investment reduced in the short to medium term.

Private health insurance could become more vital in the weeks and months ahead and those looking to reduce their overheads should possibly be looking in other directions?

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