The Bank of Mum and Dad has long funded their children’s young adult life, from paying their rent while at university to gifting tens of thousands of pounds for housing deposits.
But now generous parents are going one step further and are bankrolling private medical treatments for three million adults.
That’s according to insurance broker Howden Life and Health, which found some 27 per cent of adults – equivalent to 14.6 million people – have paid for private medical treatment in the past five years.
And 15 per cent of those surveyed – equivalent to 8.1 million people – say they have had treatment costs covered by someone else.
Some 54 per cent of these – 4.3 million – say their partner covered the cost while 36 per cent – 2.9million people say it was their parents who stepped in the pay.
As waiting lists soar, a growing number of people are turning to private options to be seen quickly by a doctor and prevent waiting months on end for needed treatment.
Those who paid for treatment themselves have forked out £5,700, on average, on private medical care but costs can be significantly higher.
One in ten spend more than £10,000 while 15 per cent spend more than £15,000 as they are desperate to see a doctor quickly for their concerns.
The surging cost is prompting families to place private medical insurance high on their wish lists.
Three in five adults say if their employer would fully fund a benefit, they would choose private medical insurance , trumping extra holiday allowance, paid time off and life insurance.
Ian Sawyer, of the firm, says: ‘This growing reliance on the Bank of Mum and Dad – not just for deposits, but for doctors – shows just how deeply delays are impacting families across the UK.
‘With NHS waiting lists at an all-time high, more and more families are stepping in to help their loved ones access treatment quickly.
‘While private healthcare might feel out of reach for many, it’s worth exploring what’s available. In August, the average cost of a new medical insurance policy arranged through Howden Life and Health was £91.23 per month.
‘Half of our clients saved over £500 a year when switching their health insurer at renewal through our market review, often keeping the same or even better cover.’
This comes after fears Chancellor Rachel Reeves was set to lump VAT on to private healthcare fees in the upcoming autumn Budget.
Whitehall sources said the Treasury was looking at adding VAT to services which are currently exempt, including private medical care.
Health Secretary Wes Streeting has said the tax hike is ‘not happening’.
