Journal of health services research & policy
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The National Health Service (NHS) in England is not only a commissioner and provider of health care to the sick, but also offers certainty and peace of mind to all citizens--even those who do not use the health service in any year. However, due to the recent dominance of cost-effectiveness and cost-utility analysis as the central factors determining resource allocation decisions in the NHS, this second role--which we term its 'insurance value'--has increasingly become neglected. ⋯ These include requiring commissioners to take explicit account of how denial of service undermines peace of mind; requiring the National Institute for Health and Clinical Excellence (NICE) to calculate not just the health benefits, but also the peace of mind benefits of health technologies; and establishing a formal NHS 'insurance regulator' analogous to the Financial Ombudsman Service. Insurance value should be a guiding principle for NHS decision-makers.