The cost of private medical cover
Yes. Most private medical insurance costs are reviewed annually and you can expect to see your payments rise at each anniversary. And, as the cost of providing medical care becomes more expensive, you can expect to see your premiums rise above the rate of inflation.
There are a number of reasons why your premiums will rise over time:
- As diagnosis methods improve and medical treatments become more advanced, specialists can identify some conditions earlier. This means that you can be treated more quickly
- New drugs come onto the market – for example for the treatment of cancer
- The technology used in surgery becomes more advanced
- You become older and are more likely to make a claim on your policy
Figures from the Association of British Insurers show that the cost of health insurance for a 70 year old will be around three times that of someone aged 35.
There are ways that you can reduce the cost of your health insurance cover:
- Shop around for a better deal. Bear in mind however that switching provider may result in any pre-existing conditions no longer being covered
- Increase your policy excess (the amount of any claim that you pay yourself)
- Reduce the level of cover
- Take advantage of a ‘no-claims’ discount if you haven’t made a claim on your private medical insurance
Briggs & Butler can help you find the right private medical insurance at the right price. Complete our simple online form today and we’ll match you to one of our FSA registered brokers. They will discuss your health insurance options with you and find great quality, affordable cover.
Whether you’re taking out health insurance for the first time or you’re looking for a better deal on your cover, get in touch with us now.