As a private health insurance consultant in the UK, it’s my job to remove all the stress and hassle associated with finding private health insurance while taking care of the laborious admin and renewals process. One of the ways I do this is by staying up to date with the health insurance market and recently there have been several reports of growing demand. Here I look at the stats in closer detail as well as why more people are investing in their future.
Don’t forget if you have any questions about the information below or perhaps want to discuss private health insurance, don’t hesitate to get in touch.
A bigger demand for private healthcare
Aviva announced a 25% increase in the number of private medical insurance policies taken out from January to March 2023, with an extra 123,000 customers over the year. It comes as the Private Healthcare Information Network (PHIN) also released data which found that over 272,000 people in the UK funded their own operation or procedure at a private hospital last year. In 2021, the number of people privately funding treatment was 262,000 and in 2019 that number was at 199,000.
PHIN figures also revealed that more patients were treated in private hospitals in 2022 compared to any other previous year. The total number of patients treated privately last year is said to be around 820,000 – with 547,000 using private medical insurance to pay for their treatment. This is the highest it has been since 2019.
The reason behind the rise
As well as the above stats which highlight a rising number of people paying for their own treatment and using private medical insurance cover to fund private treatment and procedures, business at Moore Health & Protection has also been non-stop. There’s an obvious reason for it too.
NHS waiting times, cancellations and a growing inequality in care have meant that more people are now willing to choose private healthcare in a bid to get the treatment and medical advice they require, quickly.
Chief executive of PHIN, Ian Gargan, commented: “For some people, paying for their own treatment is more cost-effective than not being able to work while they await a new knee or hip replacement, for instance.” What’s more, it doesn’t look like the strain on the NHS is set to be relieved anytime soon. Another reason for the growing demand is because we’re seeing more employers take out private healthcare policies for their staff and include it as an employee benefit. Not only is this seen as a huge perk by today’s workforce but by providing healthcare insurance you’re helping your teams to access the right support and medical treatment they need quickly, reducing the time they might need off work and saving money and resources associated with absenteeism.
How Moore Health & Protection can help
Whether you’re an individual looking to take control of their healthcare, or an employer interested in offering private healthcare insurance as an employee benefit, it might not cost as much as you think. For example, I worked with a PMI group who were renewing their staff policies at a total of just under £30,000. I was able to reduce the entire package to £19,000 with improved benefits and, for 2023, I’ve reduced that down to £18,000 with no loss to cover levels or underwriting.
Another client wanted to put in place staff benefits rather than a big pay increase – and for just £360 a month, they were able to offer their seven staff private medical insurance including dental and optical cover, group death in service and group income protection to cover long-term absences.
For more than 20 years, Moore Health & Protection has been working with individuals, families and employers looking for private medical insurance in the UK and you could be next. There’s no fee payable when you get in touch, so you really do have nothing to lose. So, as more people around the UK enquire about private health cover this summer, why not see what it could mean for you and your future too?
Moore Health & Protection is a trading style of Tony Moore which is an appointed representative of The Right Mortgage Limited. The Right Mortgage Ltd is registered in England and Wales no. 08130498. Registered Address: 70 St. Johns Close, Knowle, Solihull, England, B93 0NH.