The true cost of Private Medical Insurance

Having read an interesting article in The Mail on Sunday 21st February 2016 by Jeff Prestridge, I have to say it made quite alarming reading and although there is truth in the fact that the cost of medical insurance increases year on year and that there has been a recent increase in the rate of Insurance Premium Tax and now we hear another .5% due. I thought it would be good to give a real life example using my own policy and giving you all exacting costs and confirming what I get for my money. This is the best way to give you an idea of the true cost of Private Medical Insurance.

The True Cost of Private Medical Insurance to me

Fact 1. On route to work this morning in Chelmsford,  I bought a regular cappuccino. This gave me a much needed caffeine boost and the cost of this was £2.50. It took me approximately 5 minutes to consume the cappuccino and no doubt in a couple of hours’ time I will want another one.

Fact 2. I am 44 years old, live on the Essex/ Suffolk border and the cost of my Private Medical Insurance is £2.11 per day. This gives me full cover for In-patients and Day Patients cover, 24 hour a day access to a private GP by telephone, Full cover for Out-patients treatment including high cost scans such as MRI, CT and PET scans, physiotherapy, osteopathy, acupuncture, chiropody/podiatry and homeopathy and most importantly it gives me extended cancer cover. I have access to a Countrywide network of hospitals and have a £100 excess per policy year regardless of how many claims I make.

Variables that will affect your Private Medical Insurance premium

The cost of your Insurance will vary depending on your age, where you live and your claims and medical history. I adamantly believe that the value of a cup of coffee has no comparison to the peace of mind I have from knowing that I have great Health Insurance in place. I know I can rapidly access medical treatment should the worst happen and at a lesser cost than a daily cappuccino. From a personal perspective I know which luxury is more important to me.

Looking after clients on an annual basis I can also confirm that some of these clients do not see astronomic price increases year on year. We work with clients who have actually seen substantial price decreases by trusting in us as their Health Insurance Broker.  By providing us with honest and detailed information and  letting us review their healthcare insurance every year we can help control the costs of Health Insurance for them. We cannot guarantee that you can make savings every year as your own specific circumstances will dictate the options available to you.

Compare alternative providers at the start or renewal of your policy

By looking at the alternative insurers available on the market, including the lesser known insurers such as The Exeter and Freedom Health Insurance our clients are able to make an informed decision about the premium they pay and the benefits they receive whether insured as a company or an individual. You do not have to rely on the big brand names to get a great solution.

So yes, in real terms Private Medical Insurance could be classed as a luxury and yes the price will increase as you get older but the fact remain that by reviewing the market every year like you would for your car or house insurance then you may be surprised at the savings that can be made. The simplest way to do this is to work with an independent broker who would do all the hard work for you, explain everything to you and be there to help you when a problem arises.

If you would like help in renewing or selecting a new policy then our team of healthcare advisers will be more than happy to help you. Let us give you the true cost of private medical insurance for you, your family of your business. Please  contact us by email or by telephone 01245 929129.