A boost in private medical insurance take-up is expect following the UK’s withdrawal from the EU. This is based on information from specialist intermediary for Life and Health Insurance Assured Futures who saw a huge surge in enquiries during the last election which took place between 12th December to 14th December 2019.
According to reports, these enquiries peaked on the 13th December 2019 (the day of the election), with an increase 1,072% higher than the figures predicted for the day. With such a significant rise in searches for PMI, the firm is now expecting another, similar surge in enquiries following the 31st January 2020 (the Brexit deadline).
Assured Futures commercial director Ian Sawyer has commented on this recent surge in PMI enquiries, stating that these numbers, whilst surprising, were likely to be down to the uncertainty for the future of the NHS under Boris Johnson and the Conservatives. Sawyer claims:
“One can only assume that the ‘Project Fear’ narrative dominating a large proportion of media outlets – suggesting that the NHS would be sold off following a Conservative win – was the reason for the sharp spike.”
Only time will tell whether these predictions become reality; what these figures show for now however is the growing concerns over the country’s public healthcare system amidst the current political climate.
Around 4 million people in the UK have private medical insurance, which is less than 10% of the population. A typical PMI policy for a healthy 35-year-old costs about £650 a year, but this rises steeply to £2,300 for those aged 70, when claims are far more likely, explains The Guardian.
Customers can opt for an individual policy which can include a number of features such as inpatient, outpatient, diagnostic, operations and more. When signing up to a new policy, you are typically excluded from any pre-existing medical conditions.
On a corporate level, around 900,000 people in the UK used health cash plans funded through their work. This offers a minimum monthly fee and gives the individual access to a multiple of cover for physiotherapy, dental, optical and other treatments. Equipsme, partnered with AXA PPP, offers business health plans from £7 per person per month, with the option to upgrade for extra treatment and cover.