What will affect my premiums? - Private Medical Insurance

Whichever scheme you choose, it is likely that your premiums will rise above the rate of general inflation. This is because of factors which affect how healthcare is provided in all western economies, such as more sophisticated drugs and treatment, medical advancements and an increase in the number of people making claims.

Each year more people claim on their insurance cover for private medical treatment. A hip replacement costs around £6,000 and is a common procedure, particularly for older patients.

The number and sophistication of treatments to improve quality of life is increasing steadily. Most private medical insurance policies aim to cover these treatments as they become established medical practice and available privately.

Likewise, the sophistication and complexity of tests used to diagnose illness and injury is also increasing. Such tests are becoming far more widely available in private hospitals - for example, Magnetic Resonance Imaging (MRI) scans which cost around £500 each.

As people get older they are more likely to need and receive medical treatment, which means that private medical insurance premiums will usually increase with age to reflect this. Because of this many private medical insurance companies offer cover for specific age groups (e.g. 50 to 59) and the costs would differ for each band.

Available options:

Paying an excess, choosing to receive treatment in a specified hospital, choosing a different grade of hospital accommodation, receiving treatment under the NHS when it is available within 6 to 12 weeks, paying for part of your treatment. It is unlikely that you will find all these options in any one product, but a combination will probably be available.

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