What will affect my premiums? - Private Health Insurance
Your premium can be affected by several factors such as age, inflation and change in your circumstances. You will find that your premium increases on a yearly basis which is due to the rising costs of medical care.
Premiums do increase with age as statistically, older people are more likely to need medical treatment than younger people. Unfortunately there is no getting away from the fact that we are more prone to illness or disease as a result of the ageing process. This means an increased reliance on our healthcare services.
Many companies have age bands, e.g. 40 to 49 and a corresponding set of premiums so that you can see exactly how much you will pay.
Age and health insurance is discussed in more detail in the next section.
Inflation is another factor. The cost of healthcare is rising all the time, mainly due to new advances in medicine as well as an increase in the number of people making a claim. Treatments and new drugs have become much more sophisticated, and more expensive. And, we the general public, expect to have access to the best.
This has to be paid for which means an increase in our annual premiums above the rate of inflation.
Do I have to undergo a medical?
No. This is something you may have to undergo if you are applying for life insurance but is not usually required for private health insurance.
An insurance broker may contact your GP to ask for more details about your medical history.
Private Medical Insurance Guide:
- Guide to Private Health Insurance
- What is private health insurance?
- What types of private Health insurance are available?
- How do I buy private health insurance?
- How do I choose the right cover?
- What does my health insurance cover include?
- What are pre-existing conditions?
- What will affect my premiums?
- Can private medical insurance cover older people?
- Will I need to provide details of my health?
- How can I reduce the costs?
- Can I have private treatment through the NHS?
- Will my cover be affected if I am disabled?
- How do I make a claim?
- How is private health insurance controlled?
- What if I want to change to a new insurance company?
- Can I be covered while abroad?
- What does ‘self-paying’ patient mean?