Despite the role of the NHS in the UK, which offers citizens free healthcare, many people still turn to private clinics to get the treatments they need. However, this can be quite costly, so to manage this expense, many people take out private medical insurance. Before you spring for an independent policy, it’s important to understand exactly what you’re getting yourself into. At Shop For Insurance Deals, we want to guide you through this process, so our experts have answered the question, “how much does private medical insurance cost UK-wide?” below.
What Does Private Medical Insurance cover?
Before we take a look at the costs of private medical insurance, it’s a good idea to look into what this type of policy does and doesn’t cover in the UK.
Private medical insurance is designed to help you cover the costs of bills from tests you can’t access easily on the NHS and treatments for non-threatening conditions that crop up after the coverage has started. These might include heart problems, moles and lesions, cancer concerns and mental health issues, among others. This means that if you suffer from a life-long condition such as asthma or arthritis, your private medical insurance policy will not cover any flare-ups, however you could look into relevant life insurance.
The exact coverage that your private medical insurance company offers depends on the policy you agree on with your insurer. However, your chosen policy is likely to cover:
• Consultations
• Therapy sessions
• Tests
• Medicines that aren’t currently available on the NHS
When discussing your policy with a potential insurance provider, you’ll be able to add or cut certain features that do/don’t apply to you. But we should circle back to tests here. With most insurance policies, if you require help with the costs of the initial tests that diagnose a medical condition, these expenses will be covered by your insurance. However, if you then require long-term treatment to manage this condition, these costs will not be covered by your insurance.
You should go with the private medical insurance company that provides the cover you want for the best possible price. Our main piece of advice is to not be encouraged to cut out any features in exchange for a discounted policy.
How Much Does Private Medical Insurance Cost UK-Wide?
Now that we’ve looked at what may be covered by your private medical insurance, it’s time to take a look at the costs involved.
We recommend that when you’re starting to look into different policies, you check out comparison websites like WIS Business Protection. There may be certain medical treatments that you wish to include in your policy, so it’s worth checking out if there are any companies that offer this as a part of their standard coverage, rather than as an optional extra which will cost you more.
It’s impossible for us to tell you exactly how much your private medical insurance policy will cost in the UK as it depends on your specific requirements and current health status. However, studies which explore the cost of policies from some of the UK’s biggest insurance providers for unlimited outpatient care and full cancer support are available. This is what they found:
For a completely healthy (this means no pre-existing medical conditions), non-smoking 35-year-old, quotes started from approximately £688 per year and increased to £935 per year.
Meanwhile, for a completely healthy, 70-year-old non-smoker, quotes started at £2,238 per year and increased to around £2,834 per year.
Managing Private Medical Insurance Costs
If you’re worried about managing costs, we recommend that if you can, you pay your annual policy upfront. This is often the cheapest option in the long term as interest will be added if you choose to pay in monthly instalments. However, if you can’t pay for your policy in one lump sum, don’t worry, you will not be disadvantaged in terms of the cover you receive from your policy.
For more information on how much private medical insurance costs in the UK or other relevant life insurance, contact a member of our team at WIS Business Protection today.
