Insurance brokers tell i they are seeing average price rises of 25 per cent due to an increase in the number of claims being made
Private medical insurance helps to pay for a range of medical treatments, tests, surgeries and medication for people with health policies in place The number of admissions to private hospitals hit a record high of 238,000 in the first three months of 2024, latest figures show. As a result, insurers are cashing in on the soaring demand by raising prices.
The top five procedures paid for with private medical insurance are cataract surgery, chemotherapy, endoscopy, colonoscopy and hip replacement, according to the PHIN. Orthopaedic and ophthalmology are among the top 10 services with the NHS waiting lists have soared since the pandemic, with increasing numbers of people choosing to take private health insurance
“I have been in this industry for more than 25 years and I cannot recall a period where we have had such an acute period of claims inflation in such a short period of time,” said Mr Hill. Matt Fletcher, a senior health insurance broker at Globacare, said that the cost of private health insurance schemes had risen by about 10 to 15 per cent, although he had seen increases that were “a lot more than that” this year.
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