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National Health Insurance In Uk – Chris is our resident private health insurance and healthcare expert. He has over a decade of experience writing about private health insurance and treatment. He is Chartered Insurance Institute qualified and regularly quoted in the national media.
Andrew has over 20 years experience in the insurance industry, working for house companies such as RAC and Lloyds TSB before setting up his own brokerage in 2010. An FCA accredited Financial Adviser and subject matter expert in Protection Insurance and Privacy Health Insurance, Andrew continues to provide clients with unparalleled service and knowledge.
National Health Insurance In Uk
Find out how much private health insurance will cost in 2024, based on our extensive research of the leading private health insurers.
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The average monthly premium for a basic health insurance plan is £45 for a 40-year-old. For a comprehensive plan that includes outpatient care, the average monthly amount for the same person rises to £67. These averages are based on the new policy, which usually includes a no-claims deductible.
With long NHS waiting lists and stretched GP services, more people than ever are buying private health insurance to protect themselves and their families, and inevitably one of the first questions is how much will it cost?
Our personal health researchers obtained hundreds of quotes from leading health insurance companies in 2024 to answer this question and better understand how they compare.
Age is an important factor in the price of private health insurance, and in most cases the older you are, the more it will cost.
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The table below shows the average cost of private health insurance in 2024 for different ages and plan types.
“The average cost of health insurance does not increase with age, it accelerates, and each decade sees more growth than the previous one.
Worryingly, the cost of a new health insurance policy is 404% higher for quintuplets aged 20-70, reflecting the dramatic difference in risk profiles between young adults and retirees.
While we can see the cost of new policies by different age groups, this information does not reflect renewal fees, as your claim history, healthcare inflation and more are factored in each year. In short, your renewal fee is more than the cost of a new business policy.”
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It is always wise to compare health insurance providers and policies and determine the price based on your needs and circumstances.
The cost of your private health insurance depends on your age, smoking status, insurance level, postcode, excess and more. based on a number of factors including
The table below shows the prices we receive for typical comprehensive private health insurance from Aviva, Axa Health, Bupa, Vitality, Freedom and WPA.
Most private health insurance companies charge different rates depending on where you live in the UK, and there are several reasons for this:
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How each private health care provider factors your location into their equation varies, but for the most part, where you live affects the price of your health insurance.
Freedom Health Insurance is the only insurer that does not adjust its rates based on where you live. So the price will be the same whether you live in London or Edinburgh.
We recently asked Freedom Health Insurance why they take a different approach than most health insurers, and they said:
“We believe that we can explain to our customers what we charge, and the relationship between zip code and how many or how often a customer may apply for a health insurance policy is vague and difficult to understand. We believe in choice, classification factors should reflect risk.” , detailed postcode in PMI price We are not yet sure that the use of the data reflects the risk we can explain.Alistair Sclair – Managing Director.
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While Freedom is the only health insurance provider that keeps a fixed price based on your address, National Friendly stands out for its lower price differential than others. Of the ten cities we looked at, only London and Manchester customers were matched.
Comparing private health insurance providers is very difficult because you can never compare; They all offer different benefits in their policies and have different terms and conditions. In other words, we used our data to calculate the average cost of a basic plan without outpatient coverage and a comprehensive plan with outpatient care for each provider by age group.
Many factors affect the cost of health insurance; Some you can control, like your coverage level, and others you can’t, like your age. Here is a summary of the most important effects:
What your personal health policy does and doesn’t have a significant impact on premiums. For example, you can reduce your premiums if you choose a treatment-only health insurance plan (prices are not included in this article), get a diagnosis only from the NHS, or pay yourself. Medical examinations and consultations.
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Otherwise, premiums will reflect that if you opt for all the bells and whistles, unlimited outpatient insurance, treatments, mental health insurance, travel insurance and more.
As our research shows, the price of private health insurance is related to your age, and for good reason. As we age, our bodies naturally become more vulnerable to health problems and the frequency and complexity of medical care increases. Later in life, the risk of developing serious diseases such as cancer, stroke, and heart disease increases, and these conditions are expensive to treat. Older adults have longer recovery times, resulting in longer hospital stays and higher costs of care.
When you take out a personal health policy for the first time, you usually get a No Claims Discount (NCD) of around 65-70%. Over the years, whether or not you file a claim, your deductible will decrease or increase, affecting premiums accordingly.
People often overlook that health insurance is heavily discounted on day one and think that the no-claims discount is like car insurance where you start with nothing and increase the discount over the years. In fact, with health insurance, you start out close to the maximum deductible and may see your premiums increase accordingly when you apply.
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There is an alternative to the no-claims discount called ‘pooled risk’ or ‘community rated’ schemes, where claims from many people affect premiums, not yours. Read this guide to learn more about community reviews.
The cost of private health insurance is closely tied to the cost of private treatment, and like most things, these costs only go up! Medical inflation is the technical term for the rising cost of healthcare, currently at 6.4% according to recent reports.
Having to pay more insurance claims each year affects all of their members and now with the volume of NHS services people are more likely to use their own private health insurance instead of waiting.
Finally, if you smoke, vape, or use any nicotine-containing products, your premium may be higher, although this is not always the case. Although it is generally accepted that nicotine replacement therapies are safer than smoking, there is not enough long-term evidence to support this, so unless you quit completely, you can expect to pay a little more for your personal health.
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There are many other factors that affect the price of private health insurance, such as whether you have any recent medical conditions or whether you want to be treated in high-quality central London hospitals. Remember, there are many ways to lower your premiums, and if you buy health insurance through a broker, they can help you find the best policy for your individual circumstances and personal medical history.
So far in this article, we’ve outlined the factors that affect the cost of private health insurance policies, along with some sample prices, but what if you’re looking to cut costs? This section covers most of the ways we can help you lower your private health insurance costs:
If you want to significantly reduce your health insurance costs and buy outpatient insurance, you may want to consider how long you have to go. Many people don’t like this option because they want ongoing outpatient care, but you can limit benefits in your policy to keep costs down. For example, you can limit your annual outpatient allowance to £1,000, which will reduce your premiums without losing your allowance altogether.
The easiest way to reduce the cost of health insurance is to add it to your policy. It seems simple and easy to do, because no one likes to face a heavy bill, so we always recommend to be careful about it.
