For the first time in seven years, private health care insurance sales are increasing as the nation protects itself against the ongoing crisis in public healthcare.
Despite the uncertainty with the economy as a result of Brexit, the British public value their health! So much so that there have been record numbers of people taking out private healthcare insurance.
Public healthcare conditions are at an all time low, and people are dissatisfied with wait times and the service in general. Philip Blackburn, an economist for the healthcare consultancy LaingBuisson states: “The NHS is losing its patients to private medical care as a result of their inadequate services. With private health services there is something for everyone without having to deal with the negligence within public health care.”
Statistics reveal that the majority of people who are taking out private medical insurance (PMI) are doing so through company schemes. This suggests that the increased popularity for PMI could be as a result of companies taking on more staff because of economic growth.
There continues to be a decline in the number of individuals taking out private medical insurance, 2016 experienced a 1.7% reduction.
The majority of people are put off by the cost of PMI. A healthy 35 year old should expect to pay £650 per year, for anyone over the age of 70 prices can be as high as £2300 per year.
Companies are at an advantage because they are offered discounts for bulk sales. Providers made a profit of £1.1 billion in 2015.
LaingBuisson believes that the combination of tax increases and Brexit are going to make things difficult for the industry in 2017.
Despite the increase in PMI sales, fear is still looming due to the uncertainty facing the economy.
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