The United Kingdom has been facing a lot of turbulence since Brexit as not only is the pound falling but, sectors like healthcare are also suffering due to lack of funding from the newly formed government. The basic healthcare facility like the NHS has been facing unprecedented crisis with patients passing away on wheel chairs and in ambulances due to long waiting queues and no empty beds. The accident and emergency (A&E) ward are occupied with so many senior citizens, who need social care and this occupy the vacant beds. This humanitarian approach has restricted treatments and the lack of funding by the government is making the NHS fail miserably.
This complete failure of the NHS has resulted in the rise in private health insurance, which was at its peak in 2008 and is now rising again as the fear of ongoing NHS crisis has gripped the public mindset. It has seen a 2.1% growth in 2015, which makes around 4 million people who opted for the private health insurance, which seems like a dire necessity as of now. More and more people are buying private health insurance policies even when there is an increase in the Insurance Premium Tax (IPT) from 6% to 9.5%. However, the figures were at its peak in 2008 when nearly 12.4% (4.3 million) of all UK citizens had private insurance. The recent rise in the year 2015 brings the total figure to 4,022,000, which is equivalent to 10.6% of all UK population. Read: NHS faces Stressful times with Funding Shortage and Rising Demands
Most of the policies are coming through companies where the percentage of employees wanting medical insurance has grown by 3.7% and reached to 76.3%, which is equal to 3,070,000 people. Contrary to this, the percentage of people normally taking PMI has dropped by 1.7% meaning that nearly 952,000 people have not chosen PMI and the biggest reason is the rising cost of insurance covers. Normally a policy costs £650 a year if you are in your middle ages and healthy but it can shoot up to £2,300 if you cross the age of 70 and more vulnerable to making claims.
Talking about the insurance market in general, it is reaping profits as many offices and people are spending £4.7bn a year. Insurers are gaining around £1.1bn by subtracting the £3.6bn claim amount leading to a gross profit margin of 26.7% in 2015. Experts hint a possibility of a rise in PMI due to the NHS crisis but support it as people need financial assistance when they need to turn to GPs for treatment. The only concern is the further 12% rise in IPT in June 2017 as it can again pull back people from affording PMI. Read: 20 NHS Hospitals on Black Alert Due to Lack of Life Saving Emergency Care
Shay Ramani, founder of FreePriceCompare.com, leading comparison experts on all kinds of insurance in the UK, gave his opinion by saying that “Private Medical Insurance gives an absolute peace of mind as it helps you get away with private treatments when the NHS service seems unavailable. If the policy seems pricey then you need to shop around and find insurance providers that offer affordable health insurance at huge discounts.” Read: NHS Waiting List Up by 50%, keeps People in Queue for 18 Weeks
If you feel shopping around is not your cup of tea due to hectic schedules or due to cumbersome task that it actually is then we can be your best assistance. We compare all UK insurance providers and suggest the cheapest deals so that it keeps your pocket light. To leverage our services, click on https://freepricecompare.com/health-insurance-step-1/ or you can also call our reliable team of health insurance experts on 02034757476.