If you get sick or hurt, private health insurance, also known as private medical insurance, will pay for your medical bills privately.
Even though we are very fortunate to have the NHS in the UK, private health insurance can help people access doctors and treatments more quickly.
As of October 2021, ActiveQuote and BoughtByMany estimate that the average cost of an individual private health insurance policy is £1,115 per year; however, there are many variables that can affect the cost.
What factors affect the price of personal private health insurance?
The cost of your private health insurance is largely influenced by your age because as you get older, you are more likely to become ill or injured and require diagnosis and treatment.
The cost of health insurance can vary depending on where you live and your zip code, as well as the hospitals you choose to go to for treatment (usually one close to where you live). In general, areas near London will probably be more expensive, and urban areas will likely be more expensive than rural ones.
If you smoke
Due to the increased likelihood of a wide range of health issues, some health insurance companies may charge you more if you smoke.
Previous health conditions
Many insurance companies will inquire about past medical issues. Some issues might not be covered at all, or you might pay a higher premium for problems that will increase your likelihood of filing claims.
Insurance companies may be leery of clients who have a history of filing numerous claims and may raise prices if they believe you are more likely to do so.
What is the actual cost of medical care?
Because most of us have always just received medical care when we needed it, it’s all too simple to forget how expensive medical treatments can be with the NHS.
According to LoveMoney, the price of knee replacement surgery, for example, can range from £12,000 to £16,000, depending on the hospital and the specifics of the care you require. The price range for less invasive cataract surgery is between £2,000 and £4,000.
Short version: Private medical care is pricey, which is why it is necessary to have private health insurance and why premiums can be high.
What is the typical cost of a business health insurance plan through Equipsme?
One such example is Equipsme, which aims to democratise business health insurance by making it practical and affordable for organisations of all sizes and staff members of all ranks.
Our most popular plan, which includes diagnosis and treatment and costs £30 per employee per month, gives employees a more affordable option for health insurance benefits and services. In an effort to make business health insurance more widely available, we also eliminated medical questionnaires from the application process in favour of a straightforward exclusion of pre-existing conditions in the three years prior to the start of coverage.