What will affect my premiums?
Whichever scheme you choose, it is likely that your premiums will
rise above the rate of general inflation.
This is because of factors which affect how healthcare is provided
in all western economies.
- Each year more people claim on their insurance cover for private
medical treatment. A hip replacement costs around £6,000
and is a common procedure, particularly for older patients.
- The number and sophistication of treatments to improve quality
of life is increasing steadily. Most private medical insurance
policies aim to cover these treatments as they become established
medical practice and available privately.
- Likewise, the sophistication and complexity of tests used to
diagnose illness and injury is also increasing. Such tests are
becoming far more widely available in private hospitals - for
example, Magnetic Resonance Imaging (MRI) scans which cost around
£500 each.
- As people get older they are more likely to need and receive
medical treatment, which means that private medical insurance
premiums will usually increase with age to reflect this.
It is unlikely that you will find all these options in any one
product, but a combination will probably be available.
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