According to recent research by PatientChoice, 80% of the UK population say that cost is the top reason for not investing in private health insurance.
PatientChoice is an innovative provider of private medical insurance (PMI) which works alongside the NHS.
Currently, around 15% (Mintel 2005) of the population have a private health insurance policy. The market place has been fairly stagnant for some years; this new research shows that the general perception of private medical insurance is that it is expensive and unnecessary – something that is simply not the case.
The survey also reveals that the average consumer believes the monthly premium for a private healthcare policy is in the region of £43, when in fact monthly payments can start from as little as £14 with a provider such as PatientChoice. By comparison:
Women spend £94 per trip to the hairdressers and women visit the hairdressers approximately once every two months
An average evening at the pub sets us back £26, which we do approximately 3 times a week
Gym membership costs on average £61 per month – something that 4.5 million of us in the UK indulge in
The survey results interestingly show that we are much more likely to spend our money on ‘luxury’ items and experiences as opposed to investing in our long term health provision.
Says Dr Thom Van Every, Chief Medical Officer of PatientChoice,
“Over the years one of the most common complaints amongst consumers regarding private medical insurance is that premiums are just too expensive. This is not surprising when traditional insurers have done little to develop their policies and continue to duplicate the NHS with their products. PatientChoice, by contrast, combines the advantages of both services. Policyholders can seek private care if needed or use the NHS if they prefer and they will receive benefits either way. Our products are essentially about giving people choice and control over their healthcare at an affordable cost."
Private medical insurance : News update: June 2006