Brits overwhelmed by complexity of private medical insurance

Nearly two thirds of all PMI holders find the number and variety of health insurance products on offer confusing, according to research from CS Healthcare.

A survey of 1,000 UK adults with Private Medical Insurance (PMI), by CS Healthcare, suggests that 60% were either moderately or really confused when buying health insurance cover due to the number and variety of health insurance products on offer.

Asked about the impact of offers such as free gym membership or a no-claims discount on their PMI buying decision, 42% think these are a gimmick. One in ten think such offers are used simply to hide the true cost of insurance. 36% admit they bought their cover from the first provider they came across, demonstrating that the complexity of products on offer is potentially preventing comparisons.

When asked specifically about having a No Claims Discount (NCD) with their PMI, over 70% say they would think twice about claiming if it meant they would lose their NCD – demonstrating that having an NCD may actually deter consumers from seeking necessary treatment.

David Royle of CS Healthcare says, “Consumers are overwhelmed by the range and complexity of health insurance products on offer. The recent trend which has seen providers offering ‘value’ extras has led consumers to view PMI as if it were a less personal purchase, such as something like car or home insurance. PMI is an entirely different form of cover that is intended to provide complete peace of mind should something go wrong with your health. We have long held the view that NCDs run counter to the basic premise of PMI and therefore do not offer this across any of our products. We prefer instead to be judged on the true cost and quality of our product, rather than tempt people in, then increase prices if they claim.”


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