Insurance industry responds to OFT health review

During the course of its study in the private healthcare market, the Office of Fair Trading worked closely with the Department of Health, the Financial Services Authority (FSA) and a number of health sector bodies.

The OFT raised concerns during the study, so the FSA will work with the Association of British Insurers (ABI) and health insurance providers to make it clearer for patients that they may face extra shortfall payments when there are limits which apply to the amount payable under their insurance policies.

Nick Starling of the ABI says, “ We agree with the concerns raised on transparency and support consultants clearly informing patients on treatment options and costs. Private medical insurers are committed to ensuring that customers clearly understand the cover they provide and will continue to work with the FSA to achieve this.”

Private medical insurance news: 23 December 2011