Health insurance market growing

Spending on health insurance products in the UK, including private medical insurance, health cash plans, dental benefit plans and long term care insurance, reached £4.4 billion in 2005, according to independent analysts Laing and Buisson.

£3.56 billion was spent on private medical expenses cover (private medical insurance and self-insured corporate medical schemes).

£440 million  was spent on health cash plans, £316 million on dental benefit plans (private capitation and insurance), and £114 million on long term care products.

Health insurance products now reach one in five  of the UK population.

Private medical schemes cover 12.5% of the population, 7.9% have health cash plans,  and 3.5% have private dental cover.

Private medical insurance 

The total number of people covered by PMI and self-insured medical expenses schemes was 7,534,000 at the start of 2006, 12.5% of the UK population.

Price inflation has remained relatively modest and stable in the last three years, as average premium increases have moderated and more consumers are taking advantage of lower cost cover options.

Health cash plans

Spending on health cash plans continues to rise.It  reached £440 million in 2005.

Health cash plans  have wide appeal to individuals and families. A key strength of the product is  its flexibility to cover new benefits which consumers’ demand.

Dental plans

The continuing difficulty of finding a NHS dentist has helped  the value of dental insurance to rise to £316 million.The changes to NHS charges in April has seen more people look at the alternative of dental insurance.

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