We really want to provide value for our members, knowing no-one wants to see prices increase, especially in today’s economic climate. Here are a few reasons why health insurance could rise year on year.
Higher than expected inflation. The use of private medical insurance has risen sharply over the past few years. We're seeing more people than ever claiming for treatment, in addition to seeing higher private hospital treatment costs. The continued pressure on attracting and maintaining healthcare staff means that wage bills are increasing too and we anticipate that medical wage inflation will continue to rise which will in turn impact the cost of treatment.
Medical inflation. New drugs, new treatments and technology mean that serious illness, such as heart disease and cancer, can be treated more effectively than ever before. We want to make as many of these advances available to you and your employees as we can, and these could be reflected in the cost of your plan.
Claims. If you or your employees have made a claim during your plan term, this can increase your renewal price.
Contributing factors. Several factors can increase our likelihood of getting ill or injuring ourselves such as age or medical history.
If you’d like to talk to us about your plan or are experiencing financial difficulty and would like help controlling your cost, we will do what we can to support you and your situation.
For further resources to help with financial difficulty please visit:
Citizens Advice
Get help and advice on money matters from cost of living, budgeting and dealing with debt
Money Advice trust
A national charity, helping people across the UK to tackle their debts and manage their money with confidence
