Private medical insurance (PMI) and Group Cover have often been regarded as luxury insurance when compared to the free services provided by the NHS. But the NHS has always been a form of medical insurance. We pay our premiums through taxes in the hope that we never have to use it. Although inevitably everyone calls upon the NHS at some point.
Equally, we can’t be surprised that, despite being a national treasure, if the insurance we’ve come to rely upon is showing signs of struggle, then alternative forms of cover will begin to fill that demand. And right now, struggle doesn’t even come close.
Latest data from NHS England showed the number of people waiting to start routine treatment at the end of November 2022 remained at a record 7.2m. If the NHS was a patient, it would be in intensive care. It was already straining with growing wait times before the Covid-19 pandemic and now a cost of living crisis has led to many NHS workers struggling to make ends meet and taking strike action. Hence the growing change in the perception of Private Medical Insurance (PMI) amongst the general public. It appears to be shifting from a luxury item to something people are now willing to consider, in order to be seen and treated more quickly.
In the summer of 2021, the LifeSearch Health, Wealth and Happiness Index showed one in 10 Britons had taken out private medical insurance (PMI) due to increased NHS waiting times. Last month (Jan 2023) the Office for National Statistics indicated that approximately one in eight adults it surveyed had paid for private medical care due to excessive NHS wait times.
In particular, cancer, musculoskeletal problems, and mental health concerns were the three conditions most referred in 2022 according to RedArc with cancer and musculoskeletal issues up by 18% and 19% respectively in 2022 compared to the previous calendar year.
If left unaddressed, it’s these conditions that will prove costly for individuals, businesses and UK plc in general, in terms of health, well-being, productivity and cost of support. Providers are certainly recognising that they have a role in addressing the growing needs of the UK’s growing population, particularly in the outpatient arena. Equally, they are adapting products and services to increase their focus on well-being, in addition to their core clinical medical offering.
C&C Healthcare has been sourcing and providing appropriate medical and protection insurance solutions for clients for over 8 years and we are adept at creating tailored packages regardless of company size or sector. Carmen Dunnigan and Paul Lewis, both Directors at C&C Healthcare, have each been in the industry for over 30 years, so fully appreciate there is no one-size-fits-all solution to addressing the human and business cost of the NHS crisis. But there can be no doubt that the crisis exists and won’t just disappear, even if there is a change of Government at the 2024 General Election. However, the private sector is adapting at speed, in being able to provide essential support alongside the much-loved but hugely strained, NHS healthcare system.
If you would like to discuss any aspect of individual or company private medical insurance, or indeed any form of group protection cover, please get in touch via the contact page and Carmen, Paul or any one of our friendly team will be happy to discuss your needs.
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C&C Healthcare Ltd is an Appointed Representative of C&C Insurance Brokers Ltd
