UK Adults Turn to Private Medical Care, 'Bank of Mum and Dad' Covers Three Million
A significant number of UK adults are turning to private medical care, with the Bank of Mum and Dad footing the bill for three million. Meanwhile, fears grow that Chancellor Rachel Reeves may introduce VAT on private medical fees in the upcoming Budget.
Half of clients managed to save over £500 a year by switching health insurers at renewal, thanks to market reviews. This has led to a rise in private medical treatments, with 15% of adults, equivalent to 8.1 million people, having their treatment costs covered by someone else. Notably, three million adults have had their parents cover these medical expenses.
Growing waiting lists for NHS treatments are pushing people towards private medical options. Three in five adults would opt for private medical insurance if their employer fully funded it. In the past five years, 27% of adults, around 14.6 million people, have paid for private medical treatment. The average cost of a new policy arranged through Howden Life and Health was £91.23 per month. Those who paid for treatment themselves spent an average of £5,700, with some shelling out more than £10,000 or even £15,000.
The increasing demand for private medical care, driven by long NHS waiting lists and potential savings from switching insurers, could face challenges if Chancellor Reeves adds VAT to private medical fees in the upcoming Budget. Despite the costs, many adults are willing to consider private medical insurance if fully funded by their employer.
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