Private medical insurance (PMI) is on the rise

Figures from the ABI (Association of British Insurers) show that the number of people with Private Medical Insurance (PMI) increased in 2008, despite the recession.

The number of people with private health cover in 2008 stood at 7,335,000, up 2.7% on 2007.

The cover is largely provided either by personal Private Medical Insurance or corporate PMI.

A smaller, and decreasing, percentage of people are covered through Healthcare Trust arrangements.

The ABI’s Director of General Insurance and Health, Nick Starling, said ‘The continued rise in the number of people covered by PMI is good news. PMI gives people the peace of mind that they are able to get access to the treatment they need, at the time they need it, where they need it.’

Bupa, the UK market leader in health and care, have confirmed the latest figures from the ABI reflect their own experience.

According to research from Bupa, despite the fact that the NHS has recently met its 18-week waiting time target, over 80% of Britons feel this is till too long to wait for treatment.

Director of Bupa UK Health Insurance, Fiona Harris, said ‘Despite today’s economic climate, our customers put PMI at the top of the list of things most difficult to cut back on to save money – more so than holidays (20%), eating out (10%), pensions and other long-term savings (19%).’

Top reasons for taking out Private Medical Insurance include:

• Clean hospitals
• No waiting lists / less pain
• No waiting lists / faster recovery
• Able to see the same consultant

Bupa offer a range of services, not just health insurance, including care homes for older people and young disbaled, health assessments, workplace health and chidcare services.

It is a company limited by guarantee and does not have a share capital.