You are here: Home - Insurance - News -

Private health insurance market sickens

0
Written by:
22/07/2010

In the economic squeeze, record numbers of people are electing not to renew their existing private health insurance policies.


According to a report published by analysts Laing & Buisson, the number of people buying their own health policies has fallen to the lowest level since the 1970s,
Dental insurance has suffered a similar decline, with 2% fewer people taking out standalone dental plans last year, a marked contrast to the 31% growth recorded between 2005 and 2008.
As a result of the fall in demand for private cover, more and more people are expected to turn to the NHS at a time when the state provider is struggling more then ever due to planned funding restrictions.
The survey shows that the number of private medical policies fell 4.8% in 2009, after marginal growth of 0.6% in 2008, as the recession took hold. Employer-funded policies fell 4.7% and individual policies dropped 5.2%.
The number of people covered by such policies is put now at 7.2 million, or 11.7% of the population. Of these, just over a million buy their own insurance, the lowest figure ever recorded by Laing & Buisson.

Tagged:

Tag Box

Debt

Pension

Spending

Financial fitness

There are 0 Comment(s)

If you wish to comment without signing in, click your cursor in the top box and tick the 'Sign in as a guest' box at the bottom.

Are you a first-time buyer looking for a mortgage?

Look no further, get the help you need by searching for your perfect mortgage

Five ways to get on the property ladder without the Bank of Mum and Dad

A report suggests the Bank of Mum and Dad is running low on funds. Fortunately, there are other options for st...

The essential Your Money guide to the April 2018 tax changes

As we head into the 2018/19 tax year, a number of key changes take place to existing policies while some new i...

A guide to switching energy provider

All you need to know about switching from one energy supplier to another.

What will happen if rates change

How your finances will be impacted by a rise in interest rates.

Regular Savings Calculator

Small regular contributions can build up nicely over time.

Online Savings Calculator

Work out how your online savings can build over time.

Having a baby and your finances: seven top tips

We’re guessing the Duchess of Cambridge won’t be fretting about maternity pay or whether she’ll still be...

Protecting family wealth: 10 tips for cutting inheritance tax

Inheritance tax - sometimes known as 'death tax' - can cause even more heartache for bereaved families. But th...

Travel insurance: Five tips to ensure a successful claim

Ahead of your summer holiday, it’s important to make sure you have the right level of travel cover or you co...

YourMoney.com Awards 2018

Now in their 21st year, our awards recognise the companies offering the best products and services to consumers

Money Tips of the Week

Read previous post:
Car insurance rockets 30% thanks to fraud

UK shoppers waste £150m a year on late credit card payments.

Close