Average age of people buying private healthcare is now 33
Data from GoCompare revealed the average age of those investing in private medical insurance via the comparison site has gone down from 40 between January and September 2020 to 33 during the same period this year.
Richard Jones, of GoCompare health insurance, said: “Perceptions around private medical insurance were already changing, but there has certainly been a noticeable shift in the way people are actively investing in healthcare since Covid-19 arrived in the UK.
“It has been well documented that waiting times for public health services have been significantly affected by the pandemic, as well as an increase in A&E admissions as a result of people having to wait longer for treatment.”
With waiting times for planned hospital procedures through public services now ranging from 30 weeks to over a year in some areas, as NHS staff continue working to clear the back log created by Covid 19, some patients have reportedly been using loans, savings and crowd funding campaigns to have procedures carried out.
A private medical insurance policy can help cover the cost of private treatment for pre-agreed conditions through the payment of a monthly or annual premium.
Jones said: “Healthcare insurance has always been available for consumers in the UK to access a range of healthcare and treatment options outside of those provided by the NHS, and many families will already have been making full use of their policies throughout the pandemic.
“But for others less familiar with how private healthcare works, what it actually covers and how premiums are calculated, investing in a private medical insurance policy could feel like a bit of a minefield, not least in the current climate.
“It’s important to remember, for example, that for chronic conditions and pre-existing conditions, or in emergency situations, there will always be a need to access public health services even if you are considering taking out a private policy.”