More than one in 10 Brits now have access to private medical treatments with nearly one million more taking out private medical insurance (PMI). The Financial Conduct Authority’s Financial Lives Survey revealed a huge take up in health insuranceproducts following the pandemic.
Financial consultant Broadstone said 14% of the UK adult population now hold Private Medical Insurance (PMI), a total of 7.6 million people which has increased from 6.7 million in 2020. Broadstone said higher NHS patient waiting lists since the pandemic has led people to take up the insurance, either buying it themselves or discounted through an employer.
The NHS has committed to beating its own targets to get waiting lists down, last month the Department for Health and Social Care said three million additional appointments have been delivered six months early with waiting lists falling by 219,000 since July.
However a leading heart charity claimed that 8,000 people in England are waiting over a year for cardiac care. This is an astonishing 28,571% increase since 2020.
Health insurance is popular among those in the middle of their career with 18% – 1.7 million adults- of those aged 35-44 and 19% – 1.6 million adults)- of those aged 45-54 holding a PMI product.
Healthcare cash plans, including dental plan, have also seen a significant rise in demand over the past four years increasing from four million plan holders in 2020 to 5.1 million in 2024, according to the statistics.
The survey found that 50% of healthcare cash plan holders and a third (32%) of PMI plan holders had made a claim in the last two years.
Broadstone said this tallies with Private Healthcare Information Network’s data showing private health admissions are at their highest ever levels.
Brett Hill, head of health and protection at Broadstone, said: “There has been a marked increase in the number of people taking up health insurance products like PMI and healthcare cash plans, which correlates with the surge in NHS waiting lists.
“Given we are unlikely to see drastic improvements in NHS waiting times in the short-term and economic inactivity due to chronic inactivity remains a significant challenge for businesses, we would expect to see these trends continue.
“This will lead to further take up of health insurance, more claims travelling through to insurers and greater demand for private health services. While these trends create some short-term pressures in terms of premiums and capacity, they represent a significant shift in the public’s attitude towards the provision of healthcare, and therefore a huge opportunity for our industry.”