Factors Influencing the Cost of Private Medical Insurance

March 8, 2023

Perhaps you have received a quote for private medical insurance, and it is slightly higher than you expected. Are you questioning why this is? Yes, this could be down to the provider, as well as the coverage they are offering. Optional protection will also drive up the price of a policy. But, you also have to realise that personal factors will have an impact on how much you pay for private medical insurance. Let’s take a closer look at the personal information that matters to insurance providers.

Your Home Address

First of all, you are going to have to tell the insurance providers where you live. Your home address is an influencing factor when it comes to the cost you can expect for private medical insurance. This is due to what hospitals are around you and what treatment is available. For example, if you live somewhere that is near London, this can mean your policy costs more than other parts of the country. In addition, rural home addresses tend to gain a lower price than those in urban areas. So, make sure you give your entire home address to get an accurate price.

Your Age

Of course, personal details about you are going to be important for your private healthcare policy. For example, they are going to want to know your date of birth and age. Indeed, as far as providers are concerned, this is a huge factor in the price they give you. The general rule is that the older you are, the more likely it is that you can get sick or suffer from a condition. In turn, this means you are more at risk of needing to get treatment and make a claim on your policy. So, you can expect your policy to cost more than it would for someone younger than you. This is just the reality of the health insurance industry. They work on risks and probabilities.

Any Health Conditions

Again, health insurance providers try to get to know you and work out if you are likely to make a claim in the future. In particular, they want to know if you have any health conditions that could increase the risk of you having to make a claim for treatment. Note that most insurance providers will not cover you for a pre-existing condition. So, if you need treatment that is related to this condition, you are not going to be covered. It can also affect claims you make for other treatments if they are related in some way to this condition. It is always best to be honest if you have a health condition. They will find out later on anyway when they investigate a claim.

If You are a Smoker

Have you been a smoker for a number of years? This is going to be something you need to declare when you are looking for health insurance. Indeed, providers want to know if you smoke since this activity can mean you can develop health problems later on in life. Certainly, it can increase your risk of needing to make a claim. Providers view smoking as an option and dangerous activity. So, this is an activity you will have to declare. You can expect to have a higher cost for your policy than someone that has never smoked during their life.

Your Claims History

If you have had health insurance for a number of years, you might be in a position where you have made a claim already. Note that this is something you will have to tell a new health insurance provider. In particular, if you have made many claims, this is something that can drive up the price of a policy. A provider sees that you claimed for previous treatment you had, which means that you are likely to do this again in the future. Even if this does not happen, in the eyes of a health insurance provider, there is a higher risk for them of having to pay out. So, this increases the cost of your policy.

You Should Shop Around

These are some of the common factors that can influence the cost of private medical insurance. The best thing you can do is shop around and makes sure you explore all of the options available to you. Do not be tempted to rush into a policy with a well-known provider. Take a look at other options and see if they are able to give you a better price.

Emiy Watson

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