Private Medical Insurance Costs

Private Medical Insurance Costs: What to Expect

Many people don't know the costs associated with private medical insurance in the UK. More often than not, these people end up deciding to go without adequate coverage & end up regretting it later on when they need to use their policy. You must understand how much private health insurance will cost you to make an informed decision about if it is worth your money. In this article, we'll discuss all personal medical costs in general & what factors affect those costs before moving on to discussing them specifically for the UK market.

the uk private health insurance costs and factors

The UK Private Health Insurance: Costs and Factors

Private Medical Insurance Costs

In the UK are on average £500-£600 a year. This is for an individual plan, and if you have more than one person in your household, then this cost will go up to around £240 per month or about £3000 a year. If you’re looking at family plans, it might be more expensive because of how many people need to be covered.


If you want to know how much private medical insurance will cost you, then the answer depends on a variety of different factors. The most important is your age because everyone’s health care needs change and become more expensive as they get older, so it becomes essential for them to have coverage to keep up with their changing requirements.

One significant benefit that private healthcare coverage offers is a choice between various hospitals and doctors which can be very convenient to many people who want their care delivered by specialists they trust or prefer.

How Changing Your Excess Can Affect Costs

One of the most consequential factors that affect Private Health Insurance costs is your level of excess, which you are liable for if a claim needs to be made.

To figure out how much Private Medical insurance will cost, it’s vital to know someone’s age and whether they have any pre-existing conditions. These two could limit their options when picking an insurer or even, in some cases, make them uninsurable altogether.

You see:

Paying more upfront can help reduce the total cost: When people buy private health insurance, many decide to pay upfront instead of paying monthly. This reduces the overall cost by offering discounts on premiums and means there are no other hidden charges such as administration fees, interest rates, etc.

Cost Difference Between a Single and Family Health Insurance Policy

Single policyholders don’t have to worry about the cost of cover going up if they are diagnosed with a severe illness or injury. However, they will be worried about whether their insurance company will refuse them as people who only buy single policies can sometimes find themselves uninsurable if there is an accident, which means they would not get any help in terms of paying for medical care.

On the other hand,

A family health insurance plan may sound expensive. Still, in reality, it’s cheaper because you’re able to share costs, usually between two adults and four children, so that each person pays less than what someone would pay for a single coverage plan.

Factors Affecting Private Health Insurance Costs in the UK

The cost of private health insurance varies from company to company. Some companies will offer a cheaper deal, but you may find that the level of cover is not as high, or there are exclusions on specific treatments.

Another factor affecting Private Health Insurance costs in the UK is when people choose to buy it for themselves rather than through an employer scheme and whether they want any extras such as dental care or eye tests, blood tests.

Choosing your policy carefully can make a massive difference in terms of how much you pay each month, too. Some providers will charge extra for maternity benefits which might be something someone doesn’t need if they’re planning to have children later on down. The line.

It’s also worth remembering that anyone who has been made redundant recently and hasn’t been able to find a new job is entitled to claim back up to 28 weeks of their Private Medical Insurance costs from the government.

Think about it:

It is worth looking at the annual cost of your Private Medical Insurance as well. Private health insurance does not cover everything, so it is essential to read up on what you are and aren’t covered for before deciding if this type of policy will be suitable for you.”

Here’s a brief overview of some other things that can affect how much private medical costs in general:

  • How old someone is – older people usually pay more because they’re going to need more treatments than younger people might
  • Which area or country someone lives in – geographical Location affects treatment availability which means certain areas have higher prices due to demand; also, different countries use different currencies which impacts the price too!”

There are lots of factors that could affect how much you have to pay for private medical treatment. It’s important that individuals are fully aware of what they’re getting themselves into before signing up and committing to a basic policy options.

The NHS is free at the point of use so people in need should be using this service as their main choice when seeking healthcare,

What Increases on Private Health Insurance Premiums?

  • An increase in the number of claims being paid out;
  • A rise in medical inflation;
  • The cost of treatment abroad, such as a hip or knee replacement;
  • How much money someone earns – this affects their ability to buy private health insurance; they might be ineligible if their income is too high;
  • Location: where you live can have an impact on your premiums because healthcare costs vary between countries and regions. Someone living in London might not pay for NHS treatment so often compared to someone who lives closer to rural areas with less access to facilities like hospitals and clinics;

Some people automatically assume that healthcare costs will be increasingly high because inflation is a perpetual problem for all goods and services.


While this phenomenon influences healthcare prices, they also react to constantly evolving treatments and medicines. There is the fact that society’s health as a whole affects our claim numbers.

The Effect Hospitals Have On Costs

Hospitals are often the most expensive aspect of private health insurance. If your surgery is a day op or in an outpatient clinic, then hospital fees can be avoided altogether. But for more complex procedures like major joint replacements, you will need to stay overnight at least once, so there’s no avoiding them.

Private Health Insurance providers can classify hospitals into different groups, which variate in their costs. In addition, some insurance providers classify these groups according to what the standard, classic, premium or bronze policies include.

If you choose one of our providers that offer extended policies with reduced rates for stays outside hospitals – this could save money.

Can Increasing Excess Reduce the Cost?

This is possible, and it’s called a ‘top-up’ policy. You need to pay the excess when choosing your cover amount to reduce the cost of premiums. A top-up policy is a Private Medical Insurance type that includes an increased excess, which means you’ll have to pay more when making a claim. This reduces the cost of premiums.

If you want to know more about Private Health Insurance costs, we’ll match you with one of our independent experts – ask for a free, no-obligation chat. If you have a pre-existing medical condition, then your insurer may not cover the cost of treatment for that illness. In this case, it is a good idea to have health insurance that covers medical expenses related to pre-existing conditions.

Do I Have to Have Private Medical Insurance?

It’s not compulsory to have private medical insurance – but if you want to enjoy the benefits of being a policyholder with peace-of-mind. For example, if your income falls below certain levels and is eligible for state healthcare coverage, then this is an option.

Simply put:

No one knows what will happen in life – accidents or illnesses could strike at any time without warning. Some people take out Private Health Insurance as a form of protection against unforeseen circumstances such as these. As well as having access to treatment that NHS patients receive like hospital outpatient treatment and operations, they also get basic coverage for things like dentistry and eye care.

What Are Alternative Therapies and How Much Private Medical Insurance Costs for Them?

The cost of the treatment is likely to be one of your most important considerations when seeking out an alternative therapy provider.

For example, the average price for a session with a qualified therapist offering traditional Chinese medicine, homeopathy, or acupressure would typically range from £20-£30 per hour.

 However, because each type of treatment has different benefits and drawbacks it is impossible to make an assessment based on cost alone. Acupuncture would typically be the cheapest alternative therapy available but may not work for a patient with chronic pain.

Common Questions

How Much Difference Do My Circumstances Make to the Cost of My Health Insurance?

How Much Is the Cost of Private Health Insurance with Cancer Cover?

What Are Private Health Insurance Cost Calculators?

Is Private Health Insurance Tax Deductible?

In conclusion

The government regulates private companies so that you pay based on your age, occupation, family size, marital status, and where in the country you live. In conclusion, it is impossible to put an exact price on how much private medical insurance will cost because many variables are involved. If your income changes or some other factor within your life change, this will most likely change the cost of your life insurance.

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Editorial Note: This content has been independently collected by the EveryInvestor advisor team and is offered on a non-advised basis. EveryInvestor may earn a commission on sales made from partner links on this page, but that doesn’t affect our editors’ opinions or evaluations. Learn more about our editorial guidelines.
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