Private health insurance premiums can rise significantly as you get older, with costs increasing by hundreds of pounds per month, according to analysis by broker LifeSearch. The analysis, which looked at average monthly quotes for core cover, found that the cost rose from £32.81 at age 30 to £80.96 at age 60 and £177.66 at age 80. Comprehensive cover, which includes additional features such as outpatient consultations and diagnostics, was more expensive at every age, with average monthly quotes rising from £55.92 at age 30 to £280.11 at age 80.
The analysis suggests that private health insurance costs can increase by as much as £143.69 per month for core cover between the ages of 30 and 80. This can make it essential to choose the right policy to suit your needs, as a cheap policy may not provide the same level of cover as a more expensive one. LifeSearch warns that insurers expect older customers to be more likely to need treatment, which drives up premiums. Higher private healthcare costs can also push up premiums, with hospital fees, consultant charges, scans, and medicines all contributing to insurers' costs.
When choosing a private health insurance policy, it is essential to consider what is included, such as hospital treatment, cancer cover, and virtual GP access. Comprehensive cover may be more expensive, but it can provide additional benefits such as outpatient consultations and diagnostics. It is also essential to consider how the insurer deals with your medical history, as around 85% of the market is written on a moratorium basis, which can affect how much you pay.
Private health insurance is normally renewed each year, so taking out a policy earlier does not usually mean locking in the same price for life. Your premium can still rise over time, even if you haven't claimed. If you are considering private health insurance, it is essential to choose a policy that suits your needs and budget.