UK travellers on weight-loss medication face a potentially hefty price tag when it comes to travel insurance: premiums could rise by 15% if they declare their GLP-1 prescriptions. A recent analysis revealed that three million people in the UK are now using these medications, according to PwC's June report.
A survey of 48 insurers found that 26 require policyholders to declare prescribed weight-loss or weight-controlling drugs, even without other underlying medical conditions. Insurers argue this is necessary for them to be aware of any prescribed medication or changes to medication. For those not explicitly requiring disclosure of the GLP-1s, some consider obesity itself a medical condition needing to be declared, irrespective of treatment.
A mystery shopping exercise comparing annual European travel insurance quotes for a 42-year-old showed a clear impact. The average of the ten cheapest quotes rose from £16 to £18 after declaring weight-loss injections, representing a 15% increase. Individual insurer differences ranged from no change to an £8.21, or 69%, rise in premiums. Notably, declaring obesity as a medical condition, or both obesity and weight-loss injections, resulted in the same average premium of £18.
The implications of not disclosing these medications can be severe. Medical cover is often the most critical component of a travel insurance policy, with data from Just Travel Cover indicating that medical claims constitute 30% of all claims and 56% of total payout costs. Policies usually won't cover pre-existing medical conditions unless they've been declared, making it unlikely that a claim for a medical complication arising from an undeclared weight-loss drug would be successful.
This situation is compounded by a recent Admiral survey, which found that millions of customers fail to disclose medical conditions. While some knowingly withhold information to reduce costs, many others are simply unclear about what needs to be declared. For UK households, understanding these requirements is crucial to avoid potentially ruinous medical bills abroad, especially as the use of GLP-1 drugs continues to expand.