Healthy and spending less on private medical insurance

According to the latest figures from analyst firm Laing Buisson, the number of consumers buying private medical insurance has declined in recent years due to soaring premiums. Health insurance has got more and more expensive year on year, despite constant efforts by insurance companies to keep policy premiums down.

These include innovative business practices such as linking private medical insurance premiums to policyholder fitness. Other insurance companies offer no-claims discounts that can be transferred between one insurer and another. Furthermore, some companies now apply an excess on PMI policies to keep premiums low. If policyholders then need treatment for a costly procedure, they will be automatically be covered even though paying lower premiums.

Some insurance companies, such as WPA, focus on health insurance for the self-employed. A spokesman for the firm reportedly commented: We know that the self-employed cannot afford to be ill and when they are, a quick recovery is important for their business. Our premiums and premium increases reflect the self-employed's low claiming record.

Finding a health insurance company that suits your needs can instantly cut down premium costs.