Consumers Urged to Examine Health Insurance Policies After IPT Rise

Medical and travel insurance providers Insurance With have issued consumers with advice on how to keep the cost of their insurance premiums down in light of the government’s decision to raise insurance premium tax (IPT). Though experts had suggested that IPT could be doubled from 5 per cent to 10 per cent, few predicted the size of the increase, which added a further 15 per cent to IPT taking it to 20 per cent.

Head of Insurance With, Fiona Macrae, confirmed that the IPT increase will see insurance premiums rise considerably. As such, Macrae has issued advice to consumers to examine their existing health insurance and travel insurance policies to see whether there are elements which they do not require. Macrae isolated the £5 million cover for medical expenses as excessive, suggesting consumers may be able to make savings if they reduce the amount of cover for health care expenses.

Macrae also warned consumers with free travel insurance or health insurance policies from a bank or credit card provider to ensure their insurer is aware of any pre-existing medical conditions which could invalidate their policies.