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4 Factors That Affect the Cost of UK Private Health Insurance

  • Sep 05, 2019
  • Health Insurance

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Are you considering private health care and want to understand the factors that make up the UK private health insurance cost? Health insurance, also known as private medical insurance (PMI), covers the cost of private medical treatment for ‘acute conditions’ that start after your policy begins.

It works in a similar way to any other insurance – you pay monthly or annual fees, and your insurer pays out for all or some of the cost of the eligible private medical treatment you receive.

The cost of UK private health insurance depends on 4 main factors:

·      Your age
·      Your postcode
·      Your current and pre-existing medical condition
·      Your chosen benefits
Let’s look into all of these factors in more detail.

How does your age affect the cost of your health insurance?

Your age is an important factor in determining your health insurance premium because your medical needs are usually dependent on your age. The older you are, the more likely you are to need medical services and therefore your premiums will usually be higher than for a younger person.
To join Freedom Health Insurance, you must be 18 or over and not older than 70.

How does your postcode affect the cost of your health insurance?

Many private health insurance providers base their prices on postcode. Health insurance tends to cost more in London and other major cities. This is because these prices are directly influenced by the cost of treatment in that particular location (i.e. private hospitals in London tend to more expensive than in other places).
At Freedom Health Insurance we recognise that you are not your location and you are free to move wherever and whenever you like without this affecting your existing policy.  
We don’t charge our customers differently based on location. If you live in a major city like London, you won’t pay more than someone who lives in Wales, for example. Equally, if you got a policy with us while living in a location with lower medical costs and decided to later move to London, we wouldn’t charge you extra.

How do your current and pre-existing medical conditions affect your health insurance?

To give you the most accurate quote for your health insurance, we might collect information about your pre-existing and ongoing medical conditions.
When applying for private health insurance, any pre-existing and chronic medical conditions could potentially not be covered by your policy.
A pre-existing condition is a medical condition for which you have experienced symptoms, received medication, advice or treatment before your policy started. A pre-existing medical condition may be covered after a certain period of no symptoms, medication or treatment for that condition.
A chronic condition is persistent and long-lasting in its effects and, in most cases, cannot be cured but only kept under control through medication, diet or change of lifestyle. Chronic conditions will typically not be covered by an insurance plan, however acute episodes arising from these may be covered.
Buying health insurance at a younger age ensures there is less scope for pre-existing medical conditions as you will be covered early, and any diseases diagnosed later will be covered automatically.

How do your chosen benefits affect your health insurance price?

Like with any other type of insurance, the private medical insurance premium is directly influenced by the the number of benefits you choose and their limit. The more benefits with a higher annual limit you have, the more likely it is for the cost to go up.  

When buying health insurance you can lower your price by choosing only the health benefits you need, choosing an annual payment (which usually comes with a discount) or by choosing a higher excess.

Why choose Freedom Health Insurance?

Freedom Health Insurance has a long track-record of success covering thousands of people in the UK and abroad since 2003. We provide flexible and comprehensive private medical insurance for individuals, families, and businesses across the UK and internationally.
Here at Freedom, we work hard to consistently deliver top-quality 5* customer service and in 2015 we won The Best Customer Service by a Provider Award at the Health Insurance Awards.
Our policies are designed for all levels of cover without stretching your budget. Starting from a standard cover, you can easily add other healthcare options to suit your health needs.

How to apply for Freedom Health Insurance?

If you want to get a quote for the policy that best suits your needs, you have 4 options to contact our friendly team:

  1. Get a quote by filling in the online form here.
  2. Call us on 0800 999 2013
  3. Email us [email protected]
  4. Live Chat to our friendly team