Health insurance is no longer a luxury. It is one of the most important necessities that anyone can avail of, and for a good reason. It is a buffer of protection that saves lives in a pinch and ensures everyone has access to healthcare. It is one of the cornerstones of modern society, and the Coronavirus pandemic has put into stark contrast just why it is so important.
The state of affairs is always changing, and the sphere of public health is no exception. In this article, we will take you through the statistics surrounding health insurance in the UK and try to make sense of everything. With that said, let’s get into it. Here is everything you need to know about insurance stats in the UK.
Health Insurance Market Overview
The health insurance market is prospering. According to data published by ResearchAndMarkets, the positive trend is here to stay in the long term. It is expected that the health and medical insurance market will have a Compound Annual Growth Rate (CARG) of 5.05% from 2021 through 2026. One of the key sectors, which is gaining prominence at the moment, is the private healthcare services market. It is projected to reach a value of 13.8 billion USD by 2025, thanks to the rise in waiting times and increased frequency of referrals to private sector healthcare providers.
The Biggest Providers of Health Insurance in the UK
Four companies provide the most insurance policies in the UK. In this section, we will be taking a brief look at them and what makes them so popular.
- BUPA: BUPA is the market leader in the medical and health insurance department and holds 50% of the market share. Just from health insurance alone, its annual revenue accounted for more than 80%.
- Vitality: Previously, PruHealth, this company has amassed a large following by offering a lot of discounts to customers and rewards for using their policies. It is dedicated to keeping people healthy, and good marketing practices drive its popularity.
- Aviva: This was previously Norwich Union and had a history going back 300 years, with millions of customers internationally, not just the UK.
- AXA: AXA has been around since 1940 and has survived for a reason. It is one of the biggest health insurance providers in the UK today and has been named Health insurance Provider of the Year in 2018 due to its exceptional service and practices.
The big four has something to offer for everyone. It is only a matter of doing enough research and comparing policies using a service like Healthplan and finding what suits you best. Without proper research and reading the fine print, it is very easy to get misled.
Key Facts About Health Insurance in the UK
The Association of British Insurers publishes data that is very interesting to behold. Across the UK, about1.7 million people have private medical insurance. The NHS spent nearly 159 million GBP in 2018-19, around 2,300 GBP per head for every person in the United Kingdom. That’s a whopping 7.1% of the GDP of the country.
Not only does the NHS focus on the needs of the UK, but it also exerts its influence internationally. The NHS is part of the Prosperity Fund’s Better Health Programme. The NHS helps support eight middle-income countries by providing them better healthcare and strengthening their services, helping them achieve universal health coverage as fast as possible.
This is also where the need for private medical insurance comes into play. 11% of the UK’s population subscribes to such a policy. This is because the NHS provides healthcare for free as opposed to other countries. As a result, the public and private sectors complement each other. People only opt for privacy policies if they want very specific conditions not present in any public policy.
Due to increased spending by the NHS to provide better policies, people rarely look to private providers to meet their needs. Thanks to better performance, people are more satisfied with the NHS and therefore unlikely to look elsewhere. The labor market has also deteriorated, with fewer people opting for more expensive private health insurance.
Covid, in particular, has had an effect on the need for better and more comprehensive medical insurance, with the virus still running rampant across the UK population. With the devastating loss of livelihoods among the population, the increased dependence on public medical insurance is likely to continue, putting more and more strain on the NHS.
Medical insurance is a necessity now in the UK, as well as the world over. With the Coronavirus not going anywhere, it is best to stay protected. The NHS makes it easy for you and your loved ones to get insured – and there are enough private providers of insurance to have a decent experience, as well as good options to choose from. Just be careful about knowing the terms of your policy, and you should be fine.