Private Health Insurance

How much does private health insurance cost, and what affects the price of your cover?

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“How much does Private Health Insurance cost?” 

It's a question we get asked a lot.

Well, the answer isn't as straightforward, as there's a huge range of factors that affect the price and level of cover of your policy. Health and Medical Insurance is pretty flexible, so the more cover you want, the more you're likely to pay, and visa versa.


"The cheapest or most basic private health insurance can cost less than £30 per month"

For a single person aged 21, private medical insurance could start from as little as £29.01 a month – that’s less than most phone contracts!


What affects the cost of health insurance premiums?

There are 5 main factors that determine how much your health insurance may cost:


1. Your age - the older you are, the more expensive your policy

As you get older, your private health insurance costs go up. This reflects the risk you pose to an insurer – the reality unfortunately is that as you get older there is more chance of you getting ill.

Over time, the costs of your premiums will also increase due to medical inflation - the rise in healthcare costs.

2. Where you live - some locations (like London) are more expensive than others

Where you live indicates which hospitals you're likely to use. The more expensive the hospitals nearby, the more expensive your insurance may be.

Insurers tend to group or band hospitals into lists by their price, so different policies allow you access to different lists. Generally, the most expensive hospital lists are around central London.

3. Underwriting - the terms on which you take out your policy

Underwriting is the process by which your insurance company assesses your 'risk' and makes sure it'll be cost effective to offer you cover.

  • With a fully medically underwritten policy, your insurers will assess your medical history and could offer standard terms with a higher premium. 
  • With moratorium underwriting, you are not required to disclose your medical history, but instead you agree to be assessed at the point of claim.

Moratorium underwriting could be the cheaper option, but does risk rejected claims if you don't meet certain conditions.


4. Level of cover - the more your policy includes, the more expensive it may be

Private health insurance can generally be classed within budget, mid-range or comprehensive policies, and each insurer has a different interpretation of what this means!

It's worth talking through the cover you need with an adviser as some policies are more flexible than others. For example, Vitality Health offer comprehensive as standard, but also give you the option of limiting your outpatient cover or not choosing extended cancer cover in return for a cheaper premium.

5. Your level of excess - how much you pay when you claim

Applying an excess to your policy means you agree to make a contribution towards the cost of a claim.

So, if you agree to pay a £100 excess you will be required to pay the first £100 of a claim bill. 

The general rule of thumb is that the higher your excess, the cheaper your policy premiums. 


We make finding the right health insurance for your budget easy

There are many other factors which may affect the cost of your private medical insurance, which is why it's important to seek advice from independent experts.

Their ability to help you find the right insurance policy for you and your needs is why using an insurance broker, such as Chase Templeton, is the best way to find your private health insurance policy.  

Contact Us For A Free Private Health Insurance Quote:

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About Chase Templeton

Our impressive trading pedigree has seen Chase Templeton named Best Group PMI Intermediary 2014, confirming us as one of the UK's leading health insurance specialist.

Having expertly served our clients since 2002 we currently manage over 35,000 policies and are trusted by thousands of customers across the UK.

How We Work

  • Step One

    At Chase Templeton we discuss your situation, needs and requirements

  • Step Two

    We compare your details against everything the market has to offer

  • Step Three

    We present our recommendations from the UK's leading insurers