The upshot of a report which has just been released hints that the UK’s health insurance scene is about to be shaken to its core by experiencing what’s envisaged might be the biggest policy premium increase for 5 years. According to research undertaken by respected global risk management, financial advisory and insurance brokering group, Willis Towers Watson, it has strong reason to believe that health insurance policy costs are set to rise by around 6.5% here in Britain during 2016. If this prophecy bears any credence then this hike would represent one of the most sizeable year-on-year increases Europe-wide, reports www.cityam.com.
As to the whys and wherefores of this projection, the study cites the (rapidly burgeoning) ageing workforce as being the primary factor which will influence this significant rise in health insurance premiums, yet this recognition alone isn’t solely to blame as the report also highlights delays in NHS treatment together with the increased availability of more expensive medical treatments as equally key to potentially ascending health policy quotes. Drawing timely comparisons with our European partners it appears that the UK is bracing itself for something of a big hit, in contrast to the likes of near-neighbours France (3.5% rises on the cards) and Spain (just 1.2% being suggested).
Whilst French and Spanish Health Insurance Policyholders Pay Less than UK Counterparts, Norwegians and Russians Fare Even Worse than Put-upon Brits
However things could be much worse for (possibly) hard-up health insurance policyholders in Britain, as it’s also been calculated that other countries situated in the Northern Hemisphere are bracing themselves for even greater rises in health cover, with it being mooted that Norwegians and Russians could be facing up to health insurance costs spiralling by 10% and 15% respectively, in the foreseeable future. Looking at the broader picture and City AM understand that global increases in specific terms of health insurance product lines are predicted to increase to within the region of 9.1% for this current year, a figurative hike of 1.1% from 2015’s 8%, which itself was preceded by a 7.5% stat in 2014.
The Director of Willis Towers Watson’s Global Services and Solutions division, Jeremy Hill had this to say on the very subject of late, whilst in conversation with other news sources; “The cost of health insurance continues to rise ahead of inflation almost everywhere in the world,” adding; “While the last five years have seen relative stability in UK cost increases, the trend is starting to creep upwards and 2016 is predicted to surpass last year’s increase – for the third year in a row. In the last 10 years, the cost of health insurance in the UK has almost doubled putting enormous pressure on budgets.”