"Financial advisers across the UK are warning of a growing trend in private medical insurance (PMI) cancellations as businesses and households tighten their belts in the face of rising taxes, inflation and economic uncertainty. During the Covid pandemic, PMI uptake more than doubled. According to comparison site ActiveQuote.com, sales between November 2020 and January 2021 surged by 100% compared with March to May 2020, as fears over NHS waiting times drove record numbers towards private cover."
"Dariusz Karpowicz, Director at Albion Financial Advice in Doncaster, said the economic squeeze has made PMI an early casualty in company cost reviews. "Cancellations are definitely picking up steam, and frankly, who can blame people when they're being hammered from all sides? With NI hikes and stubborn inflation, PMI often gets the chop first. "The irony is painful - NHS waiting lists are at record highs just as businesses are forced to drop private cover.""
Financial advisers across the UK report rising cancellations of private medical insurance as businesses and households cut costs amid higher taxes, inflation and economic uncertainty. PMI uptake more than doubled during the Covid pandemic, with ActiveQuote reporting a 100% surge in sales between November 2020 and January 2021 versus March–May 2020 as concerns over NHS waiting times drove demand. Recent fiscal pressure, tax increases and spiralling operating costs have led companies and middle-income households to rethink or drop PMI. Advisers urge exploring cost-saving measures such as adding an excess or limiting cover instead of cancelling. Some firms view PMI as an unaffordable luxury.
Read at Business Matters
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