Business Insurance

Private Medical Insurance Costs Set for Increase

The Great Annual Savings Business Solutions Experts have recently got wind of news that UK private medical insurance costs are facing the largest increase in five years. It might be time to start looking at making some hassle-free great business savings – because they’re still out there to be made. 

Willis Towers Watson’s 2016 Global Medical Trends report showed that insurance costs are anticipated to grow by 6.5% this year alone. Although the price increase won’t be as severe as Nordic countries such as Norway (10%) and Sweden (8%), health insurance inflation in the UK is higher than in most of Europe.

Businesses will now be asking how they can save money on their variable outgoings. A number of employers are looking into a cost-sharing mechanism to contain the cost. Others are opting to put the time and effort into improving the underlying health of their employees.

UK health insurance providers have reacted by attempting to curtail this alarming annual price increase. Both provider market and insurers have consolidated. Insurers are also using their size to land better pricing agreements with service providers.

To put the rise into a little more context, despite the fact that the last five years have seen relative stability in UK cost increases, private health insurance in Britain now costs almost twice as much as it did 10 years ago.

We can now expect a number of businesses to review health care costs and begin looking at best-fit business cost solutions to counter this price increase, in the hope that they can save money on outgoings and ensure they’re not paying too much for health insurance.

Who knows what increases 2017 might bring? It’s best to act now and check whether your business can make some savings.

Get in touch with your personal GAS Business Solutions Advisor to discuss your medical insurance today.

Not yet on-board? Take advantage of The Great Annual Savings free business running cost audit and see how much you could save on private medical insurance, energy management, telecoms, waste and many more utilities.

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