“Health is like money: we never have a true idea of its value until we lose it.”
These wise words, attributed to 19th century American humourist Josh Billings, are often used to highlight how easy it can be to take good health for granted, and how quickly we can find ourselves in an uncomfortable situation when that is no longer the case.
Today, however, it seems an increasing number of people are taking heed of Billings’ warning. Mindful of the value of their health, they are taking proactive measures to protect it through private medical insurance (PMI).
Cover at record highs
Latest figures from the Association of British Insurers (ABI) show that a record total of 6.2 million people now have some form of health cover in place. This includes 4.7 million people covered by PMI policies provided by their employer, which is the highest number for more than three decades.
Counting workplace and private policies as a whole, uptake of PMI increased by 7%, according to ABI data. Separate estimates suggest that almost one in every eight Britons now have access to private healthcare when spouses, partners and children are taken into account.
The increasing pull of PMI has been driven by a number of factors. First and foremost, it provides policyholders with swift access to medical professionals, diagnostics and treatment at private medical facilities – a proposition that has gained added appeal among a population whose awareness of physical and mental health intensified in the wake of the pandemic.
NHS satisfaction in decline
At the same time, confidence in the NHS has collapsed to record lows. Lengthy waiting times for GP appointments and delays in hospital Accident & Emergency (A&E) departments have contributed to dramatic declines in satisfaction levels, which have fallen 39 percentage points compared with the period immediately before the outbreak of COVID-19.
According to the British Social Attitudes survey, published by independent healthcare organisations the Nuffield Trust and The King’s Fund, just one in five people (21%) say they are happy with the way the NHS runs.
Interestingly, there is also evidence of a widening generational divide when it comes to satisfaction with the NHS. Between 2023 and 2024, the proportion of people aged 65+ who said they were satisfied increased slightly from 25% to 27%. Meanwhile, among those aged under 65, the proportion reporting they were satisfied fell from 24% to 19% over the same period, pointing to declining confidence among younger populations.
Enhanced experience
Against this backdrop, interest in private healthcare has been steadily increasing. And while it should not be seen in terms of a like-for-like comparison – A&E services are not typically provided by private providers, for example – there are many aspects to private care that are valued highly by patients.
As a rule, private clinics generally benefit from healthy investment in facilities and equipment, providing patients with a more comfortable experience. Because they are dealing with lower volumes of people, patients might also expect to receive more time with consultants and specialists on a one-to-one basis, and there is greater potential for appointments to be diarised according to your own schedule.
Private healthcare providers have also driven digital innovation in recent years. This has given policyholders greater access to an enhanced range of services, including 24/7 virtual consultations with medical professionals, online mental health tools, and personalised wellness portals.
A benefit in demand
It is easy to see why access to such services has triggered increased demand in private healthcare, particularly when provided as part of an employment benefits package. Indeed, private medical insurance is frequently cited among the most desirable benefits that companies can offer their teams, with one survey putting it in top spot, ahead of increased pension contributions, support for energy bills, and a wellbeing allowance.
For companies looking to offer private healthcare, the benefits can be felt in both loyalty from existing staff and enhanced employer appeal among prospects. And with a range of policy types available, there is an opportunity to tailor the exact offering according to the wishes of staff as well as the requirements of the business.
It seems, therefore, that employees in the 21st century are confounding the notion put forward by Billings. Far from taking their wellbeing for granted, they are increasingly conscious of the value not only of good health but also of good healthcare. And at a time when the struggles of the NHS are clear, access to the benefit of private healthcare is only likely to increase the value they place on their employer.
The information contained within this communication does not constitute financial advice and is provided for general information purposes only. No warranty, whether express or implied is given in relation to such information. Vintage Health or any of its associated representatives shall not be liable for any technical, editorial, typographical or other errors or omissions within the content of this communication.
