Private medical insurance gains popularity

More people are turning to private medicine, and those without insurance are prepared to pay for treatment from savings or borrowings, according to new research.

The latest Standard Life Healthcare survey revealed that 68 per cent of people rated where and when they are treated as important, therefore endorsing the benefits of private medical insurance (PMI).

In addition, 69 per cent of people regard better quality treatment as an important benefit of PMI.

Of those without PMI, half said they would use their savings if they needed to pay for treatment, while others would borrow from family or friends, use credit cards or remortgage their homes.

Standard Life Healthcare chief executive, Mike Hall said: "Our research shows that people are expecting ever more from healthcare and that they value the benefits that private medical insurance provides in helping them exercise choice.

"Most people would easily be able to gain the reassurance they want well within the level that they think is reasonable to set aside. But despite being willing to pay, many people woefully underestimated the cost of some common procedures, proving that adequate savings or comprehensive insurance ? or a mixture of both - is important for a generation that wants healthcare on demand."

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