By John T Hughes

Medical insurance premiums are affected by a number of different factors. Inflation is the main offender when it comes to rising costs. It affects household budgets, energy prices and luxury goods, right through to insurance premiums. Medical premiums in particular have risen most sharply in recent years – almost at twice the rate of normal inflation and for a number of reasons. Not only have consultant fee’s risen, but the base cost of medical treatments such as equipment and drugs have also – and they’re likely to keep on rising. Cancer treatment for instance, which some private medical insurance policies cover, is predicted to rise by 65% over the next decade.

Couple this with the world population which has grown at an astonishing rate over the last 100 years, putting a growing strain on our health care systems. We’re also an aging population living longer than ever before. The average life expectancy of men and women in the UK currently stands 78.2 and 82.3 years respectively. That’s 8 years higher than in the 1970s. Whilst it’s great that we’re living longer, it means that more of us requiring health care, and more frequently.

Unfortunately, the way we are living is also exacerbating the system. Our modern lifestyle choices mean that we are exercising less, eating more unhealthily and probably washing it all down with too much alcohol. Often, this will lead to health problems such as obesity and illnesses such as diabetes which will ultimately require hospital treatment.

Finally, huge advances in medical treatments over the last couple of years have also pushed up costs. Although more of us may be suffering from serious health conditions, these medical advances mean we are no longer dying from them. Now, certain drugs can help patients control illnesses preventing death or at least prolonging life. This ongoing treatment however, comes at a cost. Figures from 2007 show that the US pharmaceutical industry spent nearly $60 billion on drug research and development but only 2 out of every 10 drug of these drugs which make it onto the market produce enough revenue to match their research or sale costs.

All these increases consequently means that health insurance premiums are going up. Talking to the Sunday Times, health care expert Keith Pollard said: “A combination of an older population and higher costs for new medical treatments is pricing many people out of private medical care all together.” Although latest figures from analysts Laing & Buisson in 2010 show fewer people are taking out medical insurance, there are still 6.5 million people in the UK have private medical insurance. 2.9 million of these are employer-funded policies. So although prices are on the rise, there is still a large number of people who want to take advantage of these medical advances and treatments that may only be available through private medical institutions.

Customers can still obtain competitive deals but need to be aware that some medical insurance providers are lowering premiums by increasing excesses. Insurers usually charge around £50 per claim, but providers with higher excess may charge up to £2,000. Opting for a higher excess can reduce monthly payment costs significantly. Consider how comfortable you are sacrificing a lower premium for a higher excess.

Savings on premiums can also be made by tailoring your contract – known as a ‘modular’ policy. This means that you can customise your level of cover. For instance, a policy which does not include physiotherapy or cancer treatment could cost a lot less than a fully comprehensive one. This means weighing up your financial options and whether you can afford to risk certain elements of a policy. Searching for tailored private medical insurance can be both time consuming and confusing and it most cases may be most efficiently done through an independent private medical insurance specialist.

By John Michel Cane

Most people from the creamy layer and the upper income group are minimally pinched with expensive premium payouts if the stake involves accessing quality and excellent hospitality service and medical treatment. If you belong to this group of the social strata then perhaps private medical insurance plan is what you may require for your insurance requirements. Obtaining an expat private medical insurance plan serves you the same purpose while being away from your home country so becoming an expat does not necessarily limit you from acquiring these quality services.

Health financial experts around the world agrees that private health insurance plans are expensive and have limited coverage area however the fact that one can access wide range of first-class health care services over rules all the odds. Private health insurance plans generally covers medical expenses incurred during treatment in private hospitals and clinics. Because there is a rapid increase in the demand for medical treatment for acute illnesses and injuries ordinary medical insurance may not provide you with prompt treatment unlike the private health insurance programs.

The aforesaid terms for expatriate health insurance for private plans may slightly differ from domestic private plans because one of the prerequisites for expat private health insurance holder is to consider which country you are traveling to at the time of choosing the policy. This is because most countries have different healthcare costs and standard of treatment.

The notion of waiting in line for treatment can be practically frustrating and time wasteful but with private health insurance plan one is technically eliminated from the hassles of long queue. Among the expatriate health insurances for expats private insurance plans are the one of most suitable options as patients usually can seek for private specialists and hospitals of their choice. Simultaneously, a private patient usually gets access to private room with other benefits and suite accommodation depending on your coverage plan.

On an average most global healthcare insurance service provider offers expat private medical insurance plans for those customers who prefer to avail quality and luxurious medical treatment. Private patient’s family members are obviously allowed to stay close to their ward but the policy of visitation may be governed by the hospital authority.

Not only that most private insurance plans include special treatment which are otherwise absent in a regular health plan like fertility treatment and testing. Being a private patient may offer you the benefit of getting a dedicated health consultant throughout your treatment.

Most of the international private insurance for expatriate specialist providers offers a wide range of first class products for individual, family, group or company cover. Health is wealth-there is nothing above your health. So, be wise and choose private medical insurance plans or expatriate insurance travel move carefully.