Independent, specialist adviser The Health Insurance Group has presented its reasons as to the recent increase in the price of international private medical insurance (IPMI) premiums, citing increased regulation, greater demand for quality care and the rising cost of care in some locations.
According to The Health Insurance Group, the demand for good quality private care is rising, with individuals looking for greater choice in how and where they are treated. It also said that people are looking for access to the latest advanced medical technology.
The company’s tips for controlling the cost of IPMI are: consider whether it is cheaper to have a single policy to cover all locations, or local cover especially for high-cost countries; look at providers with access to better value medical facilities; and review what to include and exclude.
“Helping control the costs of IPMI cover is a core part of the value that brokers should be delivering. Companies need to draw on the international expertise of their broker to find the most cost-efficient policies whilst still providing the appropriate level of cover for staff,” said Sarah Dennis, Head of International for The Health Insurance Group. “It is essential that employers discuss the best way to control costs. With expert advice, premiums may be reduced through centralised or local policies, changing what is included in the policy or seeking providers who can offer access to less expensive medical services.”