Are Britons Prepared To Pay For Health Insurance?

Although 12% of UK citizens are covered by a private health insurance policy there is evidence that the vast majority of consumers do not have a clear picture of the benefits of health cover.

In a recent survey conducted by health insurer BCWA it was discovered that 83% of British people could see themselves using their savings to pay for one-off private medical care rather than taking out a health cover policy. Of those people who said they would borrow in case of an emergency 21% said they would ask family and friends and 18% they would approach a bank or building society for a loan.

Jack Briggs, sales and marketing director for BCWA concludes that public perceptions have not improved very much over the last two years. He says,

'two years ago BCWA conducted research into British people's perception of
the cost of private medical insurance policies and we found that three quarters
were unable to make accurate estimates'

He believes that education is the key to enabling consumers to understand the cost as well as health benefits of private medical insurance and that the onus is on insurers and brokers to inform the public. Do we need more clarity from insurers about costs? Many advertisements do not disclose up front how much we might need to spend on insurance. Would more clarity encourage people to investigate further?