Health insurance in the UK is about to become more costly, but it could be worse – you could be shopping for a policy in Russia
The cost of health insurance in the UK is expected to experience its biggest jump for the last five years, according to a report out today.
The research by Willis Towers Watson found that health insurance costs were expected to grow by 6.5 per cent in the UK in 2016, which is one of the largest year-on-year increases across Europe.
The report pointed the finger at the UK's ageing workforce, delays in NHS treatment and the increased availability of pricey medical treatments as the reasons behind the soaring costs.
By comparison, the cost of health insurance is expected to increase by just 3.5 per cent in France and 1.2 per cent in Spain. However, those in Russia and Norway are probably feeling green with envy at the forecasts for the UK, as the health insurance costs are expected to increase by 15 per cent and 10 per cent in these countries respectively.
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The global average increase in the cost of health insurance is expected to be 9.1 per cent for 2016, up from eight per cent in 2015 and 7.5 per cent in 2014.
"The cost of health insurance continues to rise ahead of inflation almost everywhere in the world," said Jeremy Hill, director in Willis Towers Watson's Global Services and Solutions business. "While the last five years have seen relative stability in UK cost increases, the trend is starting to creep upwards and 2016 is predicted to surpass last year’s increase – for the third year in a row. In the last 10 years, the cost of health insurance in the UK has almost doubled putting enormous pressure on budgets."
Meanwhile, a study released today by Cass Business School discovered that the gap between those who lived the longest and those who lived the shortest had crept up to 33.3 years for men and 30.9 years for women in 2010.