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Average Cost of Family Health Insurance in the UK

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Health care costs are covered by a private health insurance plan in case of an illness. Typically, it works in conjunction with the NHS and can result in faster wait times and the ability to select a preferred location or therapy.

You’ll be required to pay a monthly payment that, in most cases, will cover the costs of any private care you may require. Even though the exact cost will vary depending on various factors, companies like Healthplan can offer you some more precise figures so that you can plan more effectively.

This article will discuss the average cost of family medical insurance in the UK and the factors influencing it.

Estimated figures

We’ll start by breaking things down by family size, with costs for families of 3, 4, and 5 people. All of the estimates will be based on moratorium underwriting, which effectively eliminates whatever conditions you’ve had in the previous five years.

As of January 1, 2022, the average cost of private health insurance for a family of three is:

  • £62.17 per month for 30-year-old adults with a child under 15.
  • £74.22 per month for a 40-year-old adult with a child under 15.
  • £94.89 per month for a 50-year-old adult with a child under 15.

For a family of four, the average cost of private health insurance is

  • £82.17 per month for 30-year-old adults with children under 15.
  • £91.89 per month for 40-year-old adults with children under 15.
  • £115.81 per month for 50-year-old adults with children under the age of 15

For a family of five, the average cost of private health insurance is

  • £87.84 per month for 30-year-old adults with children under 15.
  • £95.05 per month for 40-year-old adults with children under 15.
  • £127.58 per month for 50-year-old adults with children under the age of 15
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While every effort has been made to ensure that these averages are representative, please keep in mind that these figures are based on several assumptions and are intended to give you an idea of how much private medical insurance might cost.

What factors influence the price of family health insurance?

Private medical insurance is one of the most sophisticated types of insurance available in the United Kingdom. Most plans are highly customisable and are all pretty distinct from one another. When you add more people to the mix, such as a family of three, four, or five, you have an immense amount of variables that will affect the cost of your policy.

The following factors influence the cost of your family’s private health insurance:

  • The number of people who are covered by the policy.
  • The ages of the members of the family
  • The location of the family in the United Kingdom
  • The family’s medical background
  • Whether or not the parents smoke
  • The current price of private medical care
  • The hospital list that was chosen
  • The insurance policy’s excess
  • The manner in which the policy is underwritten (moratorium or full medical underwriting)
  • The level of protection selected (inpatient, some outpatient, full outpatient)
  • Any add-ons

How can I save costs on my family’s private health insurance?

Whatever your circumstances, there are ways to reduce the cost of private family medical insurance. Here are a few of them:

Include a waiting period

If you choose the six-week waiting period, you will not be eligible for private care if you are treated on the NHS within that timeframe. You can go private and claim your insurance once the NHS waiting list reaches the six-week mark.

Limit the number of hospitals

By reducing the number of hospitals and surgeries available to you, you may reduce the cost of your insurance.

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Pick a higher excess.

Unless you’ve chosen the £0 option, you’ll have to pay an excess if you need to make a claim. By agreeing to pay a higher excess, you can lower your premiums. However, a greater excess may deter you from filing a claim on your insurance, making your policy ineffective for your requirements.

Get a no-claims insurance discount

You may be eligible for a discount if you haven’t had to make a claim on your family insurance for a particular period.

Being a resident of a ‘healthy’ postcode

As previously stated, health insurance might be cheaper in some areas than in others, so keep this in mind when looking for a home.

Conclusion

Family private medical insurance can help people get ahead of NHS waiting lists and have greater control over their treatment. Your family’s health insurance will be influenced by many aspects, some of which you will have control over and others over which you will not. Speaking with an independent health insurance broker is the simplest method to find the right policy for your family.

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