The full-year data marked the fourth consecutive year of growth in total and insured admissions, with total admissions reaching a record 939,000 (3% above 2023). The volume and proportion of admissions funded by private medical insurance continued to grow, revealing a year-on-year rise of 6% from 625,000 to 664,000 admissions between 2023 and 2024.
On the other hand, self-pay (where patients pay for their procedures through savings, loans or fund-raising) fell by 3% to 275,000 compared to 2023 (283,000), but remains at its third-highest level on record. When comparing to pre-pandemic levels in 2019, private admissions are up 20% across the UK, insured admissions are up 14% and self-pay is up 38%.
It follows analysis by Broadstone of the latest FCA Financial Lives Survey, which found that 14% of the UK adult population now hold Private Medical Insurance (PMI), a total of 7.6 million people which has increased from 6.7 million in 2020. Health insurance is most popular among those in the middle of their career with 18% (1.7 million adults) of those aged 35-44 and 19% (1.6 million adults) of those aged 45-54 holding a PMI product.
Brett Hill, Head of Health & Protection at Broadstone, commented: “2024 was a landmark year for the private health market, with admissions hitting record highs and once again signalling a major shift in how people access healthcare in the UK. We do not expect meaningful improvements in NHS service levels in the short-term, so individuals and businesses alike are likely to continue to turn to the private sector to get the care they need in an appropriate timeframe.
“Private medical insurance has driven the lion’s share of admissions growth in recent years as businesses expand coverage and proactively encouraging employee uptake. Health is now a C-suite issue with business leaders recognising that early intervention keeps people healthy, reduces absence and protects productivity. Our own analysis of the FCA’s Financial Lives Survey shows a sharp rise in PMI uptake, with nearly a million more people covered since 2020. With roughly 7.6 million UK adults now holding a policy, employer funded health insurance is no longer a niche perk, but a mainstream expectation for many employees.
“Going forward, we expect this trend to continue to grow as the deep-rooted problems in the NHS make it hard for the government to deliver any large-scale reduction in waiting lists, and businesses increasingly seek to protect their employees from poor access to NHS care and boost the productivity of their workforce.”
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