‘It’s about saving lives’: ‘Health insurance is a way to save lives’
A survey has found that just 15% of Britons would consider switching to health insurance in the event of a catastrophic event, but more than half of respondents are willing to give it a try if it means they can get back on their feet.
According to the survey of more than 1,000 adults, the majority (56%) would consider changing to a health insurance policy, with just 15 per cent of those considering the move saying they would be prepared to pay up for the coverage.
The survey also found that two-thirds (66%) would switch to a “premium” plan, where a premium will cover the full cost of the policy but it will cost more than the policy’s original price.
But when it comes to whether they would go for the “premise” option or a combination of the two, just 8% of people would switch.
That’s because while the survey showed that just 20% of respondents said they would choose the “compromise” model, more than a third (37%) said they might consider it if it meant they can buy into the policy at a cheaper price.
However, the survey also revealed that nearly half of those who were considering switching to a premium plan would not switch.
Almost half (48%) of those said they wouldn’t consider switching if they were able to save their existing insurance premiums for a premium policy that is cheaper than what they currently pay, the report said.
And almost a third of respondents (32%) said that if they could switch to health plans that covered the same amount of services as the ones they already have, they would switch for a cheaper rate, with 16 per cent saying they wouldn´t consider the switch.
This survey of 1,200 adults is the first conducted by the health insurance industry and has been released ahead of the NHS’s coronavirus crisis which is expected to last up to three weeks.
In a statement, the Royal College of General Practitioners (RCGP) said: “These figures show that even though the public are concerned about the cost of a policy, most people still believe it’s worth the cost to protect lives and the NHS.”
“This is despite the fact that only 15% say they would consider a change of policy in the face of a coronaviruses pandemic, and the majority of those still want the NHS to continue to offer these essential services.”
It added that it was not surprising that those who would consider getting rid of their existing health insurance plans were more likely to choose premium plans, as the cost can be prohibitively high for many.
“The Royal College understands that many people are in financial hardship, and it is understandable why they would want to save money for a longer term, better plan,” the statement said.
“In the meantime, the RCPG urges people to look at alternatives that are more affordable and can provide better value for money.”
The RCPGP also urged people to consider how they could save money by switching to “premises” plans, which are more comparable to their existing policy.
“These plans are not the same as health insurance and they will only offer some of the same benefits and are often cheaper,” the RCA said.
“It is important that people consider the different benefits of these plans before deciding which plan to choose.”
The report also highlighted how people with pre-existing conditions are less likely to consider switching from a standard policy to a higher-value plan.
In particular, those with pre or acute conditions were more unlikely to switch from a “standard” plan to a plan that covered more services, while those with a chronic condition were more inclined to do so.
“Although many people will benefit from a high-value health insurance plan, the research shows that those with existing conditions are more likely than those without pre-conditioning to be concerned about their own health,” the report added.
“The best way to help alleviate these concerns is to consider a different type of policy.”
In addition, the poll also revealed the impact that people’s experience of being covered by their own insurance would have on their decisions about whether to switch to “competition” or a premium-based plan.
“People who have already been covered by insurance but have faced a cost increase or change of plans, for example because of an illness or accident, are more reluctant to switch,” the study said.
People with preexisting conditions are also more likely “to be more inclined” to go with a premium option than a standard plan, despite the cost being much higher.
People who had previously been covered under their existing plan were also more inclined than those with pree xisting conditions to switch.
“If you have not had a change in coverage, then switching to premium insurance will make sense for you,” the researchers said.
However people with preeXisting conditions were also less likely than others to say that their experience of having insurance was important in