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Retirement age end 'could see more taking out medical insurance'
September 02, 2010
More people may have to take individual responsibility for getting medical insurance in the future as companies cut back on providing it.
The forthcoming end of the default retirement age in the UK may lead to more people having to take out their private medical insurance as employers become less keen to provide such benefits.
Writing for Recruiter Magazine, Laurence Power suggested that firms are likely to be paying higher medical insurance rates if they end up with a considerably older workforce than what they have currently.
He added that companies scrapping their medical insurance benefit programmes may be a worrying development for healthcare in this country.
"If employers cancel the benefit because of cost, the burden will fall on the NHS," Mr Power stated. "Could it cope with the added expenditure?"
Earlier this week, Andrew Tripp, chairman of the Association of Medical Insurance Intermediaries, told Money Marketing that health insurance is a highly-valued employee benefit.
He said that this makes it difficult for their companies to decide to get rid of such schemes.
Published by Nicola Bellingham
Private Health Insurance News
