Rise in people and firms cancelling private medical insurance as tax squeeze bites

Dariusz Karpowicz, Director at Albion Financial Advice in Doncaster, said the economic squeeze has made PMI an early casualty in company cost reviews.

“Cancellations are definitely picking up steam, and frankly, who can blame people when they’re being hammered from all sides? With NI hikes and stubborn inflation, PMI often gets the chop first.

“The irony is painful - NHS waiting lists are at record highs just as businesses are forced to drop private cover.”

He added that many companies which introduced PMI during the pandemic now view it as an unaffordable luxury.