We’re fortunate to have private health insurance as an option in this country, rather than an essential. Fast track appointments, accessible specialist treatments, and flexibility on appointments and visiting times are some of the reasons that people choose to take out private medical insurance.
If you’ve been with the same provider for some time, you could be saving yourself money by switching. Changing policies is something many put off, for fear that cover will be interrupted, or new conditions since taking out the policy will now skew the price of a new premium by listing it as a “pre-existing medical condition.”
But there are ways to cut back on the costs, if you know how before arranging your cover.
Firstly, if you’re concerned about a claim you’ve made in the past ringing alarm bells with a new provider, you can see if they would agree to ‘Continuing Personal Medical Exclusions’, which is a policy based on your old plan where no new exclusions would be added.
When looking at policies, check which hospitals provide treatment to make sure they’re conveniently located, and make sure you know whether or not your cover starts immediately from when your policy is in place.
To lower the cost of your premium, you can consider the levels of your excess cover – just make sure these are within your means as you’ll need to pay them yourself if you make a claim. Some health insurance policies also include a six-week plan, where you agree to be treated by the NHS providing they can offer you this within six weeks; another cost saving measure. And just like car insurance, some medical insurance policies offer no-claims discounts, so it’s sometimes advisable to only use your insurance for major treatments.
The highest cost savings are typically achieved in the month before your existing policy is due for renewal. By tendering your cover to the open market, the insurers can compete for your business and in our experience this can save considerable amounts on your monthly premiums.
If you’re not sure what you need from a private medical insurance policy we can help make your options clear. This might be a modular policy which provides basic cover then gives you a limited number of extra features which you can choose depending on your current health and situation to be added on. This way you’re creating a policy which is ideal for you both in terms of your budget and personal circumstances.
Our team at Hine Financial Services are able to offer free advice on private medical insurance and have access to specialist renowned providers trusted by millions around the UK. Call us on 0161 438 0000 or email financialservices@hine.co.uk for more details.
