5 ways to find an affordable private health insurance plan

It’s a misconception that private health insurance is expensive. After all, how much do you value your health and that of your loved ones? When you are seeking a speedier access to medical professionals, faster diagnosis and treatment – private healthcare insurance is the answer. Here are five ways to help you find the most affordable private health insurance plan based on your budget and the level of cover you need.

#1 – Increase policy excess

A policy excess is the amount paid by you for a treatment before the insurer contributes. Increasing this is known as a voluntary excess and can usually result in cheaper premiums. Therefore, if your premiums are cheaper, you will pay less in the long term, saving you money. This is a good idea for someone who doesn’t regularly make claims and doesn’t foresee a claim in the future. Adding a voluntary excess to your insurance is only beneficial if you can afford to pay it should you have to make a claim, for example if you have savings you can dip into. Although it shouldn’t be so high as to put you off from claiming altogether. It also depends on the type of treatment and cover. Your insurance adviser should be able to help with this.

 #2 – Shop around

Shopping around for affordable health cover could help you save money in the long term. Things to consider:

  • Are there any additional extras such as Private Casualty cover, helping you to beat queues for treatment?
  • How quickly will your claims be processed? Long waits to see a GP and then be referred for the relevant treatment can impact on your health, cause frustration and anxiety.
  • What does the policy cover? E.G. hospital costs, accommodation and surgery costs – make sure you aren’t in for any hidden surprises.
  • What’s the customer service like? If something does happen, you’ll want a local adviser who understands your needs and can help you find a solution quickly.

#3 – No claims discount

With a no claims discount you receive a discount on your premiums after you haven’t claimed for a certain period. The danger with no claims discount is that they can discourage people from making a claim. This is fine with car insurance but not with health insurance as it can stop people from wanting to seek treatments. Ensure that your insurance provider does not have a compulsory no claims discount and that you are given the option.

#4 – Getting back to health sooner

Private health insurance should offer faster access to treatments, resulting in less time off work and saving you money in lost costs. Faster GP referrals mean faster treatment, getting you back to your day to day activities in a shorter period of time. In addition, a dedicated claims team can process claims efficiently, booking all the necessary appointments and taking away most of the hassle.

#5 – Paying annually vs paying monthly

Paying premiums annually means you pay a larger lump sum once a year compared to paying monthly where you make smaller payments 12 times a year. If you have a tight household budget monthly payments are better. However if you can afford to make annual payments it can be cheaper as it will cost your insurance company less in administration fees and so company’s would sometimes offer discounts.

To find out more about a private medical insurance package to suit your needs call

02890 469990  or make an enquiry here.