Private health insurance costs vary per person as they are based on numerous factors, including age and health. Taking out healthcare cover in the UK needn't be expensive, if you search for the right cover and find a policy to suit your health – you can reduce your payments.
If you currently have a private health insurance contract or you’re in the process of searching for the right policy, you might be wondering if there are ways of reducing your future premiums. Good news – it’s possible! To help, we’ve compiled a few easy ways that you can cut the cost
of your private medical insurance (PMI). Whether you're searching for a brand-new policy or looking to reduce the cost of your existing cover, there are ways you can reduce your monthly payments – and it’s not as difficult as it sounds.
As with any purchase or service, shopping around can make a massive difference to costs. In the UK there are hundreds of providers all of whom provide different policies and cover options. Taking the time or using an independent broker is a great way of making sure you get the best deals.
If you already have health insurance cover, don’t just settle for your renewal price. Compare it to the rest of the market and to newer policies out there. Often, new customers can be entitled to introductory offers and benefits – so make sure you check to find the best deals available.
THIS is a 100% independent broker, that means we search the whole of the UK marketplace on your behalf – with no allegiance to any providers. Our number 1 priority is finding you the best cover, for the right price. Whether you’re a new health insurance customer or someone looking for a cheaper renewal quote – we can help.
Take a look at our guide to switching healthcare providers for more information.
It may seem overly obvious, but you’d be surprised to learn how many people take out a health insurance policy without still prioritising their daily health – mainly because they feel there’s a safety net to fall back on if illness was to occur.
Well think again, because taking extra time to look after yourself is a great way to ensure the reduction of future premium costs. How? Maintaining a healthy weight, quitting smoking and reducing alcohol intake are all factors insurers look at when pricing premiums – which could lead to insurers offering lower premiums to healthy policy holders.
Read our 5 ways to lower your health insurance costs blog post to learn how to lower premiums via maintaining good health alone.
Another way to reduce your health insurance premiums is to consider increasing the excess on your health insurance policy. There are pros and cons to this choice; the higher excess you choose, the lower your premiums will be. On the other hand, if you do unfortunately fall ill, you’ll be looking at paying a fraction more for treatment. Increasing your policy access is a tactical and practical way of reducing your annual policy cost – just make sure that your excess fee is affordable if any health implications were to arise.
Searching for a co-payment scheme can prove to be a great way of reducing costs for some people. This ‘shared responsibility’ plan means that you can keep the costs of premiums down by paying part of the treatment cost yourself – you’ll just need to ensure that you’ll be able to afford the treatment cost if necessary.
This is an option that may suit you if you don’t mind waiting for treatment and is something that many UK health insurance providers offer. This plan means that if the NHS waiting list is less that your wait period (e.g. 6 weeks) you must get your treatment with the NHS – however, if the wait is longer, your health insurance provider will pay for private treatment. By opting for the six week wait period, your premiums could be reduced by as much as a third.
Your health insurance premiums could be cheaper if you choose to be covered/treated at only a few hospitals or surgeries. This may come in handy if you don’t plan on moving house or travelling for a long period of time anytime soon and if you know that there are hospitals and surgeries in close proximity to your current home. Again, this is an option that many well-known UK health insurance providers offer.
If you’ve had your health insurance policy for a while and made little to no claims, you could be eligible for a no-claims discount. It’s important to read the small print of your contract before signing anything, to ensure you know what you’re able to receive and vice versa.
Start saving - get in contact with our knowledgeable team at THIS to start lowering your health insurance premiums today.
