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Is it worth switching your private medical insurer?

Posted on: 25 August 2016 by 50connect Promotions

Switching insurer could save you up to £2500 per year – but make sure you avoid the common pitfalls!

Increasing health-care costs, and doubts about the future of the NHS, means that, for many people, Private Medical Insurance is a necessity ... but evidence suggests that lots of us are paying well over the odds for our cover. So does it really need to cost so much?

In a large number of cases, the answer to this is no. By comparing other insurers on the market you can make huge annual savings. But there are some pitfalls to be aware of before switching.

Below we list 5 things you should know before switching your current insurer, how to avoid the common pitfalls, and save up to £2500 per year!

5 Things You Need To Know Before Switching:

1 Switching to a new insurer does not necessarily mean you will get medical exclusions.

People often stay with their current insurer for fear that moving to a new one will result in medical exclusions. However there are actually a number of different types of underwriting available when you move to a new insurer. One form of underwriting called ‘Continued Medical Exclusions’ will allow you to move to the new insurer on the same terms as your existing policy. The types of underwriting available to you depend on your health and recent claims history. 

2 Make sure you know your claims history before getting quotes

As you can see in Point 1, the type of underwriting you use when switching your insurer is the key to ensuring you don’t end up with unwanted medical exclusions. In order to guarantee you use the correct underwriting it’s vital you know the last 5 years of your claims history. Make sure you know how many claims you have made in the last 5 years, when you made them, and what they were for.

3 Loyalty to one insurer does not mean lower prices ... sorry.

Many people stay with their current insurer as they believe loyalty towards them means lower prices. Unfortunately there is no evidence that Private Medical Insurers reward loyalty with lower prices. In fact it is new customers who appear to be the most rewarded by the insurers.

4 Beware of the hospital lists!

A common area people get caught out in when switching from their current insurer is the hospital lists. There are a number of policies on the market which are able to offer cheaper premiums as they offer you a limited hospital list. This may be a hospital list offering only private wings within NHS hospitals. Or it could be a hospital list whereby your closest private hospitals are a long way from home. Always ask to see the hospital list before switching your cover.

5 Be brave - ask for discounts, cash back and free months

Strictly between you and us... when speaking to the insurers or brokers, ask what discount is available to you, ask whether you can get some cash back, or any free months of cover. You will be surprised what comes out of the wood work.





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