CS Healthcare — a mutual society with more than 90 years’ experience in the Private Health Insurance sector — is to sell its book of Health Insurance clients to Bupa, the UK’s largest Health Insurance provider.
The deal is firstly subject to approval from regulators, the relevant competition authorities and the outcome of a members’ vote at CS Healthcare’s annual general meeting in September 2020.
However, once approved, the deal is expected to complete before the end of the year.
The announcement follows years of rising costs in the private healthcare sector which have impacted profitability at CS Healthcare. The result has been rising premiums and more members leaving than joining, which has threatened the overall sustainability of CS Healthcare’s business model.
Alex Perry, Bupa Insurance’s CEO, said:
“We’re very pleased that CS Healthcare has chosen Bupa to care for its members into the future. Bupa has been in discussions with the CS Healthcare Board and management for some time, and it’s clear that our organisations share similar values and cultures, with a strong long-term commitment to putting customers first.”
Meanwhile, Tom Gidaracos, Chief Executive at CS Healthcare said:
“We are committed to ensuring our members have assured medical insurance and continuity of cover for their futures… Bupa will provide added security, continuity of cover and enhanced benefits to CS Healthcare members. As an organisation with no shareholders, and a similar ethos, we’re confident it’s the right home for our members and their future.”
On approval of the deal, CS Healthcare clients will see their policies transferred over to Bupa.
Following their first or second policy renewal with Bupa, CS Healthcare members will benefit from the greater access to health and wellbeing support that’s available under the Bupa umbrella. This includes, for example:
There’s never any harm in shopping around as you approach renewal. It’s a good thing to re-examine the entire market every once in a while to ensure you’re getting the best deal.
However, this is especially the case when it comes to a situation such as the Bupa buyout. It’s a great time to review your Health Insurance provider and the cover it offers you. For instance, is moving to Bupa your best option?
What about premiums, have these changed significantly over the years?
It’s true that Health Insurance premiums go up slightly each year. This is down mostly to two factors:
However, sometimes premium increases can creep up on you over the years, meaning it’s worth reviewing the entire UK market to ensure you’re still getting a fair price.
You can review the market yourself. This involves going to each Health Insurance provider directly, getting a quote from all of them individually and comparing the market that way.
The alternative is to use experts such as the team at Drewberry to do all the legwork. We’ll go to each provider, compare the market and provide you with an easily-digestible report outlining your options.
All this is on a totally fee-free basis.
It may be that staying with your current insurer — or moving to Bupa, in the case of CS Healthcare clients — is your best option. On the other hand, we may find that switching you to another insurer could offer you a better deal on your Health Insurance premiums.
What’s more, we’ll also review the market on an ongoing basis for you to ensure you remain in the best position possible when it comes to the cost of your Health Insurance.
If you’d like us to conduct a full market review, we’re only on the other end of the phone. Simply drop us a call on 02074425880 or fill in the form below and we’ll be happy to help.