How Much Does Director Health Insurance Cost?
When looking to protect your health there are a number of personal factors which will impact on the overall cost of your policy.
As we get older our health declines and as a consequence insurers tend to increase the cost of Health Insurance.
Your location / postcode will affect which private hospitals and professionals are available to provide your treatment when you make a claim. If you live in an area where private hospitals are less expensive, you can expect to pay lower premiums compared to someone who lives where treatment is more expensive.
When you take out your policy, your medical history will have an impact on your premiums.
If you have a history of regular hospital visits or general poor health, your insurer may see you as a high risk. Also, if you have suffered from serious conditions in the past, this might suggest that you are likely to claim for expensive treatments going forward. As a consequence, they will increase your premiums.
Similarly, while you have your policy, your premiums may increase if you make a costly claim or claim for frequent treatments.
This is something you cannot control, but choosing to take treatment from the NHS if the condition is non-urgent may save your no-claims bonus.
Smoking is highly detrimental to your health and people that smoke are considerably more likely to experience health problems.
Consequently, smokers can expect to pay a lot more for their Health Insurance policy than a healthy non-smoker. If you smoke, kicking the habit and going smoke-free for a minimum of a year can see the cost of your Private Medical Insurance policy drastically reduced.
In addition to personal factors such as age there are a number of policy factors which you can choose that will also impact on the cost of your policy.
Outpatient cover is a highly beneficial cover to include in your Director Private Health Insurance policy.
If you are interested in outpatient cover but worry about the cost, some providers offer a limited outpatient cover option that will cover your treatments up to a certain budget. This will allow you to claim for important outpatient treatments but, as it limits the insurer’s overall liability for your outpatient care, will keep premiums down.
By adding an excess to your Health Insurance policy, you agree to contribute some of your own money to the cost of your treatment. You will be given the responsibility of choosing the amount that you want to contribute either per claim or per policy year.
Adding this to your policy can reduce the cost and the higher your excess, the greater your premiums are reduced. However, it is important that you don’t get too carried away with your policy’s excess – choose an excess that is affordable if you need to claim rather than opting for the maximum just to reduce premiums.
6 Week NHS Wait
With this option added to your policy, you are volunteering to only claim for treatment on your Health Insurance when the waiting time to receive your treatment through the NHS is longer than 6 weeks.
This only applies to inpatient care; if you’ve added outpatient treatment to your policy, you’ll receive this privately as soon as possible.
This option can have a drastic effect on the cost of your policy, reducing your premiums and giving you a better chance of protecting any no-claims bonus you might have earned.
The hospital list you choose when taking out your policy will decide where you can receive your treatments. Depending on your provider, you may have the option to either reduce your hospital list to cheaper facilities or expand your list to include some of the top private hospitals in London.
The more comprehensive your list and the better the facilities included on it, the more you are likely to pay in premiums.