How Much Does Family Health Insurance Cost?
A range of different factors will affect the cost of your policy which are linked to your personal circumstances as well as the policy options you choose.
The cost of Private Health Insurance isn’t going to be the same for everyone because each family is different and will have different needs.
The first and one of the most significant factors is age. Unfortunately with age we tend to get more aches and pains and inevitably require more treatment. The older you are the greater the chance of you claiming on the policy and the more expensive your premiums.
The price of treatments in private hospitals across the UK isn’t always the same. In certain places like London, private treatments tend to cost more than in some other areas around the country.
Because of these differences in price, your living situation will impact the cost of your policy. If your local hospital list contains hospitals that are more expensive than others then you can expect to pay more in premiums.
Healthy or unhealthy lifestyle choices you make will influence how your Family Medical Insurance policy is priced.
If there are people covered by the policy who smoke or have an excessively high BMI, you can expect your premiums to be increased to account for their increased risk of claiming on the policy.
How to Reduce the Cost of Family Health Insurance
It is understandable that parents want the best healthcare for their children, partner and themselves.
However, not everyone is able to afford the best Health Insurance policies, so it can be really useful to understand which areas of cover impact the premium the most and tailor your cover to ensure it is within budget.
One of the biggest factors that will effect the cost of your policy is the level of outpatient cover. You can opt to place a limit on your level of outpatient treatment – either a monetary limit or a limit on the number of consultations / sessions – that are covered or it can be covered in full.
Limiting outpatient cover will reduce how comprehensive your policy is and might mean your policy falls short of covering all your outpatient consultations and diagnostic tests, leaving you to either fund the shortfall privately or revert back to the NHS.
It is possible to add an excess to your family plan – excesses tend to range from £100-£1,000+.
The larger the excess the more it will reduce your premiums. For example, premiums could be reduced by around 10% if you add an excess of £200.
6 Week NHS Wait Options
With a 6 Week Wait option added to your policy, you agree to have your medical treatments on the NHS if the waiting list for that inpatient treatment on the NHS is below 6 weeks. Otherwise you would go private straight away.
The 6 week NHS wait doesn’t impact your ability to receive outpatient treatment if you’ve added outpatient care to your policy. This means all diagnostic tests / scans etc. will be taken care of privately as soon as possible; the 6 week NHS wait only kicks in once it becomes apparent you need inpatient care requiring the use of a hospital bed.
Reduced Hospital List
Another option to help you achieve affordable Family Health Insurance cover is to choose a reduced or local hospital list. A reduced hospital list usually means limiting your hospital list to private wards of NHS hospitals or exclusively local hospitals.