Private Health Insurance can be expensive, but many insurers offer a variety of ways to help you reduce the costs. We asked Drewberry’s Independent Protection Expert, Alex Weir, how best to do this. Just press play! 👇
When it comes to Private Health Insurance, cover is primarily made up of two types of cover. Inpatient and Outpatient cover.
Many policies will also offer additional benefits. By opting not to include these options you can help to reduce your premiums.
The 6 week wait option was introduced into the PMI market to provide a more affordable option to individuals who were priced out of the market.
With the 6 week wait option you would agree to receive treatment via the NHS should the waiting list for treatment be less than 6 weeks.
If it is more than 6 weeks, you would be eligible to receive treatment privately immediately. By opting for the 6 week wait option premiums can reduce by as much as a third.
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The 6 week NHS wait only applies to inpatient care (i.e. all care requiring the use of a hospital bed), not outpatient care. If you’ve opted for outpatient care on your policy, this will allow you to be seen privately as soon as possible for all outpatient diagnostic tests / scans
Most insurers offer a standard hospital list which covers a wide range of hospitals throughout the UK.
However, there are then options to either extend or reduce that hospital list depending on your requirements.
Options to reduce the hospital list can often include a local hospital list limiting the hospitals in which treatment can be receive. Some insurers go as far as offering hospital lists which limit you to private wings of NHS hospitals. By choosing a limited list you can lower the cost of your premiums.
With any of the above options its vital to understand how they impact your policy and the treatment you would receive. Before altering your cover, we would always recommend speaking with an expert adviser.
Our friendly experts are on hand to help, so don’t hesitate to pop us a call on 02074425880 or email firstname.lastname@example.org.