How can I reduce my private health insurance premiums?

I want to understand the ways in which I can reduce my monthly premiums on my private medical insurance plan, the only one I have thought of is adding an excess to the plan.

Question asked by Samantha Atkins
Compare Top 10 UK
 Health
Insurers
 
Takes approx. 60 seconds
Level of Cover
Excess
Date of Birth

Answered by Andrew Jenkinson

Thanks for your question, you are correct, adding an excess is a common way of reducing your health insurance premiums below are a number of other ways which can help you contain costs.

Level of Outpatient Cover

The vast majority of private medical insurance (PMI) products will provide cover for inpatient treatment in full i.e. where a stay in hospital is required. It is in the level of outpatient treatment that the premiums can differ significantly as claims are more frequent, outpatient treatment includes any scans, tests or specialist consultations where a stay in hospital is not required.

The three options tend to be no outpatient treatment, a level of outpatient treatment capped at a monetary limit i.e. £1,000 per policy year or covering outpatient treatment in full. Naturally the greater the level of outpatient cover provided the higher you monthly premiums.

Additional Benefits

Therapies – Often an additional option which can be selected which covers alternative treatments such as osteopathy and chiropody. Given the nature of these treatments claims can be quite common and including such cover can make up as much as 10% of your total premium.

Psychiatric Cover – An additional option which can often be included in a private medical insurance plan, the cost of treatment can be expensive and drawn out and thus can add another 5-10% to your monthly premiums.

Six Week Wait Option

The six 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 six week wait option the policy holder agrees to receive treatment via the NHS should the waiting list for treatment of their condition be less than six weeks.

Should the NHS waiting list be more than six weeks the policy holder is eligible to receive treatment privately immediately. By opting for the six week wait option premiums can reduce by as much as a third.

Hospital List

Most insurers offer a standard hospital list which covers a wide range of hospitals throughout the UK, 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 received or some insurers go as far as offering hospital lists which limit you to private wings of NHS hospitals.

With all of these options it is important to understand the cover provided by each and the cost of that particular benefit before making any decisions on altering cover to reduce your monthly premiums.

For further information please see our page Options to reduce health cover premiums – Low Cost Health Insurance

private health insurance
 
excess
 
hospital list
 
six week wait option
 
This information does not constitute financial or other professional advice. You should consult your professional adviser or contact us directly on 02084327333 should you require financial advice. It is important to ensure any insurance policy you take out is suitable for your needs.
Compare Top 10 UK Insurers
  Takes approx. 60 seconds
 - 
Need help? 
Call us on 

Frequently Asked Private Medical Insurance Questions

 
I’ve been looking to switch my company’s Business Health Insurance scheme due to some of...
 
Me and my partner have recently moved in together and are looking at are finances. My partner has private...
 
I have been considering health insurance and speaking to friends understand that pre-existing medical...
 
We are thinking about starting a family and I am considering all my options. If we were to take out a...
Need Help? Live chat now and get an instant answer from our Experts...

Neil
Pensions

Victoria
Insurance
Our Latest Reviews
Cecilia Walsh
04/12/2017

I would like to say thank you to Ciaran King for his professionalism, respect and sensitivity with dealing with my income protection insurance.

Kevin Spence
05/12/2017

Was extremely impressed with the service we received from Michael. He was so helpful with good advice and saved us money. The policy was set up and running with in a couple of days. Would definitely recommend to friends. Thank you.

Omar Holmes
05/12/2017

Sam Carr was very knowledgeable, efficient, called when he said he would and kept me updated through out the process.

We are rated 4.9/5 based on 1320 independent client reviews.
To read more of our independent client reviews click here →
REVIEWS
EXCELLENT
4.92 / 5 Average
1331 Reviews
P
Overall Rating
Professional, quick and straightforward service from Victoria for the second time in a raw.
O
Overall Rating
Sam Carr was very knowledgable, efficient, called when he said he would and kept me updated through out the process
K
Overall Rating
Was extremely impressed with the service we received from Michael.He was so helpful with good advice and saved us money.The policy was set up and running with in a couple of days.would definitely recommend to friends.Thank you.
A
Overall Rating
I would like to say thank you to Ciaran King for his professionalism, respect and sensitivity with dealing with my income protection insurance.
S
Overall Rating
Ceiron King did an amazing job setting up my insurance. He was meticulous to all details and made sure everything was individually tailor made to suit my circumstances. When I had queries he was able to take on board any issues and find solutions quickly. Pleasant, easy to talk to, engaging, personable chap who effortlessly made me feel that I'd found the right firm. Highly recommended.