Answered by Andrew Jenkinson
If you are looking to lower your private medical insurance premiums then you have a number of different options to consider, which are as follows:
Alter your policy options
Add an excess
By adding an excess you agree that you would pay that excess amount towards a claim. With most insurers, the excess is only normally due once per policy year if a claim needs to be made (i.e. you wouldn’t need to pay the excess more than once even if you make multiple claims in the same year). Excess choices range from £100 all the way up to £5,000, and adding an excess of £200 can reduce the monthly premiums by around 10%.
Add the 6 week wait option
With this option it is possible to make your medical insurance cheaper by accepting that if the NHS waiting list is less than 6 weeks long then you would have your treatment on the NHS, otherwise you would receive your treatment privately. Including this option can lower your monthly premiums by around 20%.
Reduce your outpatient cover
The main factor that determines the price of health insurance is the level of outpatient cover (i.e. cover for initial tests and consultations). If your policy has become unaffordable then it may be worth lowering the level of outpatient cover. With most insurers, even with no outpatient cover you would still be covered in full for inpatient treatment, which means that the cost of major treatment (such as an operation) would still be covered.
Review the market and compare your insurer
It may be the case that your current insurer is not providing the best deal for your cover. It is therefore worth reviewing the rates offered by other insurers to ensure you are getting the cheapest health insurance option with like-for-like cover. Thus, it may not be necessary to reduce your level of cover if other insurers are offering more competitively priced cover.
Frequently Asked Private Medical Insurance Questions
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