With Private Health Insurance, an excess is perhaps the best way to save money on premiums without compromising on cover.
It’s the amount you agree to pay upfront towards the cost of your private medical care before the insurance kicks in to cover the rest. The higher your excess, the more you’ll contribute towards your healthcare costs – and so the lower premiums will be.
Most insurers only require you to pay an excess once per policy year. That means you’ll pay your excess towards your first treatment and won’t have to pay it again, no matter how many times you claim within that year.
However, some insurers have the option to pay the excess once per claim. This can work out more expensive if you make multiple claims per policy year.
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Read your policy’s terms and conditions carefully to see how often you’ll need to pay an excess.
When you apply for your policy, you decide how much you want your excess to be. Excesses range from nil (meaning the insurer meets 100% of your medical costs) up to £5,000 depending on the treatment you need and your provider.
A £0 excess is the most expensive option in terms of Heath Insurance premiums, as you won’t be contributing anything towards your private medical care.
If you don’t set an excess when you first take out your policy, most providers allow you to do so later on. You’re usually free to change your mind after your Private Medical Insurance policy has started.
You usually pay the excess upfront when you claim, before you have private medical treatment. Your insurer will give you an authorisation number which you’ll take with you when you go for your private consultation – paying the excess before your appointment begins.
One of the biggest benefits of setting a Health Insurance excess is that it can reduce the cost of your policy quite considerably.
Adding an excess of as little as £200 can cut premiums by as much as 10%. See for yourself how much of a difference an excess can make on premiums by comparing Private Medical Insurance quotes online here.
Make sure that any excess you set is affordable for you. You don’t want to set an excess so high you’d struggle to pay it if you needed to claim.
We asked our very own Alex Weir for a simple explanation of what an excess is 👇
If you need help putting Health Insurance in place don’t hesitate to get in touch. Our friendly team are on hand to make sure you get the right cover for you and your budget. Give us a call on 02074425880 or email help@drewberry.co.uk.
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