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7 ways to slash your health insurance rates
Get a private health insurance quote 
Soaring premiums and improved NHS performance has deterred people from
taking out or renewing their Private Medical Insurance (PMI). In order to
kick start the sales of Private medical insurance, companies are beginning
to offer cheaper, more flexible plans. Different insurers will offer different
policies designed to help you to cut the cost of your health insurance.
Below is a list of ways of how you can reduce your health insurance rates.- Agree to wait six weeks for NHS treatment before receiving private
care.
- Accept reduced cover for out patient treatment.
- Agree to pay a higher excess. A leading health insurer said that customers
could reduce their premiums by up to 89%.
- Some health insurance companies have introduced no-claims bonuses where
customers are rewarded for every year they remain claim free.
- Some health insurance companies will reward their policy holders if
they look after their health by joining gyms, taking part in marathons,
cycle rides or quitting smoking.
- Sign up for a cash pay out plan. The health insurer will offer you
a cash payout if you are diagnosed as needing surgery. The limitation
of a cash plan is that health insurance companies will only pay out a
percentage of the bill. A health insurance company will rarely offer cover
for pre-existing conditions and they will not pay anything towards in-patient
care in a private hospital.
- Take advantage PMI if it is offered as an employee benefit.
Key questions to ask before you take out health insurance: - What treatments are included and excluded from the policy?
- Is out patient cover included as well as in patient cover?
- What is the excess on any claim?
- Is treatment limited to only a number of hospitals?
- Is there a limit to how much will be spent on treatment?
- Will I be refused cover if I make too many claims?
- Will the insurer provide cover for pre-existing medical conditions?
As with all insurance polices it is beneficial to search the market and
get a number of different quotes before you decide which health insurance
policy to buy. Always read the terms and conditions so that you fully
understand what is and what is not included in your health insurance policy.
Cheaper policies do not always offer the most comprehensive cover. If
you are unsure of any clauses in the policy contact your health insurer
for clarification.
Get a private health insurance quote |
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