When you have a company or business health insurance policy in place and have found a cheaper option elsewhere at renewal, have you checked to make sure you can successfully sign the switch declaration for your new provider?
If you have Medical History Disregarded underwriting in place then you probably will not be asked to sign a switch declaration however, for policies with Moratorium or Full medical underwriting in place, the group administrator will be asked to sign to confirm very specific details.
All of the UK private medical insurance providers have a different switch criteria and it is wise to check this out before committing to change your insurance provider.
Types of things you may be asked to confirm:
The insurance company who are looking to take over your policy may ask you about some or all of the following:
- Has any member covered on the policy been diagnosed with cancer in the last 2 years?
- Has any member covered on the policy got any in-patients or day-patients treatment planned or pending?
- Has any member covered on the policy been diagnosed with heart or circulatory conditions in the last 2 years?
- Has any member covered on the policy had treatment for mental health or psychiatric conditions in the last 2 years.
Some will even ask about back, neck and shoulder pain and arthritis.
When you look at the switch criteria, these questions are often asked on the “to the best of your knowledge” basis. You must sign any switch declaration honestly.
What if you cannot sign the switch declaration?
If you cannot sign the switch declaration due to medical conditions, this does not mean that you cannot change provider however, it is a good idea to speak to your health insurance broker or proposed new provider who will be able to liaise with their underwriting department. If the underwriters are happy that there is no adverse risk from your company scheme they may still agree to accept the business on switch terms.
When you are looking to review the market at the renewal of your company private medical insurance policy, a specialist health insurance broker would be able to help you and assist is liaising with the insurance providers on your behalf. The Medigest Business Directory can help you find a specialist in your local area. https://www.medigest.uk/directory/