No-one wants to pay more for their private medical insurance than they have to and many people are looking at ways they can reduce their premium including the implementation of an excess and shortfall insurance policy from Medex Protect.
How Excess and Shortfall insurance works:
By adding an excess to your current private medical insurance you can affect a reduction in the premium you pay. The higher the excess you add to your policy, the lower your premium will become.
By taking out the Excess and Shortfall insurance from Medex Protect, you will be sure that if you make an eligible claim on your private medical insurance you can claim back the excess from Medex Protect as well has having cover in place for a shortfall in payment should this occur.
The level of excess and shortfall you can claim will depend on the policy you choose.
Is Excess and Shortfall insurance expensive?
The annual premium for Excess and Shortfall insurance is low and quite often the saving you make by adding the excess to your private medical insurance will be more that the cost of a policy from Medex Protect.
What is a shortfall?
A shortfall will occur when there is a difference between the level of reimbursement that insurance providers will pay and the fees that consultants and hospitals charge. It is the patients responsibility to pay the shortfall.
What is an excess?
An excess is the amount that you agree to pay towards an eligible claim. As a general rule, the higher the excess you agree to pay, the lower your annual premium will be.
Is it easy to claim on a Medex Protect policy?
You will need to complete a claim form which must be submitted to Medex Protect along with the claims settlement letter from your insurance company. This settlement letter is issued to confirm that you have made a claim and the amount the insurance company will pay towards the claim. It will also confirm the outstanding balance due to the hospital or medical facility/ consultant. They will also require a copy of the invoice from the hospital or medical facility.
The above information has been sourced from http://www.medexprotect.co.uk/
If you would like to know more information about the ways you can effect a saving on your health insurance premium you could speak to a specialist health insurance broker who can explain your options to you. You will find the details of specialist health insurance brokers in the Medigest Business Directory https://www.medigest.uk/directory/