In the UK there are a plethora or options when it comes to investing in a private medical insurance policy whether you are an individual, family or business so the question of cost could have an unlimited number of answers. There isn’t a one size fits all policy and the insurance companies themselves offer a number or add-ons and extra’s.
The actual cost of your health insurance will depend on a number of factors and there are a number of things you can do to control the premiums you pay.
- Cover levels
Are you looking for a policy that will pay for everything or are you happy to use the NHS or self-fund for consultations and diagnostics and looking to only have cover in place when it comes to the more serious medical conditions
Do you want to have cover for the higher charging London private hospitals and medical facilities?
- Excess Levels
Would you be able to afford to pay an increased excess? Just like any other insurance policy that you may have in place, the higher the excess you apply to your policy, the lower the premiums become. Most private medical insurers offer the excess on a “per person per policy year basis”.
- Cover for mental health
If you choose to remove cover for psychiatric claims from your policy you should see a reduction in premium.
- Cover for cancer and heart conditions
There are some health insurance products on the market that will cover non urgent surgical procedures but do exclude cover for heart and cancer treatment. The cost of these policies are far lower than traditional private medical insurance.
When you are looking to purchase a private medical insurance policy you could speak to a specialist health insurance broker, financial adviser or directly to the insurance company. Each one of these options should give you information to help you make an informed decision. Choosing an independent health insurance broker may offer you a greater overall view of the market and provide you with unbiased, expert advice.
If you are looking for help whilst purchasing private medical insurance, the Medigest Business Directory can provide you with the contact details for brokers, financial advisers and the insurance companies themselves. https://www.medigest.uk/directory/