How can I reduce my health insurance premiums
How can I reduce my health insurance premiums?
With many of us in the UK and abroad facing financial hardship; we are all looking for ways to save money, whether it’s cutting back on some of life’s little luxuries or more serious cut backs such as selling a vehicle or cancelling an insurance policy.
Private health insurance has become more popular in recent years as the NHS has struggled to keep up with demand and the pressures placed upon it. If you are looking to cut back on your outgoings you should not be too hasty when it comes to saving money on your health insurance. However, there are ways to cut back on the cost of your health insurance policy whilst not cancelling cover outright. These options include agreeing to an excess or co-payment option, switching health insurers and/or reducing your policy to cover certain illnesses or limited hospital choice.
Switch Health Insurance Providers
For many PMI policy holders the incentive to switch health insurance providers is financial, and is even more apparent in today’s turbulent financial market. The recent growth in online price comparison sites has also provided another avenue from which consumers can find deals on health care insurance.
Reduced Cover PMI
By taking a good long look at your existing PMI policy you may be able to remove levels of cover to discount your premium. If your PMI policy is an options plan you can build your health plan depending on how much cover you feel you require and how much you want to spend.
Additionally some insurers may offer you a cash amount for each night you spend in an NHS hospital should you require treatment.
Generally the more comprehensive your private health insurance is the more expensive it is likely be, so work to your budget and try not to get reeled in to expensive health care premiums that do not suit the individual needs of you and your family.
Reducing your premiums �” excess and co-payment
Adjust the premium of your PMI policy by opting for a voluntary excess. By selecting to an excess you agree to pay a certain amount of the costs of your health care should you require treatment. The higher the amount of excess you are able to pay the cheaper your premium will be on an ongoing basis.
Co-payment
Some insurers offer a co-payment option. A co-payment option means you would share the cost of your medical treatment with your insurance provider. For example, you may agree to pay 15% of every health care claim you make per person, per year up to an agreed ceiling.
Other Incentives
With so many private health insurance companies offering PMI it should be of no surprise that many offer incentives as a means of attracting new policy holders or those wishing to switch insurance providers. More often than not these incentives can save you money so are worth looking out for, others may also run competitions and offer prizes to policy holders who sign up.
Offers to look out for include healthy living incentives where you may be offered a discount for joining a gym or booking a health screen and first year introductory discounts for new customers.
Private medical insurance, if researched correctly, does not have to be expensive but instead can be tailored to suit your individual needs and requirements.
For more information, visit www.CSHealthCare.co.uk