Private medical insurance is a big investment for many people and one where the annual increases can be significant. Having health insurance in place can be a sensible strategy when you consider the increasingly inconsistent service offered by the NHS.
Like most financial products, often the best deals are for new customers and loyal customers cannot access these new deals because they are not available to them. This is the case with private medical insurance in many instances.
Over the years how many times have you seen your premium increase by 10% with little explanation other than “well medical inflation has gone up and you are a little bit older as well”?
Medical insurance providers will also retain your business by giving the impression that you cannot move without losing all your benefits relating to past treatment and medical conditions. This statement has been true up until four years ago when there was a step change in the market. Now the vast majority of providers do offer “switch” terms and you do have cover for pre-existing conditions, past treatment and even planned treatment. There are certain circumstances where you do need to remain with your existing provider and these are:
Heart condition in the last 12 months
Cancer in the last 12 months
Psychiatric condition in the last 12 months
Stroke in the last 12 months
You have a major inpatient operation planned
Other than in these circumstances you will almost certainly be able to transfer to a new provider without any loss of ability to claim or new exclusions being applied. If you are over 75 years old do you think that you are too old to secure better terms with a new provider? We recently switched a 91 year old woman to a new provider with a corresponding saving of over £4,000 per annum and actually increased her level of benefits and decreased her excess.
If you have private medical insurance contact Gould Financial Planning now and between us we will produce a comprehensive report detailing your options and how much you could save.
Sales and Marketing Director
Independent Health Care Solutions