When you are looking to buy or renew a private medical insurance policy as an individual or as a business. It is always good to know that the policy you buy is giving you great value for money.
SMP Healthcare Ltd can help you make an informed decision about your cover. We can show you ways you may be able to make cost savings without jeopardising the cover in place.
Review the market
At SMP Healthcare our team discuss with clients what cover they have and what cover they want. We also discuss any relevant medical history. When we have all of the information we need, we will then research the market for you to see what options are available.
For clients who already have health insurance in place, we will find policies for you that offer continuity of cover for pre-existing conditions. We will also advise you of how a change of insurance provider would affect your cover. Within our market review we provide a basic benefit comparison table for easy reference.
If you are happy with your current provider we will negotiate any discounts that are available for you. This is often based on positive market feedback from alternative providers.
Look out for any “special offers”
Private medical insurers often have introductory or switch offers available for new clients. When you are new to the market or are looking to change provider, you may be eligible for a variety of new business offers. These range from 1 month free, 2 months free, enhanced No Claims Discount (NCD) or a 2 year fixed price option. By letting SMP Healthcare review the market for you before you purchase a policy or prior to your renewal date, you will know where savings can be made without even having to compromise on benefits.
Introduce an Excess
Private medical insurance as with all insurance allows you to add an excess to your policy. The excess is the amount you agree to pay in light of a claim being made. This is usually only payable once in a policy year. UK private medical insurance providers will offer you a discount for the introduction of an excess. The higher the excess you have, the lower the premiums will be.
Excess amounts differ between providers however, most will offer you the option of:
£100 excess ∙ £250 excess ∙ £500 excess
For individual or family policies some providers will even offer £1000 ∙ £2000 ∙ £5000 excess
Don’t pay for benefits you don’t need.
Most UK Private medical insurance policies are offered on a modular basis. Therefore you can tailor the cover for your own specific requirements.
If you know that you are unlikely to claim for pregnancy complications and fertility issues. Why not remove cover for claims of this nature if you have the option to do so?
Similarly if you only want the cover in place for the high cost in-patients treatment associated with serious illnesses and are happy to self-fund or use the NHS for less costly out-patient consultations and procedures then this is always an option whichever insurance provider you prefer to use.
If you live in Glasgow, are you likely to want to travel to London for treatment or use the private hospitals local to you and your family? Cutting out the high charging London hospitals can make a significant difference to your premiums.
We work with you to carefully assess the benefits you want to have in place. Working out what is important to you when it comes to health insurance can really help you to save money, both now and in the future.
Pay for your policy annually.
Do you have the funds available for an annual payment for your private medical insurance? If you do, you will be pleased to know that some insurers will offer you a discount for paying annually.
Even if you are looking at business private medical insurance, the annual payment discount may still be available. If any members of staff leave your employment mid-term then the insurance company will provide you with a pro-rata refund meaning you will never be out of pocket.
If you would like the staff at SMP Healthcare Ltd to help you implement one or all of the “5 easy ways to save money” then please contact us and let us help you pay the right price for the cover you need.
Contact telephone number: 01245 929129 or 0800 047 0127
Email: lianne@smphealthcare.co.uk