5 Easy Ways to save money on your private medical insurance.


When you are looking to buy or renew a private medical insurance policy either as an individual or on behalf of a business it is always good to know that the policy you have is great value for money.

SMP Healthcare Ltd can help you make an informed decision about your cover and show you ways where you may be able to make cost savings without jeopardising the cover in place for you, your family or your employees.

  1. Review the market

The team at SMP Healthcare Ltd discuss with their clients what cover they have, what cover they want and go through any medical history. When we have all of the information we need, we will then research the private medical insurance 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 or we will advise you of how a change of insurance provider would affect your cover.

If you are happy with your current provider, we will liaise with the insurer on your behalf and negotiate any discounts that are available for you.

  1. Look out for any “special offers”

Private medical insurers often have introductory or switch offers available for new clients, if you are new to the market or are looking to change provider,  you may be eligible for a variety of new business offers ranging 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 private medical insurance renewal date, you will know where savings can be made without even having to compromise on benefits.

  1. 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 and is usually only payable once in a policy year. The majority of UK private medical insurance providers will offer you a discount for the introduction of an excess on the policy.  The higher the excess you have, the lower the premiums.

Excess amounts differ between private medical insurance 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

  1. Don’t pay for benefits you don’t need.

Most UK Private medical insurance policies are offered on a modular basis and 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 because of your age or gender, 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.

Looking carefully at the benefits available to you and working out what is important to you when it comes to private medical insurance cover can really help you to save money both now and in the future.

  1. Pay for your policy annually.

If you have the funds available for an annual payment for your private medical insurance then you may be pleased to know that some UK insurance companies will offer you a discount for this payment option.

Even if you are looking at business private medical insurance, the annual payment discount may still be available to your company. 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