Affordable medical excess insurance

 

Many people may not have even heard about excess insurance at all, yet it pretty much does what it says on the tin and offers consumers great value for money.

Excess insurance for individuals/ families

Perhaps you are thinking about adding an excess to your private medical insurance policy to reduce the annual premium you pay?

Many people decide to take health insurance for cover relating to the big claim/ expensive treatment type scenarios and opt to self-fund the out-patients and therapies.

Customers who take a policy on this basis may also opt to add a high excess to the policy such as £500 or £1000 and in some cases even higher.

What is an excess?

The excess is the amount you have agreed to pay for should a claim be made on your policy. The higher your excess the lower your private medical insurance premium will be. The majority of UK health insurers offer an excess per person per policy year, you may also be offered per person per claim.

When a claim is made, the member is liable for the excess amount and this is paid directly to treatment provider or consultant.

Implementing an excess insurance policy is a low cost way to cover the excess on your policy.

Example 1*

You are 45 years old and have a private medical insurance policy with £250 excess per policy year.

You have single membership status.

If you implemented a simple excess insurance policy to run alongside your private medical insurance the cost of the policy would be £64.00 – there is no liability amount on this policy and you would be able to claim your full £250 excess.

Example 2*

You are 45 years old and have a private medical insurance policy with £500 excess per policy year.

You have single membership status.

If you implemented a simple excess insurance policy to run alongside your private medical insurance the cost of the policy would be £127.90. You would have a liability of £100. The total cost therefore to be able to claim your £500 excess is £227.90.

Example 3*

You are 45 years old and have a private medical insurance policy with £1000 excess per policy year.

You have single membership status.

If you implemented a simple excess insurance policy to run alongside your private medical insurance the cost of the policy would be £262.51. You would have a liability of £100. The total cost in this instance would be £362.51 to enable you to claim your full £1000 excess.

*premiums current at 08.06.2020

What you do need to be aware of.

Medex Protect offer cover for three age brackets:

  • 18 – 49
  • 50 – 59
  • 60 +

Cover is available as a single, couple, family or single parent status.

Premiums are payable annually and must be paid in advance. You cannot pay for excess insurance on a monthly basis.

You also cannot make a claim for your excess if your claim is relating to treatment that is planned, pending or ongoing.

Your Medical excess insurance policy should start from the same date as your private medical insurance policy.

Claims can be settled directly with the treatment provider.

Can you buy medical excess insurance if you have a company private medical insurance policy?

Yes, Medex Protect also offer an excess and shortfall insurance policy for company schemes of 6 or more members. Although they do not offer cover for £1000 excess you do have the option of £150, £250 or £500 plans. The company plans will cover both the excess and towards any shortfall in payment from the insurer. If you had the £500 plan your employees would be able to claim £500 excess PLUS £500 towards any shortfall in payment for treatment should this occur.

The team at SMP Healthcare want people to know what additional value policies are available to them. We would be happy to discuss any requirements with you. Excess insurance really is a unique option for the consumer market and could make a big difference to your excess liability if you need to make a claim.

For more information, please do not hesitate to contact us on:

01245 929129/ 0800 047 0127

Or by email lianne@smphealthcare.com