Especially relevant for people with pre-existing conditions, can you keep your policy in place?
Speak to a specialist health insurance broker
As soon as you know that you are going to leave your current job, make contact with a specialist broker. An independent health insurance broker can make it much easier for you to find out about your options. Whether you would rather stay with your current insurer or look at the market. An independent broker can help you work out which option is best for you. Leaving a company paid health insurance scheme does not mean you have to give up your insurance.
Continuation terms from your current insurer
If you have pre-existing conditions or have had medical treatment in the last 18 months then continuation terms may be your best option. This basically means that your insurer will move you to an individual or family policy without further underwriting.
This may also be a good option if you have medical treatment planned or pending that has already been authorised.
Be warned however, the cost of continuation terms is normally far higher than company scheme premiums.
Quotations from the market on a switch basis
When you have discussed your medical history with your chosen broker, they may suggest looking at alternative providers. Depending on your circumstances you really could make an effective saving on your annual premium by changing provider. By comparing your private health insurance you could really make a difference to your premium.
Make sure you know exactly what this would entail before you agree to change provider.
- Are there medical history forms to complete?
- Can you sign the switch declaration required?
- Will you end up with any exclusions on your policy?
- What (if any) difference is there to your current benefits?
Looking at new underwriting
Newly underwritten policies can be a fantastic way to save money. If you have a good medical history and have no unresolved/ undiagnosed conditions under investigation then why not save money on your health insurance by being re-underwritten.
Your broker will be able to liaise with the insurance underwriters on your behalf and will be able to confirm any issues before you agree to proceed.
How brilliant to be able to get all the information you need before you have to make a decision.
SMP Healthcare Ltd are a specialist health insurance broker based in Chelmsford. Our individual client specialist Natalie would be thrilled to help you find out the best way to proceed when you leave a company scheme. If you would like to know more information, please get in touch.
Telephone 01245 929129/ 0800 047 0127 Email firstname.lastname@example.org