If you are considering taking out a Private Medical Insurance policy there are many factors to consider and the cost of the policy is one of the most important issues to think about. Can you buy a cheap Private Medical Insurance policy that will still offer you the cover you require?
Before obtaining quotations for your policy, there are 8 basic benefit options that you should be aware of that will make a vast difference to the premiums you pay whether as an individual, small business or corporate scheme.
- Do you need cover at any specific hospitals?
- Do you have the funds to pay a reasonable excess?
- Do you want to have cover for psychiatric claims?
- Do you need to have any cover for Out-patients treatment?
- Do you need Travel Insurance included?
- Do you want cover for dental and optical claims?
- Do you have any pre-existing conditions?
- Would you be happy to have treatment on the NHS if it was available within 6 weeks?
Once you have a good idea of what you want cover for, it’s a good time to speak to an independent broker such as SMP Healthcare Ltd, who can give you more information regarding the choices you have made. Knowing the pros and cons of the benefit choices will help you make an informed decision when it comes to purchasing a policy.
Essentially, the cheapest Private Medical Insurance policies will cover you for in-patient and day-patient treatment in full. If you are then happy to pay a higher excess, have a standard or budget hospital range, remove cover for psychiatric claims, have a zero or lower value Out-Patients limit, omit Travel, Dental and Optical cover you should be able to pay a reduced premium for your policy.
There are some Insurance providers such as AVIVA, AXA PPP and BUPA who will offer a 6 week wait option which will reduce the premium even further, saving more money on your Private Medical Insurance policy cost, please see our original article below for more details.
If you would like to invest in your health and have a Private Medical Insurance policy that is affordable then please contact the team at SMP Healthcare Ltd. We will be happy to help you make an informed decision about your cover. You can contact us by telephone on 01245 929129, email email@example.com or by completing one of our online quotation forms.