So you have decided to take that important step, onwards and upwards following your early retirement. Removing yourself from tight timelines, busy schedules and all that goes along with it may prove to be the most crucial decision of your life. When you decide to take early retirement however, have you also thought about your Health Insurance options?
If your current employer provides you with a suite of employee benefits, do you really want to give them up completely?
Are you comfortable with the services available on the NHS or would you rather keep hold of the peace of mind that Health Insurance brings you?
We would always recommend that you look at your options before you leave a company paid scheme. It is always better to face a future that does not hold any unwanted surprises!
What private health insurance benefits do you want following your early retirement?
When you are covered on a company private medical insurance policy you are likely to have a good level of comprehensive cover. When you decide to retire it is worth looking at these Health Insurance benefits in full detail. As you get older it is quite possible you decide not to cover every single element available. If you are taking early retirement you may want to keep a close eye on your monthly out-goings. In doing so, the future may be a little less daunting.
Personal Health Insurance is flexible in the fact that most policies are modular. You can therefore drill down and work out what is really important to you. All policies start with a core cover and then allow you to pick and choose the additional benefits available.
Your pre-existing medical conditions could restrict your options however and you may need to remain with your current insurer on a personal basis. This is important if you are currently undergoing treatment on the policy or have treatment planned or pending. This does not mean you have to remain with that insurer forever. You can review your options again at a later date when your treatment is complete and you have made a recovery.
It is worth noting that your insurer may not offer you continuation options from a company scheme. They may have a criteria such as how long you have had continuous cover and what medical conditions you have and require treatment for. Importantly you should not presume they will offer you a personal policy. Always check prior to leaving the company scheme to avoid any claiming issues.
How can you compare Health Insurance options easily?
The UK personal Health Insurance market is vast. Working with a specialist Health Insurance broker can save you time, hassle and money. Your chosen broker will do all the leg work for you, leaving you to enjoy your early retirement with one less thing to worry about.
Do you want to save money on your insurance following your early retirement?
Let’s face it, who doesn’t want to save money! When you have taken early retirement and therefore lost your monthly salary, keeping track of your finances is important. Saving money on your Health Insurance premium might actually be easier than you think.
Think about your health over the years and maybe the health of your immediate family. Is there a pattern and is there any medical condition that you are really keen to have cover for?
There are a number of policy options available to you and these include:
Different excess levels
Can you afford to pay a higher excess level? This would reduce the premium that you pay.
Out-patient cover levels
You do not have to have full cover for out-patient treatment. You could opt for a lower monetary limit for out-patient consultations and diagnostic tests.
Mental Health Cover
Is cover for mental health conditions important to you. As you are considering early retirement and in theory your stress levels will reduce. Is this benefit something you want to include in your Health Insurance.
Do you want a full comprehensive cancer cover or would you be happy to use the NHS for cancer treatment. Some policies will allow you to reduce or remove cancer cover from your policy.
Personal Health insurance offers you cover for therapies such as physiotherapy and osteopathy. You do not have to include cover for therapies and can opt to self-fund for this type of treatment.
Dental and Optical cover
Some insurers offer Dental and optical cover as an add-on benefit. If you include this on your policy you will see an increase in your annual premium.
Travel Insurance cover
Again, some insurers will offer travel insurance as an add-on. Check your bank account and home insurance policy in case you already have cover for travel insurance in place. There is no point in paying for an additional benefit you already have cover for.
New Business Incentives
Insurers often run new business incentives. These change on a regular basis. Your health insurance broker will have information relating to any special offers available at the time you want to purchase your policy.
What SMP Healthcare can offer you when you are looking at Early Retirement:
The team at SMP Healthcare have many years of experience in the Health Insurance market. You can be confident in our services as an independent and unbiased broker. As we have no affiliation to any insurance provider you can trust that any recommendation we make is based on what you want from your Health Insurance for now and the future.
Please get in touch today if you would like help with arranging your policy ready for your early retirement.
Telephone: 01245 929129/ 0800 047 0127