What an excellent question that is! If there were a definitive answer that would be even better.
I guess the trouble with the word “cheap” is that everyone has their own idea as to what cheap really is. Is it £10 or £100 per month?
Maybe the better question is “how can I buy a private medical insurance policy that offers great value?”
Speak to a specialist health insurance broker
Talking through your primary objectives for buying a private medical insurance policy is a great starting point. If you know you really want to have cover for the more serious conditions, make it clear from the start. Your broker will then be able to get you the relevant quotes from insurance companies.
Work out whether you can afford a reasonable excess
Adding an excess to your policy can really make a difference to the premium. As with any insurance, the higher the excess you add to the policy, the lower the premium will become. The excess on private medical insurance is normally per person per policy year.
Decide if you are happy for the insurer to choose which consultant you see
Many insurers will offer you the option of using their claims team to advise which consultant or hospital you have your treatment with. There can be a decent premium saving if you opt for this guided option rather than opt for a standard hospital list.
Don’t just consider the big brand names
The health insurance market in the UK has a number of providers available. When you are thinking about buying a policy, don’t just look at the big brands. There are some great policies available from the smaller insurers that offer great value. Don’t discount them because they don’t have enormous marketing budgets!!
If you have a business, look at setting up a company scheme
Company private medical insurance is often far cheaper than individual policies. When 3 Directors of the same company have individual cover this really may not be the most cost effective option. Setting up a company scheme (especially if there are additional staff eligible for cover) can really effect great savings.
SMP Healthcare are determined to help people find the right policy for the right price. We want people to buy a policy that provides great cover but not with an enormous price tag. There are so many options available, we would love to help more people, giving them all the information they need to find a competitively priced policy. If you would like to work with a dedicated team of experts who have worked in the health insurance market for many years, please get in touch.
Telephone: 01245 929129 or 0800 047 0127