When you receive private medical insurance as a company paid benefit you are lucky to have the peace of mind that should anything happen, you have access to the speed and choice of treatment by a network of private hospitals and consultants. When your employment ends, what are your choices then:

  • Continued cover with your current insurer as an individual client

– When you are leaving your current employment you could choose to take out individual cover with your current provider. This is especially important to those people who may have had treatment or have pending / planned treatment due. Your insurer will look at your history and provide you with a premium for you to keep your policy in place as an individual client without further underwriting.

  • A new individual policy

– You could choose to take out a new policy with any of the market providers, however you would then have to be medically underwritten (complete a declaration of your medical history) or look at a moratorium policy ( there is no medical declaration prior to taking the policy however, you are underwritten at the point of claim) This new policy can be adjusted to suit your requirements, you can choose to have a full refund policy, psychiatric cover or you can opt to reduce your costs by reducing your out-patients cover to £1000 or applying a 6 week option to the policy.

  • Switching to a new provider

– If you approach the market prior to the date you are being removed from the company scheme and you fit the new providers switch criteria then you may be able to transfer to a new provider without further medical underwriting. The new provider will need to see a copy of your original certificate as confirmation of cover and to give them information relating to any pre-existing conditions that may have already been excluded.

  • Moving to a new company scheme

– If you are going to work for a new company who offer healthcare insurance as a company benefit, please let them know that you already have cover in place as this could affect the way you can be incepted on to their policy and again, providing you switch prior to the lapse date of your current policy you may be accepted on continued terms. The new provider will need to see a copy of your original certificate as confirmation of cover and to give them information relating to any pre-existing conditions that may have already been excluded.

Don’t leave yourself without cover, SMP Healthcare treat their individual clients in the same way as we do our group/ corporate clients and are here to help you ensure you are aware of your options. There are no charges for our services and we would like all of our clients to know exactly what is available to them. If you would like us to help you transfer from a group to an individual policy, give us a call or email us and one of our expert advisers will be happy to help you.