Save money on your health insurance
6 ways to save money on your health insurance:
Speak to an independent specialist
The best way to cut cost with your health insurance is to speak to someone who is a specialist in the health insurance sector, such as a broker. A specialist broker will be able to review your existing cover, understand what you are paying for and the benefits you would like as a customer.
Stick to the core benefits
It is worth getting a specialist broker to review your policy to remove any benefits you may not have asked for, or need. Most insurance policies offer additional options which you can add to your core cover, such as mental health or cancer cover.
Downgrade your health insurance cover
Some insurance policies offer different levels of cover, for example, basic, intermediate and comprehensive cover. You should check which type of cover you have and possibly downgrade or look at alternatives, if you want to reduce costs. If you are happy to use the NHS or self fund your out-patient treatment, this could have a big impact and offer significant savings on your annual premium.
Increase your excess
An excess is an amount which you’ll have to contribute towards a claim, so it’s worth seeing what this may be. An excess is normally between £0 – £1,000 and payable per policy year. If you would like to reduce your health insurance premium, you can increase the excess on your policy. Your excess is only payable if you make a claim.
If you can afford to pay your premium annually, your insurer may offer you an additional discount of around 5%, a great value option if you know you have the funds available and your insurer offers this option. This will mean no monthly Direct Debits to worry about and a reduced premium.
Understandably, staying healthy isn’t always under you control because things happen. However, staying healthy can reduce the risk of health problems and, in turn, reduce the cost of your insurance policy. One of the well-known insurers, Vitality Health, offer an extensive discounts and rewards programme designed to encourage members to live a healthier lifestyle. The more you engage, the more positive the effect on their ABC renewal pricing.