When you buy a private medical insurance policy you can add an excess to your policy. If you make a claim you will need to pay the excess.
Most insurance companies apply this amount once per policy year however, sometimes you can have a per claim excess.
The reason you should consider this option is because it is a way for you to save money on your premium. The higher the amount you agree to pay, the lower your annual premium becomes.
This is not the same as a deductible. This is a different type of monetary contribution.
If you have a reduced out-patient option, you need to understand how the out-patient limit is affected by your excess. Does it come off of your out-patient limit?
There are different levels of excess available to you ranging from:
The higher levels (£1000 plus) tend to be available on consumer insurance policies only.
Easy ways for business owners to reduce the cost of their company private medical insurance. Helping business owners to save money for health insurance without losing benefits and cover for their team.
What an excellent question that is! If there were a definitive answer that would be even better. Do people really want cheap health insurance or great value? 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…
When considering reduced cover options it is important to understand the advantages and disadvantages that each benefit brings. What happens if you pair certain options together, such as pairing out-patient limits with an excess?
Medex Protect offer a specialised, low cost insurance product which offers cover for your excess and shortfalls in payment from your Private Medical Insurance provider. This is available to company health insurance schemes. By increasing the excess on your Private Medical Insurance you can reduce your premiums. You can then take a policy from Medex Protect that will cover the excess and shortfalls up to the plan benefit level chosen. Medex Protect offer 3 levels of company plan: 150 Plan; covering £150 excess and £150 shortfall 250 Plan; covering £250 excess and £250 shortfall 500 Plan; covering £500 excess and…