No one can deny that the NHS does a phenomenal job, it is often considered to be one of Britain’s greatest achievements, but it cannot always meet the demands of an ever increasing and aging population, especially with limited funding increases falling far short of what is needed to cope with this increasing demand. As a result, more and more people are turning to Private Health Insurance to avoid lengthy NHS treatment delays.
But is Private Health Insurance expensive?
Traditionally, Private Health Insurance was considered a luxury product, accessible only by the wealthy, but nowadays many people view it as an essential investment in their health. You insure your car, your home, and your pets………isn’t your health the most important asset of your life?
Insurers now offer a range of benefit options to accommodate individual needs. It is most definitely not a one-size-fits-all product. As a result, trying to navigate this complex market often leaves consumers confused.
Below are a few examples of some cost containment options that may be worth considering;
Limiting the amount of out-patient cover Most health insurers will allow you to choose the amount of cover you have for things like out-patient specialist consultations and diagnostics tests. For example, rather than having these covered in full you may have a combined limit of £1,000 per person, per policy year or be covered for up to a specific number of out-patient consultations but with the diagnostic tests covered in full.
Applying an Excess Another way to control the amount you pay is to incorporate a claims excess. An excess is the amount you’ll have to pay towards your treatment if you make a claim on your policy and is usually only payable once per policy year (although some insurers do offer the option to have a ‘per claim’ excess applied). Agreeing to a larger excess likely to reduce the premium.
Hospital list You may be asked to choose a hospital list. If you have a preferred hospital, you should make sure that it is included within your chosen list. Quite often you’ll have the choice of including or excluding ‘London upgrade’ hospitals such as The Wellington and The Cromwell. Excluding these London upgrade hospitals is likely to result in a lower premium.
Guided Option With this type of cover, rather than choosing the consultant and the hospital yourself, when you claim the insurer will provide a shortlist of specialists based on your clinical needs. At the point of the GP referral for treatment, you would ask for an ‘open referral’, meaning that the referral will be made to any consultant with a particular speciality rather than explicitly naming a specific consultant. Including a Guided Option is usually less expensive than the more traditional option of having a hospital list. However, crucially you won’t be compromising on the quality of care.
Paying annually up front Some insurers will offer a discount if you pay your premiums annually upfront as opposed to paying monthly by direct debit.
The following infographic shows some real-life examples of Private Health Insurance premiums.
Backed by our wealth of experience, Vertu Health & Protection can provide impartial advice to help you find a Health Insurance product that is tailored to your specific requirements and budget. What’s more, our services to you are completely free of charge and always without obligation.
So, why not get in touch on 01276 581896 or via info@vertuprotect.co.uk and let us guide you through the options available to you.