What to be aware of when switching medical insurance provider?
The important rule to remember here is that cheap health insurance isn’t always good – you must understand what health care cover is included before jumping ship. Never just go on price as you may not get the cover you need.
Therefore in addition to comparing the cost, also compare the benefits, cover limits and any monetary caps included on treatments. This is even more crucial if you have had a condition that you have claimed, for as another private health insurance provider may consider it as a pre-exisiting condition and exclude it from your policy.
The key here is to look for UK health insurance companies that as a minimum will let you switch on a ‘Continued Medical Exclusion Basis’. This means that you will continue to be covered under the same terms with your new private health insurance provider as your old one.
It is also worth mentioning that the best time to switch your personal health insurance is when your insurance renewal comes round, as at other times you may incur a fee for changing.
If you are leaving a company scheme but would like to continue your private health insurance on an individual basis, approaching your current provider is a good place to start as they may continue the cover on the same basis. With many company health care schemes you do not have to undertake a medical, so switching to a new private medical insurance provider would mean this would need to take place which may not necessarily be a bad thing – depending on the state of your health.
As always if you don’t compare, you don’t know so speaking to a health insurance specialist may help.