Switching Health Insurance Companies

When it comes to insurance renewal, be it car, home or health, the same rules apply – always compare quotes and cover before continuing with your existing insurer.

There are things you need to be aware of when switching health insurance provider as it is not quite as straight forward as perhaps home or car insurance renewal is, however if you don’t at least compare quotes, you may be missing out on a cheaper private healthcare option with better cover.

Why switch health insurance provider?

Whether you are looking to switch from an existing personal health insurance scheme or leaving a company scheme, switching medical insurance companies is a simple and straightforward process, as long as you know what you are looking for or get the right guidance and advice. 

The best time to think about changing your personal health insurance cover is when your annual insurance renewal comes round. As we get older, our risk of illness gets higher which unfortunately means so do our heath care monthly premiums.

Taking time to review and compare health insurance quotes across the market on an annual basis gives you the chance to ensure your level of health care cover is appropriate for your requirements and to see if there are better deals around.

For example, some UK health insurance companies offer incentives for switching, or discounts for those who haven’t claimed on their private medical insurance for a specific number of years.

This is where an experienced private health insurance specialist like our partners at Hannah can really help. Their advice is free; they can compare the market for you, talk you through your options and then give you a range of quotes so you can choose which option you prefer.

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.

How to save money when changing health insurance companies?

Whether you are choosing private health care for the first time or looking to change your medical insurance company, it is good to know that there are ways you can cut down on the cost:

  • The state of your health can work in your favour as some UK health insurance companies offer discounts for being fit and healthy, or for not claiming for a certain length of time on an existing medical insurance plan.
  • Increasing the excess you are willing pay on a claim will bring down the cost of your health care cover   
  • If you haven’t already, you can agree to be treated at a specific number of private hospitals, or agree to be treated by the NHS if treatment takes place within 6 weeks.

For more information on switching your health insurance company and to compare quotes, please click on the compare quotes button.

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