With 2013 on the horizon many of us will be thinking about where we can make savings in the New Year. Here are our top tips to help you lower your health insurance premiums to make cover more affordable.
Customise your policy
Not everyone will want the same thing from their health insurance policy. Some people might be looking for comprehensive cancer cover, whilst others may be more interested in quick access to private diagnostic tests.
When looking for health insurance make sure you only pay for what you actually need. Many insurers allow you to ‘build your own’ cover. Starting with a basic core module, you can add additional options to suit your needs, like cancer cover, full outpatient cover and optical and dental treatment. By customising your policy you could save significant money on your premiums.
Smokers may pay more for their health insurance because they are more likely to fall ill and make a claim on their policy. Insurers will only consider you a non-smoker when you have gone a minimum of 12 months tobacco free.
Some insurers will reward you for kicking the habit- from January 1 2013 PruHealth customers who quit smoking for three months will be rewarded with cashback. Others offer discounted ‘stop smoking’ sessions to encourage their customers to live a healthier lifestyle.
Use a discount scheme
Discount schemes can be applied to many health insurance policies to reduce the cost of your premiums without sacrificing on cover. Popular schemes include:
- Excess- With an excess, you volunteer to pay the first part of a claim, in a fixed number of pounds. Even a £100 excess can noticeably reduce your premiums.
- Six week option- With a six week option, you agree that if the NHS can treat you within 6 weeks you will be treated on the NHS. If the NHS cannot guarantee treatment within 6 weeks, you go private straight away.
- Reduced hospital list- With a reduced hospital list you will not have to pay for cover for private hospitals you won’t use.
Compare the market
Bupa, Aviva and AXA PPP are the big names in the health insurance industry, but there are also many other smaller insurers with an excellent reputation. As well as corporate insurers there are also mutual companies which do not penalise their customers for making a claim.
To make sure you don’t miss out on the right policy at the best price, we always advise that you compare the market before investing in a plan.
Look for little ‘extras’
Many health insurers provide additional benefits to their customers, including discounted gym memberships, private health screenings, and money off ‘stop smoking’ sessions. Whilst you shouldn’t base your decision on features like these, it is worth taking advantage of them if they are offered by your policy of choice because they could save you money elsewhere.
Talk to an expert
Sometimes it is hard to choose between online quotes. Because health insurance is a complicated product it can always be helpful to speak to an impartial expert. Seeking advice will ensure you get the best cover for your money, and you may even be able to negotiate a lower price. As well as offering online health insurance quotes, ActiveQuote is also an FSA registered broker. Our team of experts are always on hand to help you get a policy within your budget.
© ActiveQuote Ltd. 2012