While private health insurance can be expensive, there are a few ways that you can reduce the cost of your monthly premiums:
1. Opt for a bigger excess
With most insurance coverage, the higher the excess (the portion of the claim that you must pay yourself) you agree to pay, the cheaper your monthly payments are likely to be. If your excess is £0, changing this to £250 could reduce the cost of your monthly premiums by as much as 20%, with this percentage increasing as you agree to pay more excess. Make sure the excess you choose remains affordable though, otherwise you might struggle financially in the event of a claim.
2. Six Week Wait Option
This option means that if you need any form of inpatient treatment and the wait time on the NHS is six weeks or less, that you will use the NHS for that treatment. This will mean you are less reliant on private medical services and will benefit from lower monthly premiums as a result.
3. Reduce your hospital list
When you buy private health insurance, you will usually select a number of different hospitals that you would like to be treated in. Some insurers may allow you to pay more to have a wider range of options, so it’s worth checking if you are paying for this, or if you could reduce the number on your list to save yourself some money.
4. Maintain a healthy lifestyle
When you apply for private health insurance, you’ll be asked a number of questions about your health which will be taken into account when your premiums are calculated. Your insurer’s view is that the healthier you are, the less likely you are to need medical services and the cheaper your insurance will be. So, if there is room to improve your health, such as stopping smoking, eating five a day, or making exercise part of your daily routine, you may be able to reduce the cost of your premiums.
5. Shop around
With so many different providers of private health insurance available, it pays to consider a variety of options. If you want to find out how much private health insurance might cost you, or explore ways you can keep costs down, we’ve partnered with Active quote so you can compare quotes and arrange cover online. The service is free to use.
6. Know the level of cover you have
Most insurers provide a range of private medical cover, with some covering the bare minimum and others covering pretty much every possible scenario. You may be paying for services that you are unlikely to use, so it is worth checking what level of cover you have and whether you could look at a more basic option. This may include taking off options for outpatient treatments such as therapies, scans, tests or consultations.
7. Check before you claim
Claiming on any insurance is likely to increase your premiums going forward. If you are worried about the cost of your cover, then before you make a claim, consider how it might impact your premiums. If you need a routine appointment or some small procedure, it may be worth either using the NHS or paying for it yourself as many insurers won’t take into consideration the size of the claim so it could end up costing you more than the treatment was worth.