Private health insurance is often thought of as a luxury that only the wealthiest can afford.
Faced with the options of either the NHS or the ‘self-pay’ method, there can be no doubt that private cover wins out in terms of value for money and convenience. Moreover, it is simpler than ever to save and get the comfort of this cover, as long as you know the steps to take and the questions to ask.
If at all possible, try and get your private health insurance through your employer. Although this is not viable in all cases, big corporations often offer this as an additional benefit to the work package, meaning that the cost is heavily reduced (although still taxed).
Indeed, an increasing number of employers are paying for employees’ healthcare in a bid to reduce ‘sick days,’ which in 2010 cost the economy £17bn. That same year, over a quarter of employers paid for their employees’ private healthcare costs.
For everyone else who has to pay independently, also known as the ‘self-funders,’ shopping around is essential to getting a competitive price that covers all further options that might be needed.
A medical insurance quote will typically allow you to add on various extras, as well as reduce the cost of the final figure through means of an excess; the best part is that all of this can be done online.
Thinking simply will often save you the most when it comes to health insurance. Why pay more for extras that you don’t necessarily need? Being strict about your policy and requirements will significantly reduce your premium.
In a similar vein, consider the type of plans available that should correspond to what you want to be covered for. Those wishing to reduce their waiting time can choose a suitable policy, which would be different from someone wanting coverage for long-term, more expensive treatments (that may or may not be covered by the insurer).
It’s all a question of knowing your plan and making the right choice to keep costs to a minimum.
If you’ve decided on your cover and are clear about your policy, then there are also additional ways to save some pennies. Paying a higher excess or using the ‘six week option’ that many insurers offer (which only covers you if you have to wait for over 6 weeks on the NHS) are both viable ways to go, and can save a lot of money on the final figure of your insurance.
Health insurance needn’t cost the world, and can be a convenient way of accessing medical care and attention at a moment’s notice, guaranteeing a personalised service suited to your needs and conditions. Knowing how to cut the costs of your cover will be a significant added bonus.
