How to Lower the Cost of Private Medical Insurance

We will always want to promote the benefits of private medical insurance as your advisor, especially in a time when NHS waiting times are concerningly long. But the fact is, we have a cost-of-living crisis, and premiums can be expensive — rising claims and treatment costs are putting further pressure on the cost of cover.

However, we do have some helpful advice to help reduce your premium without giving up private healthcare altogether. The key is understanding the trade-offs. We are always here to help; let’s explore these together and work out a policy that is perfect for you and your budget.

1. Ok, so one of the simplest ways to reduce your premium is to increase your policy excess. This is the amount you agree to contribute towards an eligible claim. A higher excess can mean a lower premium, but you’ll need to make sure you could comfortably afford the additional cost if you needed to claim.

2.  Review your hospital list. Some insurers offer different levels of hospital access. Choosing a more restricted or guided hospital list can reduce your premium compared with a wider network. Before making a change, check which hospitals are included. If you have a preferred hospital locally, make sure it remains available under the new option.

3. Did you know that some policies allow you to consider a six-week NHS option, allowing you to opt for NHS treatment if available within six weeks? If not, your private cover steps in. It might suit you if you want the reassurance of private healthcare but are happy to use the NHS where treatment is available within a relatively short timeframe. However, six-week options are not always available, so we’ll double-check that for you.

4. We always run through with our clients to make sure they understand what their policy covers. It’s generally designed around acute conditions that are likely to respond to treatment. Most policies exclude pre-existing conditions, while chronic conditions requiring ongoing management, such as diabetes or asthma, are also generally excluded. You might save money removing options.

5. However! Don’t focus solely on price! The cheapest policy isn’t necessarily the best value. When reviewing your renewal, consider the balance between your premium, excess, hospital access and the level of cover you actually need.

If your premium has increased, reviewing your options could help you reduce the cost while keeping the private healthcare benefits that matter most to you. We’ll help you assess the compromises and find a policy suited to you.