Are you paying too much for your health insurance?
Although all UK citizens are entitled to free healthcare on the NHS, added pressures to the service mean that having health insurance in place is no longer considered something for the privileged few – having access to quality healthcare is a choice that many more people are taking to ensure that they – and their families – get the best of care when they need it the most.
However important you feel having health insurance is; you certainly don’t want to be paying through the nose for it – especially when you consider that you could be getting treatment for free through the NHS. If you have a sneaking suspicion that your health insurance is too expensive or you feel that it’s becoming a financial burden, then it’s time to review your policy to see if you can get a better value product for your needs. You could potentially save money just by shopping around with a wide range of health insurance products available on the market.
Reassess your current cover
Once you have health insurance in place, it can be all too easy to put your policy away in a drawer and forget about it – particularly if you are in good health and haven’t needed to use it. But ideally you should be reviewing your cover on a more regular basis to ensure that it still suits your needs. Here are just a few things to look out for:
- When did you last review your cover? Have your circumstances changed?
- Do you understand exactly what your policy covers? And what it doesn’t?
- Are you aware of any restrictions or limitations on your policy i.e. types of treatment, location of hospitals etc?
- Are you paying for benefits that you don’t really need?
- Is your whole family on the same plan? Could you split the policy if you have different health needs?
- Could you consider paying a higher excess to reduce you monthly premiums?
- Are there any new policies available with special offers?
The key thing here is that there are a number of ways that your policy may no longer be meeting your requirements, and making changes or switching to a different provider could generate some significant savings on your healthcare costs.
The majority of health insurance providers issue annual policies so make sure that you review your insurance each year, in plenty of time before the renewal date, much in the same way you would with your car or home insurance. This way, you are unlikely to get stuck on a plan that doesn’t suit your needs or is too expensive for a further 12 months as it could be an expensive process to switch half way through.
As with most insurance products, healthcare costs are rising year on year so it’s essential to make sure that you are getting the best value from your health insurance policy. Keeping savvy and shopping around for the best deal will ensure that you aren’t paying more than you need to for your health insurance.
SoSmart Health provide a free impartial health insurance comparison service, which compares a wide range of cover options to find you the best plan at the best price possible.
The above post is intended to be informative but does not constitute advice – financial, legal or otherwise. Any opinions given are the author’s own and do not necessarily reflect the views of SO Media.