Published on May 10th, 2013 | by Pete0
Tips on Finding Low-Cost Health Insurance
Staying fit and healthy is one of the most important things in life. No matter what challenges or obstacles come our way, whether it is a hectic family life or a job that keeps us busy all week, being in good health is imperative.
However, it is sometimes necessary to have appropriate cover for every eventuality. We never know what is round the corner when it comes to health issues, so having appropriate insurance is hugely beneficial.
Unfortunately, appropriate cover isn’t able to prevent such thing as misdiagnoses taking place. But In the event of incorrect diagnosis or treatment, it is possible to claim medical negligence compensation.
So – how best to go about finding affordable health insurance?
Even if one particular insurer comes highly recommended from family and friends, it is recommended you shop around for the best possible deal. An individual’s situation will be unique, so you need to be sure the policy is tailored to your personal requirements.
Start by getting quotes from the major insurers and compare their levels of cover and price. It may also be a good idea to use a price comparison website to narrow down your search options.
If you are unsure of what is included and need more information, then it might be worth visiting an insurance broker. The Association of Medical Insurance Intermediaries will be able to provide advice on health insurance and put you in contact with a reputable provider. However, they will be paid commission for recommending certain firms, so be prepared to haggle with the prices you have already researched.
Cut down your options
Even though everybody wants comprehensive health insurance, this is often out of reach, so it is worth considering what exclusions you could make.
Certain treatments such as tests, scans and complementary healthcare are not always essential and excluding these options will bring your premium down. You may also want to narrow down your choice of hospitals, as the top private institutions are expensive additions to your policy.
If you’re happy to receive NHS treatment but don’t want to wait several months for a procedure or care, certain insurers have a six-week option. This means if an NHS waiting list is more than six weeks long, your insurance company will pay for you to be seen quicker.
Saving on payment
If a high-level of health insurance is absolutely essential and you can’t make any major exclusion, there are still ways to save money.
A co-insurance or shared responsibility policy will enable you to pay a proportion of your treatment costs up to an agreed threshold. This is an incentive offered by insurance companies to keep the cost of cover down.
Much like car or home insurance, you can agree to pay your premium annually instead of monthly payments, which can save you around 5 per cent. A no-claims discount is also usually available and is used to encourage patients not to use their insurance for minor treatment or care. You may also be able increase the level of excess for a better quote – though the maximum voluntary amount is typically £1,000.