Cutting the cost of you medical insurance
For a 40 ear old non smoker the monthly payment for a male would be £62.85 and for a female £66.43 with an excess of £100 having the premium reduced if you gain "vitality" points.
At the end of the first year there is a discount of 25 per cent and you earn further points and therefore further discounts, by improving your health.
Don't Just Compare The Premiums Of Medical Insurance
Measures such as reducing your blood pressure, taking fitness assessments and regularly visiting the gym are encouraged. Cheap gym membership is also on offer and there is a website offering encouragement and handy tips about diet and exercise.
When checked with other medical insurance policies, the Pruehealth policy mentioned above came out more expensive than those of General Medical, Health-on-line and Axa PPP. General Medical, for example, offers their Foundation Plus First Choice policy. The premium again based on a 40 year old non-smoker, male or female, is £48.05 with an excess of £100.
Medical Insurance Premiums Go Up
As the cost of medical insurance rises with age, inevitably the insurers are going to have to recoup their costs. Some work their premiums out based on age bands and the cost of insurance can jump sharply as you move up from 40 to 49, 50 to 59 and so on. Rather than sudden increases in the premium, many companies increase by a smaller amount, but will apply this annually.
At a time when private medical insurance seems to be thriving, the very people that need it most are starting to cancel their policies due to inflated costs. Medical inflation accounts for an 8 per cent rise in premiums per year as new drugs and diagnostic equipment cost soar.
Consumers can feel reassured by some of the latest changes on offer in a bid to address the problem. One idea is suggested by Penny O'Nions, of the specialist broker Onions Group. They have a plan which covers inpatient care only. Any private outpatient care would have to come out of your own pocket and whilst most serious illnesses such as cancer would involve hospitalisation, increasingly these are treated in outpatient facilities and therefore wouldn't be covered.
Higher Excess Means Lower Medical Insurance Premiums
An excess on your policy (the part you will pay yourself in the event of a claim) can gain large savings in your premium. By paying an excess of £100 you could save almost 10 per cent and if you're prepared for an even bigger excess, say £2 000, you could halve the amount you pay. This effectively puts a ceiling on the costs of illness.
No claims discounts usually apply to these types of policies and you should be able to transfer these if you decide to cancel your existing policy.
As you can see, there's a vast range of options. Many people stick to the same old policies, feeling it's just not worth the effort of transferring. However, it couldn't be easier, just go to your favourite search engine, search for insurance brokers and find one which offers health insurance. They'll take your circumstances into account and find the best deal for you and there may well be the additional bonus of an on-line discount.
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