Blog > 5 Ways of Reducing Private Medical Insurance Premiums
5 Ways of Reducing Your Private Medical Insurance Premiums
Add or Increase Your Excess
Agreeing to pay an excess amount if you claim on your cover can reduce your monthly premiums significantly. Finding the balance is critical and you should discuss with your provider how much your premiums will be reduced according to amount of excess.
Consider the Six Week Wait Option
If the waiting list on the NHS is less than 6 weeks you would accept treatment through the public healthcare system. If the waiting list is longer you will be treated privately. Again, this option could represent a significant reduction on your premiums.
Take out a Fixed Rate Private Medical Insurance Policy Now
Age, is a huge determinant of private healthcare costs. That's why this option is a great opportunity for young healthy people who know they'll want private healthcare in the future. Take out a fixed rate policy now and you won't suffer high premiums as you get older.
Due to cash flow issues, it may be more attractive to pay in monthly installments. For this convenience you will have to pay extra. Paying for your insurance upfront means you don't have to pay interest. Although there may be a large initial outlay, you will pay less for your cover in the long term.
Shop Around - Do Not Renew Immediately
As with most financial services, shopping around is a must. If you are new to private medical insurance, shop around. Get quotes from insurers, brokers and advice from specialists, not just compare sites and that miss out on a lot of great opportunities. Talk to them about your requirements and find out the level of cover you require and how much you should be paying for it. Doing extensive research will pay off, and you will find yourself more satisfied with the cover you select.
If you already have a policy, don't renew until you have reviewed the market again. The industry is ever-changing and your options may have improved since you last took up your policy.
If you'd like to talk to one of our advisers about how you could reduce the cost of your policy or save money when taking insurance out for the first time, please call 01242 575 466, or complete the form at the top of this page. If you've had any previous experiences of other ways of reducing your premiums, please leave a comment for others to benefit.