It makes perfect sense to compare and contrast private health insurance companies to see what they offer and the cost. But where do you start? Well, you will find that individual private health insurance companies focus on particular markets and particular clientele. The Internet is very helpful when comparing private health insurance, but you need to know what you’re looking for.
At first glance, the private healthcare insurance industry is complicated, restrictive and in some cases, expensive. However, when you dig a little deeper and see exactly what is on offer, costing the long term benefits, your opinion may begin to change.
As life expectancy continues to improve, as a consequence of advances in medicine, private health insurance will become more popular.
We update all our guides regularly. If you are researching Private Medical Insurance and we haven't got an exact guide that helps you, keep coming back as we update daily.
The first thing to do is to write down exactly what you require. Are looking for basic insurance, medium level insurance or comprehensive insurance?
Do you have a particular budget in mind with regards to monthly premiums?
Do you have any pre-existing medical conditions in your medical history? Until you know exactly what you need, it would be impossible to compare and contrast what is on offer.
While each individual case will be treated differently, experts suggest that the average private healthcare insurance premium is between £1000 and £1500 per annum. There is no doubt that the industry is becoming more competitive, with new entrants emerging on a regular basis, but this has to be looked at in tandem with the ever-increasing costs of medical care.
This is in terms of consultant costs and the cost of equipment/drugs.
It will vary from company to company, but you will find that many private healthcare insurance companies will offer you greater flexibility with regards to the timing of your treatment and even the location.
However, the timing of your initial consultancy may depend upon the availability of specialist consultants. The opportunity to choose a hospital in your vicinity is generally available, but where specialist treatment is required, there may not be the same degree of flexibility.
No! You will very quickly find that you get what you pay for with regards to any type of insurance, and this is no different from private healthcare insurance. The greater the cover required, the higher the premiums.
It is also worth noting that your “excess” will also have a significant impact on your premiums. If you are able to afford a relatively high excess, then your premiums will be relatively low and vice versa.
There are two types of work healthcare insurance schemes with one paid for by your employer and the other a voluntary contribution scheme, often offering discounted rates on published terms.
In relation to the voluntary scheme, as your employer would likely be able to introduce a significant number of potential clients to the insurance company, they should be able to negotiate a discount on published rates.
If paid for by your employer, you do tend to find that work healthcare insurance schemes offer a greater degree of cover. This may also include enhanced services such as standard of accommodation, food, etc.
In reality, there is no point in an employer organising basic/substandard cover as a means of impressing and retaining employees. Any insurance cover paid for by somebody else always feels better!
The UK private health insurance market continues to grow although a number of names are often quoted as the leading lights of the sector.
These include the likes of:-
We also have the likes of Saga, CS Healthcare and Freedom Health Insurance who are also regularly mentioned in online surveys. The truth is that in order to compare and contrast the cost of the services offered by individual private healthcare insurance companies, you need to be comparing apples with apples.
They need to offer the same services, the same standard of care, and it is also important to look at the small print.
When looking at private healthcare insurance, you will need to consider the excess you are willing to pay before the insurance company is liable to cover costs. As with your car, the higher the excess you are prepared to cover the lower your premiums as this will create a lower liability for the insurance company.
So, if you can afford a relatively high access with your private healthcare insurance, then you will benefit from lower long-term premiums. However, if you can’t afford a relatively high excess, you should expect to pay higher premiums.
You will find that some private healthcare facilities are shielded under the NHS umbrella with the public, and the private side of the NHS separated and very different. This is a trend which has been increasing in recent years and in many cases offers the opportunity to mix NHS and private healthcare as and when required.
Many people are not aware that you can incorporate both NHS and private healthcare to tackle one or a number of conditions you may have.
While the costs of hiring consultants, medical equipment and treatment will have an impact on your premiums, there is also a growing element of competition in the sector. So, if you have been informed of a relatively high increase in your premiums at renewal, then it may be worthwhile looking around to see if there are any better offers.
The main thing to remember when comparing and contrasting private healthcare companies is to ensure you are comparing and contrasting those offering the same services. If you are effectively comparing apples and pears, this will be of no use to you. You need to compare companies offering the same services to get an idea of the relative value for money.
Here at Money Savings Advice, we have partnered with some of the UK’s leading Private Medical Insurance companies. They have already helped thousands of people get the best PMI cover, and, they can do the same for you.
Choosing an independent adviser means they won’t recommend a policy unless they are sure it is in your best interests. Their advice is also regulated by the FCA, which gives you an additional layer of protection.
If you would like to speak to one of these brokers, then click on the below and answer the very simple questions.
How does Money Savings Advice work
Money Savings Advice is an independent editorial company providing detailed information about numerous financial niches with the aim of helping consumers make informed financial decisions. We aim to provide hints, tips and techniques to help you make your money work for you. However, we are not perfect, and we accept no liability if anything we write about goes wrong.
Money Savings Advice is a trading name of RMM Digital Publishing Ltd. Registered trading address, First Floor, 85 Great Portland Street, London, W1W 7LT. Trading in England and Wales, company number 11550143 with data protection number ZA747669.