With an aging population, the way that we approach our healthcare in the UK becomes even more crucial. For anybody that chooses to go down the private health insurance route, one of the main issues, especially if you are on a limited budget, involves the cost.
It used to be assumed that this type of healthcare was expensive and was only appropriate to a small select band of wealthy individuals. These days this is not the case, however, to make it more affordable without reducing its value is an important issue that should be addressed.
Is It Possible To Minimize The Cost Of Private Health Insurance?
Companies that provide health insurance will usually have a large range of products. These ‘packages’ will cater for people who have all types of budgets, and will provide something that is more affordable.
It is possible to find three main groups. These include budget health insurance, which will cover treatment as an in-patient only. Somebody who has this type of contract will be obliged to pay for tests, outpatient treatment and consultations with a specialist doctor.
The other two types of insurance, which are Standard and Comprehensive, are more expensive. These will include the usual things you’d expect from private health insurance, such as fast track appointments and private hospital care, check out an example here.
By taking out a comprehensive policy you are covering everything, but this comes at a price. There are, though, some ways of getting insurance cover which is unique to the individual needs and is, therefore, less expensive. If you only choose the cover that is suitable for you, then it will be more affordable. If you are a single person, then by getting rid of cover for dependents, for example, will make economical sense. By looking into insurance cover that comes as a package, it is possible only to choose the things that are relevant and thus, also saving money. Here are some good ideas:
- By using limited cover private insurance and linking it with the standard NHS treatment, it will work out cheaper. People, who do it this way, will generally go to the NHS in an emergency situation but go private if it is for a short term or minor condition.
- A modern health insurance policy will now give the person taking it out the choice to have an excess-written into it. This means that the company doesn’t pay unless the excess is exceeded; the higher the excess, the lower the premiums.
- By choosing to wait a little bit longer for treatment, it is possible that your insurer will offer a cheaper premium.
- By not making a claim on your health insurance, then the premiums will go down annually.
- Buying this type of cover online is cheaper and well worth looking into.
Other tried and tested ways of decreasing premiums in this sector include paying annually instead of monthly, and living a healthier lifestyle. If you regularly visit the gym, it is possible that a company will decrease your premiums.