Saving on Health Insurance

Saving on your Health Insurance

It can take months to be seen by a doctor in the NHS and for this reason, many people have begun looking at options in private medical insurance. Commonly referred to as a PMI, private medical insurance has options for choosing private doctors who can see patients much quicker than doctors in the NHS, as well as offering cover for in-patient and out-patient hospital services on the selected plan. Private health insurance, for some, can seem like a lot of money, but looking for an affordable cover is simple with websites such as, on which you can select and compare different insurance options. As well as looking at your options on such price comparison sites, there are a few others things you can do to help you save some money. 

1. Use an Intermediary When Purchasing Health Insurance

There are a few different ways you can find private medical insurance in the UK. Of course, you could always contact insurers directly to compare health insurance rates, but that could be a lengthy process. Brokers charge for their services, so going through an intermediary would be your most affordable option. An insurance intermediary doesn’t charge you for their services because the insurance company pays them a commission. This equates to initial savings on a brokerage fee.

2. Take Advantage of the No Claims Discount

A no-claims discount takes into account whether or not you currently are covered by a PMI and if you have made recent claims against your policy. When talking to an intermediary, they will find affordable quotes on the cover you need based on your claims history. Not making claims is one way to save money on your premiums.

3. Ask for the Six-Week Option

Then there is the six-week option to understand. If you choose this cover and are in need of services which can be provided by the NHS, if those services come available within six weeks, you will need to use that provider. If not, your PMI will kick in and pay up to the limits you have set on your policy for covered services. Sometimes, this provides a discount on your premiums if the NHS isn’t overwhelmed, making it possible for you to be seen by those providers within that timeframe.

4. Raise Your Excess

The general rule of thumb when it comes to excess is that the higher your excess, the lower your premiums will be. In other words, if you opt for an excess amount of £5,000, then that is the amount you would pay for the service provided and the insurance would pay anything above that amount. Conversely, if you opt for an excess amount of £1,000, then the insurance provider would be at risk of paying anything above that for covered services. In the world of insurance, lower risk equates to lower premiums. That’s a given.

There is no disputing the fact that the NHS is completely overwhelmed. There is a critical shortage of doctors and nurses, often leaving patients to wait unacceptable amounts of time before getting the care they deserve. Private health insurance is the answer in most cases because you can choose private doctors who aren’t overloaded with NHS patients. If cost is an issue, these four money-saving tips can keep your premiums low enough to make them affordable. By comparing rates between insurance companies and limiting optional cover, you can keep your premiums affordable.

Katie Johnson