How Can I Reduce My Private Health Insurance Premiums?

Getting Cheaper Medical Cover

There are five ways that you can cut the cost of your private health insurance (PMI).

Increase your policy excess

A policy excess on a health insurance policy works in a similar way to the excess on your home or car insurance. You choose the level of excess you want on your policy. When you make a claim, you pay that part of the claim and the insurer pays the rest.

As with other types of insurance, it is generally true that the higher your voluntary excess is, the lower your monthly premium will be. The maximum excess varies between PMI providers and so you should check each policy carefully.

Shop around

A great way to save money on your health insurance is to shop around for cover. There are dozens of health insurance policies in the market and you can help to keep your costs down by undertaking proper research.

At Briggs & Butler we can connect you with an impartial, FSA registered broker who will compare health insurance policies to find the right deal at the right price. Simply complete our short online form to get a quote.

Use a no-claims discount

No-claims discounts often help you cut the cost of your car or home insurance. And, no-claim discounts are also available on many private medical insurance policies. If you don’t claim on your policy – or if you claim a small amount – you may be able to build up a discount.

Some insurers don’t offer no-claim discounts as they believe they encourage people to avoid essential treatment simply to preserve their policy discount. Check the small print of your chosen policy.

Delay your treatment

Another option that helps you to reduce your PMI premiums is to use a policy which helps you if the NHS can’t treat you quickly. Some insurers offer options which kick in if the waiting list for treatment for your condition is between 6 weeks and 90 days.

Find a co-payment or ‘shared responsibility’ scheme

These policies help you keep your premiums down by requiring that you pay part of the cost of any treatment. By volunteering that you will pay part of any claim it can keep your costs down. Bear in mind that you will need to be able to fund your percentage of the cost yourself.

We can help you find the right health insurance at the right price. Simply complete our online form today and we’ll get an independent, FSA regulated health insurance expert to contact you to discuss your options. As well as shopping around for the best price they can also discuss the choices you have to keep your premiums down.

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