My health insurance premiums have increased – am I able to change provider?

Changing between private medical insurers

If you’re unhappy with your current private medical insurance provider or your premiums have increased it is possible to change insurer. There is lots of competition in the PMI market and so you have lots of different policies to choose from.

Before you change provider there are several things you should take into account.

1. Check what conditions are covered and excluded

Firstly, you should check what conditions are covered and excluded by your new policy. Many insurers will let you switch to their PMI policy on a ‘continued personal medical exclusion’ basis. This means that any conditions not covered by your existing policy will be excluded from the new one.

However, other insurers may also exclude any illnesses or conditions that you have had in the recent past or since you took out your original PMI policy even if they are covered under your existing policy. This could mean that your new policy excludes more conditions than your existing cover.

2. Is the new policy as comprehensive as your existing one?

You should check that your new policy compares favourably with your existing PMI contract. No two policies are the same and so it is advisable to compare the benefits of your existing cover and any new policy. You should make sure that there are no restrictions or exclusions on a new policy that you wouldn’t be subject to under your existing cover.

3. Switch insurer at the right time

The Association of British Insurers also advises that it’s best to consider switching PMI provider at your policy’s renewal date. If you do switch at another time you should check whether you’ll lose any premium payments.

4. You may have paperwork to complete

Finally, if your PMI premium has risen and you do want to switch provider, bear in mind that there may be paperwork to complete. You may also have to send proof of your existing policy.

If you are considering switching PMI provider it’s vital that you don’t sacrifice any valuable cover that you have. We can help you to compare the cost and cover of a range of leading PMI policies. Simply complete our online form and we’ll connect you to an unbiased, FSA registered broker who specialises in finding the right PMI policy for people like you.

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