Health insurance provides access to private healthcare and helps you bypass NHS waiting lists. While a comprehensive plan may come with a high price tag, a more straightforward one can still offer valuable health insurance advantages. This guide offers tips on how to reduce your health insurance expenses.
Benefits of Private Health Insurance
Private health insurance grants you access to private medical services based on your policy’s coverage. You have the flexibility to select a comprehensive health insurance plan with add-on options like vision and dental coverage, or opt for a more straightforward policy that handles the essentials or provides reimbursements for NHS treatment expenses.
A basic private health insurance policy provides access to medical treatment and incorporates supplementary features such as virtual consultations with GPs, mental health assistance, and online tools to enhance your health and overall well-being. These offerings are particularly valuable at a time when securing a GP appointment within the NHS is growing increasingly challenging.
How much does a treatment-only plan cost?
The cost of a treatment-only health insurance plan can vary significantly depending on several factors, including:
- Age
- Health Status
- Coverage
- Location
- Insurance Provider
- Deductible
- Co-Payments
- Optional Extras
- Policy Type
- Waiting Periods
The cost of your health insurance rises in correlation with your age. Below, you can find an overview of the expected expenses for a treatment-only plan during various life stages.
- 20-year-old treatment only health insurance – £23.14 per month
- 30-year-old treatment only health insurance – £29.42 per month
- 40-year-old treatment only health insurance – £35.85 per month
- 50-year-old treatment only health insurance – £47.50 per month
- 60-year-old treatment only health insurance – £68.90 per month
- 70-year-old treatment only health insurance – £109.45 per month
How to Get Cheaper Health Insurance
If you require private health insurance, there are various methods to maintain affordability. Below are strategies to reduce your private health insurance expenses.
#1. Opt for an Insurer that Provides Discounts
Certain private health insurance providers extend discounts under specific conditions. For instance, Vitality structures its health insurance premiums to reward individuals embracing a healthy lifestyle. They offer discounts and incentives to those meeting their activity benchmarks. Accumulating Vitality points within their rewards program can also result in a reduced renewal premium, particularly benefiting active policyholders.
Some professional associations have established arrangements with particular health insurance companies to offer discounted health insurance to their members. If you’re part of an organization like the British Veterinary Association or Institute of Directors, it’s advisable to explore the available options. While obtaining comparison quotes to ensure the best value remains a wise practice, this can serve as an excellent starting point.
Seek policies with supplementary benefits
Taking a comprehensive approach can be a prudent choice if you want to make the most of your investment. Many health insurers offer packages comprising perks and discounts for their policyholders. This means that your health insurance can provide cost savings on items you commonly purchase. Vitality’s rewards program, for example, enables you to earn discounts for maintaining a healthy lifestyle, but most health insurance providers present various member discounts.
Health insurance policies can not only assist in reducing your daily expenditures but also help you save money in other aspects of your life.
#2. Seek a customizable health insurance policy
Private health insurance policies typically come with standard core coverage and optional add-ons at an additional cost. This flexibility allows you to include the elements that matter most to you while forgoing coverage you’re unlikely to require. The standard coverage provided by different insurers can vary, with some offering more extensive coverage than others. As a result, you may find a comprehensive health insurance policy at a lower cost because you don’t need to add as many optional extras to your plan.
Many insurers offer health insurance policies with tiered levels that impose varying financial limits on each treatment category. Others present flexible options that enable you to tailor your coverage to match your specific needs. For instance, WPA’s new Complete Health insurance policy provides adaptable coverage and cashback plans. Having greater control over your health insurance policy can lead to reduced premiums and ensure that your private health insurance is precisely tailored to your requirements.
#3. Treatment-only plans
Private health insurance plans typically include a standard set of core coverage features, along with optional add-ons available at an extra expense. This level of flexibility empowers you to incorporate the components that hold the most significance for you while bypassing coverage you’re unlikely to need. The extent of standard coverage can vary among different insurance providers, with some offering more comprehensive options compared to others. Consequently, you might discover a comprehensive health insurance policy at a lower price because you won’t need to include as many optional extras in your plan.
Several insurance companies present health insurance policies with tiered levels, each establishing differing financial limits for various treatment categories. Others introduce adaptable alternatives that permit you to fine-tune your coverage to align precisely with your individual requirements. For example, WPA’s new Complete Health insurance policy introduces flexible coverage options and cashback plans. Exercising more control over your health insurance policy can potentially result in reduced premiums and ensure that your private health insurance aligns precisely with your unique needs.
#3. Seek a health insurance plan that you can readily customize to your preferences.
Private health insurance plans come with a standard set of core coverage elements, and you have the option to include additional features for an extra cost. This flexibility allows you to choose the components that are most important to you while omitting coverage that you’re unlikely to require. The extent of standard coverage can vary among different insurance providers, with some offering more comprehensive options than others. As a result, you might be able to obtain a more comprehensive health insurance policy at a lower cost simply by not adding as many optional extras to your plan.
Many insurers offer health insurance policies with different tiers, each setting specific financial limits for various categories of treatments. Others present more adaptable alternatives that enable you to customize your coverage to match your specific needs. For instance, WPA’s new Complete Health insurance policy provides flexible coverage and cashback options. Having greater influence over your health insurance policy can result in reduced premiums and assist you in obtaining private health insurance that perfectly aligns with your requirements.
#4. Look for couples or family policies
If you are a couple or a family seeking health insurance coverage for all members, choosing couples or family policies can lead to reduced costs per person compared to individual policies. Marriage is not typically a requirement for couples’ policies; often, they extend coverage as long as you reside together.
A wide range of family health insurance plans is available. Some insurance providers include coverage for your children at no additional cost or for an extended duration as long as they continue to live with you. For instance, Freedom Health Insurance offers coverage for children up to their 25th birthday, even if they reside elsewhere. It’s advisable to obtain a comparison quote to discover the most budget-friendly option for your needs.
#5. Guided Consultant Choice
Private health insurance offers the advantage of providing you with greater control over your healthcare decisions. It allows you more choice regarding your healthcare provider and treatment location. Some private health insurance providers have their network of hospitals, while others grant access to a combination of private healthcare facilities and private units within NHS hospitals. Additionally, you have the freedom to select your preferred consultant.
Hospital lists come in various levels, and your choice in this regard will impact your premium. You can further manage your costs by opting for a guided consultant choice, which can help you find a cost-effective solution.