In today’s world, managing your finances is more important than ever. With rising costs of living and healthcare, finding ways to save money is essential. Many people are unaware they can switch their health insurance provider without the need for further medical underwriting and could be saving a substantial amount of money.
Why change your current health insurance policy?
You might be happy with your current health insurance policy and not considering changing it. However, insurance providers are adjusting to client’s requirements and offering tailor-made policies with numerous benefits.
Considering switching and saving on health insurance is an opportunity to lower your monthly premiums and or increase your benefits. You will be surprised by the varying premiums depending on the provider and insurance plan. It is worth exploring your options and saving some money for other expenses.
Another reason to consider switching health insurance is the chance to access a broader network of healthcare providers. Specific policies may limit the doctors and hospitals you can go to, restricting your healthcare options. By switching to a plan with a larger network, you can have more flexibility in choosing healthcare providers and ensuring you receive the best possible care.
How to switch health insurance, save money, and gain numerous benefits.
Take the time to review your existing insurance policy carefully. By researching and comparing different insurance plans, you could save hundreds or even thousands of pounds every year.
Healthplan is widely recognised as one of the premier health insurance brokers in the UK. The knowledgeable team at Healthplan works closely with clients to identify their specific healthcare needs and financial constraints, offering personalised advice and guidance to help them switch to a comprehensive and cost-effective insurance policy.
Our experienced team at Healthplan works with leading insurance companies in the UK. We will discuss your medical requirements and highlight cover for pre-existing conditions. We can guide you through various plans, cover options, premiums, and excesses. You can save money by increasing the excess fee, excluding certain conditions, or taking advantage of discount rates and special promotions offered by insurers for switching clients.
How Healthplan has helped clients to switch and save.
Let’s take Mrs Riggs’s case. She had an AXA policy for nearly 20 years and assumed she could not move due to her history. However, with the help of a ‘medical switch declaration’, we found a better policy with a different provider. The cover was superior to the current policy, and she saved over £2300 on the annual cost.
Mr and Mrs Clover had been insured with Saga for 5 years, and following a claim the last policy year, the renewal premium increased by 30%. Once we completed the medical switch declaration, we found a suitable policy that did not exclude the previous issue, as they had no further planned pending investigations or treatment. We reduced their premium by £47 per month and offered better cover.
These are not just success stories, but real-life examples of how switching health insurance can lead to better coverage and significant cost savings. They serve as a testament to the potential benefits available.
People reviewing their health insurance providers are on the rise.
According to data collected by YouGov in November 2023, three in five people have indicated that they are actively switching to another insurance provider, and this number has been increasing over the past twelve months. This is around 60% of UK PMI members wanting to exchange their insurance policy for another provider.
There is a regional difference in the UK regarding switching insurance providers. For instance, fewer people in London (22%) seek to switch. On the other hand, residents in Wales were the highest in searching for better insurance packages (37%), indicating a more active market for insurance switching.
In addition, YouGov clarified, “When factoring in how the British public switches insurance providers, 72% use price comparison sites, whereas 26% say they go directly to the website of insurance brokers to find the best deal”. Healthplan will save you time and frustration by eliminating the need to search multiple insurance websites for the best deal. Our experienced team will find the right insurance package for you so you can leave all the work to us.
When is the best time to switch and save on health insurance?
Your health insurance policy may have suited your needs when you first took it out, but situations change. Therefore, your medical insurance requirements have to adapt to your current needs. Switching and updating your insurance gives the peace of mind that comes with having the proper comprehensive coverage.
When making decisions about switching, each case is considered individually by taking into account the following elements:
- Age
- Location
- Claims history
- Medical history
- Any future planned investigation and treatment
- Hospital/Consultant Choice
- Excess
- Benefit Options
At Healthplan, we understand that everyone is unique, and our trained consultants will guide you through each aspect to help you switch to a comprehensive and cost-effective insurance plan.
SUMMARY
Exploring different options is vital when finding the right healthcare plan and provider to ensure you find the best fit for your needs. Doing so can allow you to enjoy significant cost savings and receive high-quality care. Healthplan can help by providing you with the assurance that you have the right coverage, giving you peace of mind about your healthcare.
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