When looking to buy an affordable health insurance policy there are a number of options you can consider to increase or reduce the cover depending on your needs.
The options available differ between health insurance providers. Below are the most common options available and the affect they have on your premiums.
Excess
When buying a health insurance policy you may well have the option to include an excess, an excess means you agree, upon making a claim to pay this set amount towards the total cost of the claim.
Excess options vary across providers but tend to range from £50 up to £1,000. As expected the options chosen reduce in price the greater the excess, for instance a £250 excess option can reduce premiums by up to 10%.
Level of oupatient cover
Health insurance is built around in patient treatment however you do have the option to include a level of outpatient cover in your policy. As most claims are made for outpatient treatment there tends to be a close correlation between level of outpatient cover and your monthly premiums.
Options range from no outpatient cover(basic cover) requiring you to use the NHS for any outpatient treatment, to a limited level of outpatient cover say £1,000 per policy(mid-range cover) and to the most comprehensive plan providing full outpatient cover. Premiums can differ by around 35% from no outpatient cover to full outpatient cover.
Hospital List
With some health insurance policies there are options to alter the the hospitals you are eligible to receive treatment in. A number of providers split there hospitals into three options.
- Hospitals outside of London
- National and London Hospitals
- National, London and Premier Hospitals.
As expected the options increase in price the greater range of hospitals you are covered in for treatment. With this, as London hospitals do tend to be more expensive if you have no need for these hospitals by removing them from your policy you get the benefit of lower premiums. Some health insurance policies offer you the option to really strip down the cost by allowing you to choose a hospital list which only covers you in private wards of NHS trusts, this can substantially reduce your premiums, often by up to 30%.
Six week wait option
Of the health insurance options available opting for the six week waiting period can make one of the biggest differences in cost to your health insurance plan. Selecting the six week wait option means you agree if the NHS can provide treatment locally within 6 weeks you will use the NHS. However if they cannot, then treatment in a private hospital will be arranged on your health insurance plan without a waiting time. By opting for the six week wait option you can see savings of up to 25%.
Psychiatric treatment
Psychiatric treatment tends to be an additional option which you have to select to add to your plan. The psychiatric treatment option can provide cover for both in and day patient treatment as well as outpatient cover if you’re diagnosed with a psychiatric condition. Of the additional options available this tends to add around 7% to your monthly premium.
Alternative medicines
One of the options in most health plans is cover for alternative medicines, covering you for complementary treatments such as physiotherapy, acupuncture and chiropractic treatment. Including this in your plan means your GP can refer you straight away without having to see a specialist first although it is likely to add around 6% to your premiums.
Using independent insurance brokers
It is often beneficial to use an independent insurance advisor to take you through your health insurance options and help find you the right policy. As independent insurance brokers we can help you find the best health policy for the most competitive price, we have access to specialist products only sold through intermediaries and we gain access to better rates with the insurers due to the negotiating power that comes with buying high volumes of policies each year.
If you are looking for health insurance quotes or require some guidance then let us know.
