Many are turning to low cost health insurance to bypass the NHS waiting lists and make their hospital visits as stress free as possible. Receiving treatment privately provides you with the freedom to receive treatment when you need it and in a hospital convenient to you.
In the past many have thought of health insurance as a luxury item, well things have changed considerably in the past decade and the health insurance market has been shaken up now offering plans for all requirements and budgets.
Benefits of low cost health insurance
Privacy and home comfortsIndividuals who choose to have private health insurance do so for a number of reasons, many for the privacy it provides. As a patient you are likely to have your own private room with en-suite bathroom and a more homely decor similar to that of a nice hotel with all the home comforts like television, internet and a choice of food when you require it.
Waiting timesThe demand on the NHS is huge and the private sector taking patients helps to relieve some of this stress making it easier for the hospitals to manage their individual caseload. With private health insurance you can choose a time convenient to you to receive treatment.
How much could I expect to pay for low cost health insurance?
We must make you aware that health insurance premiums are quoted specific to an individual’s situation. Therefore without understanding your scenario it is difficult provide you with a price without quoting.
Let’s take a 30 year old male in London, he exercises regular and doesn’t smoke. For this individual premiums for a chep health plan from a reputable insurer could be as little as £16 per month with no excess. This would provide him with a basic plan which covers all inpatient and day patient treatment and a limited level of outpatient cover.
If you are looking to get an idea of price for an affordable health plan then please don’t hesitate to complete your details and we will be able to provide you with the most competitive quotes in the market based on your requirements.
Low cost health insurance options
Health insurance is no different to any other insurance you tend to get what you pay for. Bearing this in mind insurers do underwrite policies differently so depending on your demographic you may seem less risky to one insurer over another and they are likely to offer you lower rates. With this it is important to scan the market, get quotes from a number of insurers to understand who is priced competitively.
Having scanned the market and found the insurers which are quoting you the most competitive rates you will be presented with a number of options regarding the level of cover which can help trim your monthly premiums.
Level of outpatient coverOptions range from no outpatient cover which requiring you to use the NHS for any outpatient treatment to outpatient treatment covered in full with a comprehensive health insurance plan. Outpatient cover affects your premiums significantly, from no outpatient cover to full outpatient cover premiums can differ by around 35%.
Include an ExcessWhen looking to keep costs down on a health insurance policy many consider including an excess. Excess options can vary but generally tend to range from as little as £50 up to £1,000. By agreeing to an excess you are agreeing to pay a proportion of any claim you make. If you choose to include a £250 excess you can expect to save around 10% on your premiums each month.
Choose the Six Week OptionFor a truly low cost health insurance plan you could consider opting for the six-week wait option. Choosing this option sees you agree to use the NHS if they can provide treatment locally within 6 weeks. If treatment is not possible within this time period, you will then be eligible to receive the treatment privately on your low cost health insurance plan without any waiting time. Choosing this option could see your premiums drop by as much as 25%.
Reduce your Hospital ListSome private hospitals require more upkeep than others, with costs being significantly higher for London hospitals some insurers allow you the option to remove these hospitals from your list if they are going to be of no benefit to you.
Next steps
If you currently have a health insurance policy and are looking at ways to reduce your premiums or you are new to health insurance and looking for a cheap plan to get you started then we will do our best to help.
Dealing with insurance every day we can help you better understand the policies available and fit these with your requirements both in terms of cover and cost. As we buy policies on a large scale you will also get the benefit of cheaper rates than if you were to go direct to the insurer.
If you want a chat to run through your situation, some guidance or simply want health insurance quotes comparing the market leading insurers then let us know, we are here to help.
If you want some more information from other reputable sources you should visit the insurance section of the FSA’s Money Made Clear site or read through the ABI’s – Guide to Medical Insurance
