Over the last six years, the cost of Private Medical
Insurance has risen by a massive 37%. With this increase in prices finding the
cheapest deal makes a huge difference.
The cost will depend on:
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The type of medical plan you choose.
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Whether other members of you family are included.
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The more extensive the range of conditions and treatments covered, the
more expensive the insurance will be.
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Furthermore, if you want treatment in London teaching hospitals or
top private hospitals, the premiums will be steeper.
The insurance company will send you a medical questionnaire to fill in and ask
your GP for a medical report therefore it is very important the information
you provide is accurate to the best of your knowledge. If you have a medical
condition that could recur or have had a significant illness in the past, may
agree to provide cover but will exclude those conditions. In some cases you
may be offered a moratorium system. This excludes cover for any conditions
that you have suffered from for typically five years, until you have had two
symptom-free years - although the numbers of years may vary.
How to save money:
Firstly, you could consider a budget policy this will
insure if treatment on the NHS is unavailable. You can also consider the
amount of excess you choose. Choosing a higher excess will lower the premiums.
Some insurance companies also offer no claims bonuses which in time can lower
your premiums and act as an incentive to encourage you to pay towards minor
treatments yourself.
The best way to save time and get the cheapest quote is to
use comparison websites. Also use independent advisors as an alternative to
the internet such as the Association of Medical Insurance Inventories (AMII)
they are an independent and specialist advisors on medical insurance. How
ever, they are commission based therefore haggling prices found on comparisons
sites may prove to reduce some quotes.
When it comes to renewing the policy does not just renew
blindly you may find a cheaper deal by shopping around or using a comparison
site. This may be worthwhile.