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As with most insurance policies, your private medical plan should be reviewed annually so that you’re aware how your current premium compares against the rest of the market. This enables you to work out whether you are getting value for money from your current provider or whether you would be better off considering switching to a new company. Reviewing your plan will also give you a good chance of driving costs down with your current provider if you find better value elsewhere as they won’t want to lose you to a competitor.
You should also consider that at any time new providers will be coming into the marketplace and they will often price themselves competitively in order to find new clients which can lead to significant savings. The same can also be said for more established providers who are simply looking to increase their market share. Just because a provider seemed to offer a competitive premium previously doesn’t mean they are still competitive today, this area is constantly changing.
In addition you may have made decisions on which of the many cover options you wanted, such as excesses, hospital choice or out-patient limits, some time ago but these cover options might not be right for you today. By reviewing annually you will make sure that your policy stays up to date and in line with your current needs.
Many people don’t realise it but in most cases it is possible to switch to a new healthcare provider whilst retaining cover for conditions that have developed after they entered their current healthcare policy.
It’s called “continued underwriting” and whilst there are a small number of exceptions that could either make it impossible or delay this, in the majority of cases it’s a very straightforward process which is available on both business and personal policies. It’s also worth pointing out that people who have stayed with their current provider for a prolonged time because they didn’t appreciate that it’s possible to switch providers without penalty could well find that significant savings are available.
Just like pretty much every job, unless you understand it fully and have good experience it stands to reason that you would benefit from a little help and direction…..reviewing a healthcare policy is no different. Furthermore, you’re probably too busy looking after your own customers to spend the time needed to carry out a full market review. This often means that you simply leave your policy with the same provider, with the same level of cover that you put in place when you first decided to buy a private healthcare policy whilst watching your premiums inevitably creep up and up year after year. A specialist broker will always ensure you are aware of the best deal available and often the best terms are exclusive to brokers.
A major reason to seek the guidance of a specialist is when you consider the huge consequences of getting things wrong. Remember that there are many different options, and therefore choices, available on a private heathcare plan so good guidance can be invaluable to ensure a plan meets your personal requirements. In addition, a good broker will also offer advice in their clients best interests whereas dealing directly with an insurer will often mean the advice you are given is to the benefit of the provider not necessarily you. Remember, the broker sits on your side of the table and represents you whereas an insurance company sits on the other side of the table and ultimately has their own interests at heart!
The best part, a good broker will not charge you for what they do either!