How can I reduce the costs?
Though insurance is there to cover the high costs of private medical insurance so that you are not left enormously out of pocket should you face medical treatment (and wish to avoid the NHS), the monthly premiums may still be out of the price range of many. But that does not mean that those wishing to consider it should give up hope simply because they do not think they earn enough money. There are a variety of ways in which the costs of private medical insurance can be reduced, either through taking on sensible forms of advice when they are seeking medical treatment or by choosing an insurance package that is right for them.
Some insurance companies will provide different forms of packages specifically catered for those on specific budgets, so the Budget Package will offer the cheapest deal, followed by the Standard Package and the more expensive Comprehensive Package. Which package you choose will depend not only on your income but also on your specific needs, so not everyone will choose Comprehensive Insurance just because they can afford it.
Budget Package:
The cheapest form of cover will leave some aspects of the medical visit to the patient to pay. Whereas the insurance company many cover the cost of in-patient treatment, the patient may have to cover outpatient treatment, consultation charges and expenses related to diagnosis (such as X-Rays).
Standard Package:
There are a range of costs that will be covered by the Standard form of private medical insurance. In addition to the in-patient treatment covered by the Budget Package it will also usually cover out-patient treatments, consultation charges and expenses related to diagnosis. If the patient requires other treatments such as acupuncture or physiotherapy, the Standard Package will also usually cover them in these areas.
Comprehensive Package:
Then there is the Comprehensive approach which, as it offers the highest rate of medical insurance both in terms of cover and price, covers all of the areas offered in the Standard Package with some extras. So in addition to the in-patient treatment, out-patient treatment, consultations and diagnostic tests, the package will also cover areas such as accommodation and others.
Further Advice:
However, as has already been mentioned, there are other ways of reducing the costs associated with private medical insurance. As such there is plenty of advice that the patient could follow.
What do you actually need?
- You should not necessarily opt for a package if you are unlikely to need everything it offers. Consider your lifestyle and you expenses and you might realise that the Comprehensive Package, for example, would not be necessary.
Where should I obtain private medical insurance?
- In many walks of life companies are trying to encourage customers to look online and this is no different with private medical insurance. Some insurance providers could provide a discount if you decide to purchase it online.
Do you need to opt for a specific hospital?
- It has been noted that one of the benefits of private medical insurance is to choose which hospital in which you can seek treatment. But is this necessary? It might be cheaper to tell your provider that you are happy being treated anywhere
You can still use the NHS:
- Private medical insurance should not be considered an alternative to the NHS and instead should be looked at as something that can operate alongside it. If you opt for a limited cover option, such as the Budget Package, you can still turn to the NHS for some forms of treatment
- Likewise you may opt to turn to the NHS whilst you wait to make your claim. It can be cheaper to wait up to six weeks before you turn to your medical insurance and if you decide to go with the NHS in the mean time you may still be able to relish in some of the benefits of private medical insurance.
Consider how you will pay/make a claim:
- You could increase the amount of excess that you pay (ie, paying for the first £100 to £500 of your claim before the insurance provider takes over to pay off the rest). The result could be a reduction in your premium.
- The best known way of paying for insurance is to do so monthly, but if you pay it all at once up front you may save money in the long run.
- If you do not make any claims on your private medical insurance then you may gain a discount on the premium. This does not mean you should not seek medical help if you need it, but you could find ways of living a healthier lifestyle, for example, to reduce the risks of certain conditions. Such a course of action could also lead to a lower premium as lifestyle can be taken into account.