It makes perfect sense to compare and contrast private health insurance companies to see what they offer and the cost. But where do you start? Well, you will find that individual private health insurance companies focus on particular markets and particular clientele. The Internet is very helpful when comparing private health insurance, but you need to know what you’re looking for.
At first glance, the private healthcare insurance industry is complicated, restrictive and in some cases, expensive. However, when you dig a little deeper and see exactly what is on offer, costing the long term benefits, your opinion may begin to change.
As life expectancy continues to improve, as a consequence of advances in medicine, private health insurance will become more popular.
- – What is private health insurance?
- – Private health insurance premiums explained
- – Private health insurance brokers explained
We update all our guides regularly. If you are researching Private Medical Insurance and we haven’t got an exact guide that helps you, keep coming back as we update daily.
Where Do I Start When Comparing Private Health Insurance Companies?
The first thing to do is to write down exactly what you require. Are looking for basic insurance, medium level insurance or comprehensive insurance?
Do you have a particular budget in mind with regards to monthly premiums?
Do you have any pre-existing medical conditions in your medical history? Until you know exactly what you need, it would be impossible to compare and contrast what is on offer.
It is estimated that 10.5% of the UK population have private medical insurance policies, with over 4.5million policies held.
What Is the Average Private Healthcare Insurance Premium?
While each individual case will be treated differently, experts suggest that the average private healthcare insurance premium is between £1000 and £1500 per annum. There is no doubt that the industry is becoming more competitive, with new entrants emerging on a regular basis, but this has to be looked at in tandem with the ever-increasing costs of medical care.
This is in terms of consultant costs and the cost of equipment/drugs.
Will I Be Able to Choose Treatment Times and Location?
It will vary from company to company, but you will find that many private healthcare insurance companies will offer you greater flexibility with regards to the timing of your treatment and even the location.
However, the timing of your initial consultancy may depend upon the availability of specialist consultants. The opportunity to choose a hospital in your vicinity is generally available, but where specialist treatment is required, there may not be the same degree of flexibility.
Should I Simply Compare Private Healthcare Companies on Premium Costs?
No! You will very quickly find that you get what you pay for with regards to any type of insurance, and this is no different from private healthcare insurance. The greater the cover required, the higher the premiums.
It is also worth noting that your “excess” will also have a significant impact on your premiums. If you are able to afford a relatively high excess, then your premiums will be relatively low and vice versa.
Why Are Work Healthcare Insurance Schemes Cheaper?
There are two types of work healthcare insurance schemes with one paid for by your employer and the other a voluntary contribution scheme, often offering discounted rates on published terms.
In relation to the voluntary scheme, as your employer would likely be able to introduce a significant number of potential clients to the insurance company, they should be able to negotiate a discount on published rates.
Do Work Healthcare Insurance Schemes Offer Better Cover?
If paid for by your employer, you do tend to find that work healthcare insurance schemes offer a greater degree of cover. This may also include enhanced services such as standard of accommodation, food, etc.
In reality, there is no point in an employer organising basic/substandard cover as a means of impressing and retaining employees. Any insurance cover paid for by somebody else always feels better!
Who Are the Leading Names in the UK Private Healthcare Insurance Industry?
The UK private health insurance market continues to grow although a number of names are often quoted as the leading lights of the sector.
These include the likes of:-
We also have the likes of Saga, CS Healthcare and Freedom Health Insurance who are also regularly mentioned in online surveys. The truth is that in order to compare and contrast the cost of the services offered by individual private healthcare insurance companies, you need to be comparing apples with apples.
They need to offer the same services, the same standard of care, and it is also important to look at the small print.
Should I Go for a High Excess?
When looking at private healthcare insurance, you will need to consider the excess you are willing to pay before the insurance company is liable to cover costs. As with your car, the higher the excess you are prepared to cover the lower your premiums as this will create a lower liability for the insurance company.
So, if you can afford a relatively high access with your private healthcare insurance, then you will benefit from lower long-term premiums. However, if you can’t afford a relatively high excess, you should expect to pay higher premiums.
Do Private Healthcare Companies Use NHS Facilities?
You will find that some private healthcare facilities are shielded under the NHS umbrella with the public, and the private side of the NHS separated and very different. This is a trend which has been increasing in recent years and in many cases offers the opportunity to mix NHS and private healthcare as and when required.
Many people are not aware that you can incorporate both NHS and private healthcare to tackle one or a number of conditions you may have.
Should I Expect Healthcare Insurance Premiums to Rise Each Year?
While the costs of hiring consultants, medical equipment and treatment will have an impact on your premiums, there is also a growing element of competition in the sector. So, if you have been informed of a relatively high increase in your premiums at renewal, then it may be worthwhile looking around to see if there are any better offers.
The main thing to remember when comparing and contrasting private healthcare companies is to ensure you are comparing and contrasting those offering the same services. If you are effectively comparing apples and pears, this will be of no use to you. You need to compare companies offering the same services to get an idea of the relative value for money.
Quick Private Medical Insurance FAQs
Yes. Statistically, the longer we live, the more chance of developing ailments and suffering injuries. You will find that a significant element of insurance premium calculations relate to statistical data covering the UK population and certain age groups.
Yes, it is possible to receive NHS and private healthcare at the same time, but there are certain guidelines. The regulations confirm there must be “as clear a separation as possible” between the two types of treatment.
There is a common misconception that private healthcare insurance policies will cover all medical conditions. It will depend upon the terms of your policy, but they tend to cover only short-term illness or injuries.
There may be situations when you can add to a basic policy to cover certain medical conditions, but this is one of many questions you will need to ask before taking out a policy.
If you search the Internet, you will see various articles covering the average cost of private medical insurance. While the average figures tend to be anywhere between £1000 and £1500 per year per person, the problem is that there is no one size fits all solution.
There are numerous factors to take into consideration which might have a significant impact on your premiums.
How Can Money Savings Advice Help You With Private Medical Insurance?
Here at Money Savings Advice, we have partnered with some of the UK’s leading Private Medical Insurance companies. They have already helped thousands of people get the best PMI cover, and, they can do the same for you.
Choosing an independent adviser means they won’t recommend a policy unless they are sure it is in your best interests. Their advice is also regulated by the FCA, which gives you an additional layer of protection.
If you would like to speak to one of these brokers, then click on the below and answer the very simple questions.