Affordable Health Insurance
Many people assume that medical insurance is prohibitively expensive, but this is a misconception. There are a range of insurance plans for every budget, as well as some alternative products which can help pay for the cost of healthcare.
Remember, having even a basic medical insurance policy can save money and time because you won’t be subjected to long NHS waiting lists. For many people, the quicker they get back to work, the sooner they can get on with life. That might include earning a regular wage rather than being on sick pay or another type of reduced income. It might mean you’re able to drive sooner, or use a computer, or perform any number of tasks that you take for granted every day.
Here are some other ideas and ways to save money when you buy affordable health insurance.
Joint and family affordable medical insurance policies
Just like other types of insurance such as travel insurance, putting more than one person on the same health insurance policy often saves money. Not only that, insuring everyone together will also save valuable time. There’s one renewal date to remember, and one claim line to call in the unfortunate event that you need to make a claim. When you are ill, or a member of your family is ill, you might be glad that you only have one point of contact. It’ll save you hassle and make it much easier to administrate.
Business medical insurance
Obtaining health insurance through your workplace is often worth taking advantage of, if your employer offers a scheme. Sometimes you will need to contribute a small amount of your salary towards the ‘pot’, but corporate medical insurance can also be provided free of charge. Some plans can also be extended to your spouse and other family members with a small top up fee, and the rates offered are usually very competitive. Even limited benefits, such as subsidised dental care, are worth taking advantage of.
Did you know that any employer who requires you to use a computer on a regular basis must provide a free eye test? Regardless of any corporate health insurance plans, that’s one perk everyone who works in an office should take advantage of.
Health cash plans
Rather than buying medical insurance, you could sign up to a health cash plan. You’ll pay a regular amount into the fund, then make a claim when you have an appointment with a healthcare provider such as an optician. You are not forced to spend the cash on prescriptions or glasses – you can spend it on anything you want. Health cash plans are designed to ease the stress of healthcare expenses by paying you a contribution when you most need a cash boost.
Alter your cover
Making small changes to your cover can result in more money in your pocket – just be careful not to under-insure. You might choose to raise your excess, or remove optional extras such as out-patient care or dental care. Generally speaking, the less comprehensive your policy, the cheaper it will be. If you are fit and healthy, consider a plan that offers cashback at the end of the policy term if you haven’t made a claim.
It’s always a good idea to speak to an independent insurance adviser before you reduce your insurance cover, just to make sure you are not leaving yourself open to any large bills or unexpected alterations to your terms and conditions. Remember that out-patient care covers the majority of medical care you are likely to receive, and it may not always be cost-effective to cut that key provision out of your insurance entirely.
Ditch and switch
Like any other insurance provision, you are always free to switch insurers at the end of your policy term. It’s always a good idea to consult an independent insurance broker who can scan the market and find the most suitable insurance according to your needs. Take great care when switching and make sure you read all of the small print carefully to ensure you really are getting a better deal. If you have a pre-existing condition, you may find that terms and conditions are imposed by your new insurer which will make your new insurance policy less of a bargain than it initially seems.
Change your lifestyle!
Do you exercise regularly, or plan to up the amount of exercise you take? Some health insurance providers provide discounts for people who make an effort to lead a healthy lifestyle.
Even if there is no discount off your premium, your insurer may offer reduced cost gym membership – a handy bonus for many people. Of course, health insurance will usually be cheaper from the outset if you don’t smoke and have a generally good level of fitness.
PruHealth run a scheme called Vitality which runs alongside your health insurance policy.
Anyone insured with Pru on the Vitality scheme can set themselves targets to lose weight, get fit or stop smoking. Once you accrue Vitality points for three years, you’ll get a handy cashback reward. Participants also get discounts off leisure and fitness activities with the Vitality Plus extension.
Affordable Medical Insurance
One of the first things we will ask you is your budget, this is because we want to tailor affordable medical insurance to your budget. There is no point us recommending medical insurance that is not affordable.
The way we work is to ask you a series of questions about you, what you think you need and why you think you need it. Then we explain the alternatives and other options that might be available, some of which will be free. We will then research the entire health insurance market for the most affordable medical insurance plan.
