Health insurance is a vital safety net in the UK. It offers peace of mind and access to medical care when you need it most. Delays and problems with the NHS mean that more families are looking to get private policies. They need the reassurance that they can access health services quickly.
However, the cost of health insurance premiums can often feel like a burden. This is especially true when you’ve not had this type of responsibility before. Since you pay for NHS services through taxes, services are often thought of as free. But, you should know that there are ways to save money on your health insurance premiums and that can lighten this burden. Let’s take a look at what you can do.
Understanding Health Insurance Premiums
It’s important that you really understand health insurance premiums and how they work. In particular, know that not everybody will pay the same premium. There are a variety of factors that influence how much you pay. Knowing this can help you understand why the price is what it is.
For example, one of the factors is age. Generally, the younger you are, the cheaper the policy is going to be. This is due to the factor that the risk of illness and disease increases as you get older. Your health history will play a part too. As you would expect, the healthier you are, the lower your premiums will be. Don’t forget that your lifestyle is considered too. Premiums can be higher if you smoke.
Tips to Save on Health Insurance Premiums
You’ll be quoted a price for health insurance based on the factors we’ve discussed. But, there are ways you can get this number lower. Let’s take a look at what you can do.
Use a Comparison Website
First thing’s first, don’t rush in and agree to the first quote you get. You want to compare your options and see what the best protection will be and what price is available. Using a comparison website is the best way to see all of your choices together.
Make Healthy Lifestyle Choices
You might be surprised how your daily choices affect your premium. Eating your veggies, hitting the gym, and regular check-ups can score you lower premiums. Who knew broccoli could be a cost-saving superhero? Indeed, the healthier you are when you get a quote, the better the premium will be.
Choose a Higher Excess
Let’s talk about the excess on health insurance policy. This is what you’re expecting to pay towards treatment before your policy kicks in. For example, if you have a £500 excess and the treatment is £3,000, you pay £500 and the insurance policy will pay the rest. Opting for a higher one can lead to lower premiums on a monthly basis. Just be sure you’re comfortable paying that amount if you need medical care.
Utilising No-Claims Discounts
Being accident-free has its perks. So, if you’ve had a health insurance policy before and never made a claim, this is something you can use to your advantage when you’re searching for one now. Maintaining a no-claims history can lead to discounts on your premiums for a long time. So, make sure you only make claims for large amounts. This also keeps premiums down when you renew.
Group and Family Plans
If you’re not in this alone, consider group or family plans. They often offer cost savings compared to individual plans. This is particularly true if you are around the same age and all healthy. Plus, it can give you peace of mind when your whole family are covered. Just make sure that you always compare the price of an individual plan with a family one. This is important to get the best deal.
Choose Monthly Payments
When you take out an insurance policy, you might have to pay for it all in one go. This can make the bill seem huge and you might not want to use your savings like this all at once. Thankfully, there’s a way to access more manageable payments. You can choose to pay monthly. Indeed, you spread out the payments over 12 months, which can seem better. But, something that is worth finding out is whether the company offers discounts for those that pay annually. Indeed, this might save you a substantial amount and be worth paying it all at once. Insurance companies often advertise this for health plans and you’ll be able to find out on their website.
