I doubt that I would find anyone who would argue that our family is one of, if not the most important thing in our lives. Therefore, it is not surprising that we want to ensure their health and wellbeing is looked after properly. A common way we ensure that they are as protected as possible is with Private Medical Insurance, but with so many options to choose from, where is the best place to start? In the last few years alone, there have been a number of significant technical and procedural developments in the world of medicine and healthcare resulting in many changes to the insurance market. Each insurer is fighting for market share and competing with one another in this fashion means that there are some excellent deals to be had. The first place to start when looking for Private Medical Insurance is to enlist the help of a specialist broker.
Unlike most IFA’s, at Switch Health, we do not charge a fee to our clients for this professional, independent advice. We offer an impartial service looking at a range of different insurers and can breakdown the jargon to make sure that you are getting a policy which really suits the needs for you and your family. The next thing to decide is whether you want a low-cost, mid-range or high-end plan and what each of these options include. Switch Health will find out what is the most important aspect of the cover for you and make recommendations based on these requirements. A lot of clients want to know that they will have access to all the best cancer drugs which are not available via the NHS, others want to know that they won’t have to wait weeks for treatment. It is not uncommon for our clients to want to know that they can go and visit their family in hospital in a private room whenever they like, rather than on a ward at specific times.
Keeping the costs down – An important factor to consider when choosing medical insurance is what excess to take and whether this is paid per person, per claim or per policy year. Excess options start at £50 and go up to £5,000 and deciding what you would be comfortable in paying as a one off payment in the event of a claim can help narrow down your choices. Trying to self-fund if you are seriously ill could cost thousands but families can protect themselves for a lot less than you might think. There are some insurers who are offering incentives such as 1 – 3 months free cover or “partner goes free” deals to secure the business. Others offer free cover for children or are particularly competitive for an elderly relative when insuring the rest of the family also. These incentives change on a monthly basis and so it is important to seek the advice of a specialist Private Medical Broker such as Switch Health who will be up to date with these options. Another factor to consider when buying medical insurance is how you want the plan underwritten – fully underwritten or a moratorium basis? A fully underwritten plan will look at your entire medical history and exclusions may be applied from the outset whereas a moratorium only looks at the last 5 years and wouldn’t have any permanent exclusions. Depending on your medical history, your intermediary will be able to offer advice on which underwriting method best applies to your needs as you certainly wouldn’t want a problem should you need to claim. At the end of the day, it mostly comes down to peace of mind and knowing that your family is going to be cared for in the best possible way. Contact Switch Health Ltd if you would like a no obligation quotation for your family today and any further information.