Securing a good deal on your health insurance policy means getting the cover you need, at the best available price. But a policy that was right for you when you bought it, may not be a few years down the line, as circumstances change.
Cheltenham-based health insurance broker, Switch Health, takes SoGlos through why it's important to review your policy, and when to do it – along with how its expert advisers can help you make changes to your cover, from recommending the best options, to supporting you through the application and setup process.
Why and when people should review their health insurance
Switch Health says people should review their private health insurance cover at least once a year, but there are several life events that should trigger an immediate review.
Most policies renew each year, making this the ideal time to check:
- Whether premiums have increased
- If the level of cover still meets your needs
- Whether there are new benefits or exclusions
- If there are better-value alternatives available
It says that as with any insurance policy, it’s always good to review if anything in your personal circumstances change, as changes can affect both the cost and suitability of your cover. Changes may include:
- Getting married or divorced
- Having children
- Children reaching an age where they no longer need to be on the policy
- Moving house or changing region
- Changing jobs or employers
- Retiring
Switch Health says another important reason to review is if there have been any changes to your health in the past year, for example if you have developed a condition, or require specialist care. Important things to check include whether your policy provides appropriate access to the hospitals, specialists and treatments you may require.
Another area that people often overlook is if their employee benefits change, with many people relying on company-funded private medical insurance.
It says review is sensible when:
- Changing jobs
- Receiving a new benefits package
- Leaving employment
- Approaching retirement
Such changes may mean you need to arrange replacement cover or adjust your level of protection.
Another trigger to review your cover is a major financial change. If your household finances improve or become tighter, you may wish to:
- Increase or reduce excess levels
- Change underwriting terms
- Adjust outpatient limits
- Add or remove optional benefits
And finally, age milestones often inspire people to review their private health insurance policy. Switch Health says healthcare needs often change with age, so it’s wise to sense-check whether your existing policy is fit for purpose – whether you're paying for benefits you don’t use, or you need a more comprehensive policy.
Things to bear in mind when reviewing your existing cover
Switch Health says a key consideration when reviewing your health insurance policy is to ensure you're getting value for money. As the private medical insurance market changes regularly, new products, benefits and pricing structures emerge, and loyalty doesn't always guarantee the best value.
A yearly review also helps to identify any gaps in your cover, with many people only discovering any limitations when they need treatment. Reviewing helps identify:
- Restricted hospital networks
- Outpatient limits
- Cancer care benefits
- Mental health support
- Access to digital GP services
It's also an opportunity to match your cover to your current healthcare needs. Switch Health says a policy that was right five years ago may not be right today, as your healthcare priorities may have changed significantly.
In updating your policy, you can also take advantage of new benefits being offered, with many providers now including services such as:
- Virtual GP appointments
- Mental wellbeing support
- Health assessments
- Physiotherapy access
- Preventative healthcare services
Regular reviewing will also ensure your dependants remain correctly insured, and that you're not paying for unnecessary cover.
How to review your health insurance with Switch Health
Switch Health says its friendly advisers love talking about health insurance, and are there to support you when it's time to renew.
A typical journey starts with a conversation with a member of the team, who takes the time to understand your particular circumstances, priorities and budget. They then compare appropriate options, explain the differences clearly and make a recommendation based on your needs.
Once you decide how to proceed, the team supports you through the application and setup process and remains available throughout the life of the policy.
To get in touch with Switch Health about reviewing your health insurance policy, visit switchhealth.co.uk.
