If you have a health insurance policy, it’s a good idea to review your cover regularly and check whether there might be a better deal out there that you could apply for.
In this article, we discuss when you might want to think about reviewing your health insurance policy, and look at some of the reasons why you might want to switch.
When is the best time to review my health insurance policy?
It’s usually a good idea to review all of your insurance policies annually, including your health insurance. If you have bought a private medical insurance policy as a 12-month contract and it is set to renew automatically, you should be sure to review the policy within a month or two before the renewal date, as this will give you plenty of time to look at alternatives and apply if you are tempted.
For example, there might be another policy out there that offers a similar level of coverage in return for lower premiums. Alternatively, there might be one with a particular feature or area of coverage that you currently do not have, and would like. Learn more about some health insurance features you might not be aware of in our article Six surprising benefits of private health insurance.
You might also think about whether there are any features included with your current policy that you’re unlikely to take advantage of. Finding a similar policy without these extra perks could potentially work out a bit cheaper for you.
Reviewing once a year is not a fixed rule, however, and there are plenty of reasons why you might consider reviewing your health insurance policy earlier.
For example, if you have undergone a major life change such as getting married, having a child, or anything else that will have a considerable effect on your finances and lifestyle, it’s a good idea to take a look at all your protection policies. It’s not always the case that these life changes will affect the policies available to you on your own – but it could be a reason for purchasing a joint or family policy, or seeing if there is anything you would rather be covered for now.
If you have stopped smoking, this should also prompt you to review your health insurance and look at making a switch to a cheaper policy, as both health and life insurance providers tend to offer better rates to non-smokers. However, in most cases you will need to have not used any tobacco or nicotine replacement products (including e-cigarettes) for at least 12 months to be considered a non-smoker.
If you have health insurance through your employer, then you will need to review your cover when you retire, as your policy will usually end at this point. While some companies might automatically offer continuation policies that provide cover for a set amount of time, such as 12 months after you’ve left your job, this isn’t standard practice so make sure to check your policy’s fine print. When you move from a company policy to an individual plan, you might find that your terms and conditions change, and it’s likely you’ll have to pay considerably more for cover. Find out more in our guide Can I keep my workplace private health insurance when I retire?
Learn more about private health insurance
Health insurance can seem daunting if you haven’t bought a policy before, but we have several guides that may help if you’re exploring private medical insurance for the first time. Our articles What does private health insurance cover?, How much does health insurance cost? and Do I need private health insurance? cover some of the most common questions around private health cover and can help you get to grips with the basics.
Rest Less Money is on Instagram! Check out our account and give us a follow @rest_less_uk_money for all the latest Money News, updated daily.