Reduce The Cost Of Private Medical Insurance
Private medical insurance can be expensive. Find out how to get the coverage you need for less money.
If you're in the market for private medical insurance, you know that it can be very expensive. Added to this problem is the fact that there are many different types of coverage out there, and each medical insurance plan has its own unique policies and provisions. Fortunately, if you're willing to do some research and take some time, you can reduce the cost of your private medical insurance.
Here are some of the basic ways to keep your private medical insurance costs down while making sure you're covered:
Don't get coverage you don't need. While this sounds obvious, it isn't always. Many policies cover areas that aren't relevant to you. For example, a policy that covers pregnancy isn't of much use to a single man.
Consider limited coverage. There are many policies on the market today that will only cover major illnesses. This might be a good option if you're generally satisfied with public health services for you ongoing needs. Limited coverage plans will be much less expensive, and are one way to reduce the cost of private medical insurance.
Look into a shared risk policy. A shared risk policy is one in which you pay a portion of the medical costs on your own and the insurance company pays the rest. These types of policies can greatly reduce your premiums.
Look into a waiting period. One of the reasons that people often buy private medical insurance is to avoid the waiting list that can often happen with NHS services. Still, if you're currently in fairly good health and don't have any major pressing needs, you may be able to get into a private medical insurance plan with a waiting period, which can provide a discount.
Get insurer discounts. Many insurers carry different types of insurance, such as auto insurance or home insurance. Talk to your insurance provider about a multiple policy discount, or other sorts of discounts.
Limit medical provider choices. There are certain types of private medical insurance that will reduce costs by restricting your treatment to certain hospitals or to certain doctors. These policies will save you money. For example, some insurers may charge extra if you use London hospitals, as they tend to be more expensive that some of the hospitals in the surrounding areas.
While not all of these options may be viable to you, by following some of these general ideas you should be able to save at least a little bit of money on your private medical insurance premiums.
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