Martin Lewis Helps UK Resident Save £1,000 on Private Health Insurance
A recent report by Lord Ara Darzi has shed light on concerns about the current state of the NHS, prompting more Britons to explore private healthcare options. The report highlighted worrying issues such as increased A&E waiting times, prolonged waitlists, and a decline in cardiovascular care over the past 14 years under Conservative governance. However, the cost of private healthcare is significant, with annual premiums for a typical family ranging from £700 to £1,800 for two middle-aged adults and two children under 10, as reported by MoneyHelper.
In response to these expenses, the team at Martin Lewis’ MoneySavingExpert (MSE) has shared valuable tips to help reduce these costs substantially. One individual, referred to as ‘Tony’, managed to save an impressive £1,001, a 35% reduction on his private health insurance renewal quote, by following their advice. Tony expressed his gratitude on X (formerly Twitter), stating: “I saved £1,001 (35%) on a private health insurance renewal quote by haggling.”
While opting for the lowest insurance rate or negotiating a better deal may seem straightforward, MSE experts caution that mastering this technique is more nuanced, especially when aiming to reduce large bills by hundreds or even thousands of pounds. In their latest Money Tips newsletter, they highlighted the strain the NHS has been under due to the pandemic and the cost of living crisis, with even the Prime Minister acknowledging its challenges.
Before engaging in negotiations, it is crucial to select a private medical insurance policy that aligns with your needs. MSE experts recommend starting with comparison sites like MoneySupermarket and Howden Life and Health to compare different companies and potentially receive over £100 in cashback. Factors such as preferred hospitals, desired treatments, and willingness to use NHS services should be considered when choosing a plan to find the best fit.
Even if an initial rate seems affordable, MSE warns that costs may rise over time. Therefore, haggling with your current provider to match cheaper rates found on comparison sites is advisable. Additionally, experts at myTribe Insurance recommend requesting the removal of unnecessary features from the policy, such as travel insurance or dental care, to lower renewal premiums.
Incorporating a ‘six-week NHS option’ into your plan could also reduce the cost of private healthcare insurance by opting for NHS treatment if available within six weeks. However, specialists caution that this choice may occasionally compromise the benefits of private healthcare. They noted that while not recommended frequently, it is an effective strategy to reduce policy costs.
In conclusion, navigating the realm of private health insurance requires careful consideration of individual needs and proactive steps to reduce costs. By following expert advice and being diligent in negotiations, individuals can potentially save a substantial amount on private health insurance premiums, contributing to better financial health and peace of mind.