Private Medical Insurance - It’s a Buyers Market!
Martin Howell of specialist medical
insurance broker MediSearch describes how the Private Medical
Insurance market has changed in recent times – and what difference
it can make to the consumer
For many years, the choice of where Private
Medical Insurance plans were bought was restricted to just a few
insurers – BUPA, PPP, WPA - plus a few others. The market
domination of these companies meant that the policies on offer were
all very similar and didn’t always meet the needs of the
customer. However over the course of the last few years more
insurance companies have entered the market, with new innovative
solutions to finance private treatment. Now MediSearch deals
with around twenty insurance companies who offer a bewildering
range of options. This makes it complicated for a consumer to
know which is the right product to meet their needs, and even more
difficult to know whether they are obtaining the best value for
money. Hence the need for expert support, which is where
MediSearch has built a solid reputation and a highly satisfied
client base.
Of course choice for the consumer is a good
thing. These new companies have brought some fresh thinking
and now there are many different options available to the
discerning consumer
The options available today include such
things as:
- Variable benefits whereby the benefits are picked from a “menu”
where you only choose what you want to cover – after all why pay
for benefits you don’t need?
- Fixed premium plans. Instead of the premiums inevitably
rising as an individual get older, a plan can be chosen that never
goes up in price!
- Cover for pre-existing medical conditions. Most insurers
don’t cover any medical problem that already exists, but there is a
company who will cover (after a short waiting period) such a
problem
- Plans that only pay for the more expensive inpatient
costs. By self paying for the smaller costs such as
outpatient consultations, and letting the insurer pick up the bill
for the more expensive inpatient costs will significantly reduce
premium costs.
If you already have insurance, but are
concerned that moving to a more competitive insurer will affect
your cover, ask if you can transfer on the existing medical
terms. By doing so medical conditions that are already
covered by the old uncompetitive policy will continue to be covered
by the new policy. A saving can be made, without jeopardizing
your cover!
How do you find out what is best for
you? Of course you can always go online, but this often
confuses further. Better to speak with a qualified adviser
specializing in this field who will discuss with you exactly what
your requirements are and match them to the best policy.
MediSearch can be contacted on Free Call 0800 – 0929963, or
via their website www.medisearch.uk.com.