4 Ways to Cut Medical Insurance Costs

We are all looking to cut out outgoings at the moment as the cost of living has increased. At the same time it is good to think that we can still have the same standard of living and security that we have always enjoyed. When it comes to health cover there are five main areas where we can save money but still enjoy the best medical insurance.

1) The six week option
The private health market has schemes available that will pay for your treatment if you have to wait more than six weeks on the NHS. Standard Life Healthcare for example, offers this in both of their EspritHealtcare plans and provide a 10% reduction in your premium if you take up this option.

2) Excess
Most companies offer you reduced premiums if you pay a certain amount for each claim and the premiums will go down the greater the excess. Excesses can start from £100 and go up to £5,000. XS Health offers a comprehensive health insurance policy and there is a choice £1,500, £3,000 or £5,000 excess to pay. Premiums are as low as £55.83 a year and once your treatment costs get higher than your excess you have unlimited cover for a full year before you have to pay any more excess. This policy allows you to budget to your excess with the security that you will never need to pay more than this.

3) Specific policies
Policies that are very specific are often cheaper than general ones that are designed to cover a wide range of people and conditions. Examples of this are Retirement, students, Heart and Cancer, policies just for children. AXA PPP Healthcare has a policy for which is aimed at 65 and overs which just covers you for accidents and falls. If you fall into one of the categories that these specific policies cover then you may be able to obtain cheaper health insurance.

4) Choose the cheapest insurance
Recent price comparisons show that Freedom Healthnet are providing consistently cheap health insurance for a whole range of people both in the business and individual markets. Other than providing you with good value for money Freedom also give you the cash that you need for your treatments. This means that you can negotiate cheaper prices with private hospitals and keep any money that you have left over to spend as you please. So you could end up with money in your pocket.