Wednesday, 10 September 2014

Medical insurance renewals

I spoke about increasing medical insurance renewals on last weeks PMICast ( and will probably touch on it during the new ep which I'm planning to record tomorrow all being well.

I've spent most of this last week going through my personal client renewals and due to larger than expected increases doing market reviews to make sure my clients aren't overpaying. In the normal course of events I am loath to move individual clients between insurers very often - it isn't fair to the client or indeed the insurer but if in one year an increase on a plan is over £ 50 per month (I've had two cases where a £ 100 premium has gone up to £ 150 per month in one renewal) then I have no choice. Incidentally these cases I'm discussing are not due to claims related increases but just medical inflation, age band movement and fundamental alterations to how products are priced.

Bottom line is, assuming no major claims we can usually find a way to save some money against an expensive renewal so don't panic if there is a large increase. I'd also say that these increases are not market wide many insurers are putting in more standard 3% to 10% increases which is about what I would usually expect.

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