Wednesday, 28 January 2015

When was your medical insurance last reviewed ?

Every year individual medical insurance premiums are assessed by your medical insurer and increase based on the following factors (note that some or all of them may apply at each renewal) :

  • Age increase
  • Medical inflation increase
  • No claims discount, loading for claim or discount for no claims
  • Additional loadings or discounts based on elements of product or clients address

It's also worth noting that the keenest price is usually made available to new customers in order to attract new blood in to them, based on the principle that inertia and frankly, laziness will prevent existing customers leaving them.

I think that because of the tendency for insurers to load up their existing customers and offer better pricing to new people it is vital that customers regularly assess their medical insurance plans at renewal. It is also worth pointing out that over time our needs for benefits will change, as will the kinds of benefits offered by insurers. So broadly the plan you bought even a few years ago won't necessarily still suit you now.

With all of this in mind I sanity check my existing clients individual plans every year and undertake a market review whenever I think the pricing charged at renewal is unreasonable. To prospective clients and of course readers of this blog with medical insurance in place at the moment I would suggest that if you haven't reviewed your medical insurance cover in the last three years you need to do so urgently. You may well be paying more than you need for cover which doesn't necessarily meet your requirements anymore.

For a free review of your medical insurance cover contact me on : 07792 075748 or

I am a fully FCA Regulated Healthcare Intermediary with over 21 years of experience.

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