If you've searched Google for health insurance renewal and ended up on this page it's probably because your health insurance renewal has come about and you want to make sure you get good cover at an affordable price.
Renewing your health insurance policy is something most people don't put much effort into. In fact most people simply just let it automatically renew.
Letting a policy renew automatically is convenient, but it can mean missing changes to the premium, benefits, excess, hospital list or exclusions. Read the renewal notice and compare the new terms with your current priorities before accepting it.
Premiums can change because of age, claims experience, medical inflation, Insurance Premium Tax and an insurer's pricing decisions. Do not assume a higher renewal is unavoidable or that a lower alternative is like-for-like: compare the detail.
You can review renewal terms directly with an insurer or ask an FCA-authorised broker to compare suitable alternatives available through its service. Switching can affect underwriting and cover for recent or ongoing conditions, so get the consequences explained in writing before cancelling anything.
A broker can save research time, but its insurer panel and remuneration matter. Some receive insurer commission and some may charge fees. Ask what applies, which insurers can be approached and whether the recommendation is restricted.
They will know all the factors that decide how much your health insurance renewal will cost you. For example...
- Do you reside in many different postcodes? Some will give you a cheaper premium than offers. I broker will be able to advise whats best.
- Do you have a hobby that may invalidate your insurance policy? A broker will know this vital information.
- If you are a couple and one of you have claimed on your policy this year would it be cheap to separate you both onto two different policies?
- If your health has changed, a broker can research the policies available through its service and explain the wording and underwriting questions that need checking.
A broker can help you compare price and cover, but no intermediary can promise the cheapest result or that every medical need will be covered. The insurer's written terms control the outcome.
Any discount, cashback or commission rebate must be checked against the full policy cost and terms. Ask for the broker's fees and remuneration, the duration and conditions of an offer, and a like-for-like comparison with the direct price where available.
So you can see there are clear reasons why brokers are such a great option when your health insurance renewal is up. Their expertise is simply invaluable.