When it comes to switching health insurance, you may not know where to start. Whilst it may feel easier to carry on with your current provider, it's worth considering what options are available.
There are some important considerations to look at. Could you be saving money on your premiums? Could you be getting better benefits and rewards? Have your circumstances changed?
We’re exploring how you can switch health insurance and what this means for people with pre-existing conditions.
Firstly, it’s important to define a pre-existing condition. A pre-existing condition is anything you’ve had symptoms, advice, treatment or medication for, before taking out the policy.
Some of the most common pre-existing conditions include: asthma, diabetes, heart disease, cancer and back pain.
Health insurance is designed to cover you for any illness or injury that occurs after your policy start date. The aim of cover is to get you back to the same level of health you had when you initially took out the policy.
It’s unlikely that pre-existing conditions will be covered on your policy. However, it’s important to remember that this doesn’t mean you can’t get a policy when you have them, they will just be excluded.
This is why health insurance is an important consideration before you fall unwell or develop anything that can be classed as a pre-existing condition. That way, you’ll have peace of mind you’re likely to be covered for most things on your policy.
It's always preferable to take out health insurance when you are fit and well, before you need to make a claim. And it is definitely worth considering how you’d cope if you were to get ill or injured with current NHS waiting times. 6.2 million people are currently awaiting treatment. It can be more affordable than people realise, in return for peace of mind and other benefits.
It’s worth noting that the type of underwriting you choose could mean pre-existing conditions are eventually covered in your policy. Moratorium underwriting is a good way to potentially get pre-existing conditions covered in the future.
With moratorium underwriting, for the first two years of your policy you will not be covered for anything you’ve had symptoms, treatment, medication, diagnostic tests or advice on, in the past five years before your policy start date.
If, after a two-year consecutive period you go symptom, treatment, medication or advice free from that condition, then it will become eligible for cover again.
The good news is that you can switch health insurance providers even when you have a pre-existing condition. Often some people think they are tethered to one insurer to continue on with cover, even though it may not be the most suitable option anymore.
Whether you have claimed on your policy, or had a pre-existing condition before obtaining health insurance, there are options for you to switch to a new provider.
Typically the options available when switching policies with a pre-existing condition will include:
Continued Moratorium Underwriting (CMORI)
With most providers, you will be able to switch whilst keeping the same underwriting terms that you have on your current policy.
This means existing exclusions or pre-existing conditions will remain the same. This is beneficial as you won’t need a new medical assessment and your pre-existing conditions may eventually become covered.
Continued Personal Medical Exclusions (CPME)
This would allow you to switch to a policy with a new insurer while keeping the same exclusions from your previous policy.
You won’t have any new exclusions added based on past medical conditions, as your medical history will have already been assessed. If you've had treatment for a medical condition on your current policy you have peace of mind if you're likely to need more in the future.
There are many benefits that can come with switching a health insurance policy, including:
Saving on premiums – You may be able to save money on your premiums by switching. As renewal prices can continue to go up, it's worth considering what other policies are available to you. We save our customers on average 40% when switching.
Improved coverage – Another policy may provide better coverage for you. If your needs or your circumstances change or you extend the family, you may need to consider a change of coverage.
Additional services and benefits - A different provider may offer perks such as wellness programmes, gym discounts, and telemedicine consultations that were not included in your previous policy.
Increased flexibility - Adjust your coverage to suit changes in your life circumstances. It's important that your health insurance meets your current needs. Whether that be cancer care, pay monthly or pay annually options.
As the UK's largest individual private health insurance intermediary, we can help you compare quotes from the leading UK insurers.
Our service is free with no-obligation. Our goal is to provide you with advice and recommendations, while simplifying the process of comparing policies.
Comparing quotes with us will give you:
It may be that switching isn't the best option for you right now, but we'd always recommend a free consultation to consider what options are available and if a different provider could be offering you better coverage or benefits.
You can fill out our form below and await a call from our team, or get started now and give us a call on 01285 864670.