Can I switch my Private Medical Insurance provider?


If you have a Private Medical Insurance policy that you are not 100% happy with, switching to a different policy or provider is nearly always an option and often much more straightforward than you may imagine. We look at why you might want to change your policy and how to go about it in this simple guide.

Why might you want to switch policy?

Increasing premiums is a common prompt for policyholders to begin shopping around. It is inevitable, unfortunately, that premiums will rise. Normally the older you are, the more a health insurance policy will cost, as simply put, older people are more likely to suffer an illness and make a claim. Inflation can also cause premiums to rise as it can with all living costs. If you find your premium rising disproportionately however, you may be able to find a big saving with a different provider.

Changed circumstances are another common reason for policyholders to reconsider their policy and look at other possibilities. It might be that you have recently started a family and would like to consider policies which include your family members on the policy also. Maybe you have moved house and your hospital list no longer suits your needs. Or perhaps you have found yourself in a better position financially and would like to protect yourself further with a more comprehensive policy.

When is it best to change your policy?

Private Medical Insurance is an annual contract, which means it normally makes most sense to look into switching a policy at the same time as your annual renewal comes up. That way you wouldn’t have to pay for any outstanding premiums, as the contract would be up anyway. However, if your circumstances have changed and you would like to review mid term, we can also do that. It does happen that renewal stage isn't always the best time, as there may be pending follow ups or treatment to complete for example.

We would always suggest reassessing your policy every year though, even if your circumstances haven’t changed, as there could be new and changed policies, and a better option could have become available to you.

How do I go about switching policy?

If you are already an existing client of Usay Compare, your adviser will get in touch ahead of your renewal, to check you are still on the best policy for you. If you are not a current client of ours, do get in contact and one of our renewals advisers will be able to do all the hard work for you. They will look at your existing policy, ask a few simple questions about any change in circumstances or change in requirements from your policy and then they will compare all the policies from the leading UK insurers to find the best deal to suit you. They use our bespoke technology system which has live prices direct from insurers and are able to explain all the small-print so it is easy to understand. Do make sure you have an independent company, such as ourselves, review your policy annually at renewal to make sure you aren't spending more or receiving less benefit than you could. 

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Important things to consider

One of the most important considerations when switching a policy is continued personal medical exclusions. Many insurers will allow you to switch to one of their policies on a continued personal medical exclusion basis. This means you can keep the same terms of cover as your existing policy, so you don’t need to worry that something may be excluded on a new policy which was previously included.

Don’t forget the additional benefits

Whilst the medical cover and premiums may be top priorities, it is also worth comparing the additional benefits of policies as these can vary quite a bit too. Some policies for example offer exceptional discounts on things like gym memberships and can mean a lot of added value.

To find out more about switching your policy or taking out a new private health insurance policy, just fill in the quick form below and one of our advisers will be in touch.

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