How Do I Switch Health Insurance Companies?

It's a common misconception with Private Medical Insurance that once you take out a policy with one particular provider, that you are stuck with that insurer, regardless of premium increases or changes. This is not the case, and switching health insurance companies can be straightforward and hugely beneficial if your circumstances have changed or there is a more competitive policy available to you. It can be an easy, stress-free process too, if you use an advised service, like Usay Compare.

There are various good reasons why it makes sense to switch, the most common being to make a saving on your renewal quote. You may decide to switch health insurance providers to ensure you’re getting the best policy for your needs at the best price. What people are sometimes surprised to learn is you can often keep your claims history, no claims discount and even cover for pre-existing conditions.

We’re exploring everything you need to know about switching your policy and how to do it with ease.

Can You Switch Health Insurance Companies?

Yes, you can. The most common time to switch is when you’re coming up to the renewal stage of your policy. If you wanted to switch outside of your renewal period, you’d need to consider any waiting periods you have with your current provider.

Switching at renewal means you wouldn’t have to pay any extra fees, at mid-term you may find you face cancellation fees, may lose money for payments you’ve already made and it could complicate any ongoing claims.

At annual renewal it is always vital to review your policy and check it still works for you. You could be leaving huge savings on the table or risking the cover no longer being correct for you if your circumstances have changed.

People often choose to move providers for many reasons, some of the most common can include:

• To save money on premiums
• To get better cover for what they need
• To benefit from different rewards and benefits or additional services
• To gain access to a wider network of healthcare professionals and facilities

The process is usually pretty straightforward and involves reviewing your current policy, reviewing your budget, comparing different health insurance providers and finalising the switch. It can be quick and hassle-free.

Why Do People Switch Health Insurance Providers?

Some of the most common reasons people choose to switch health insurance providers include:

Saving Money

It can be common within health insurance policies for your premium to increase at renewal. This can be due to medical inflation and ageing. You may often find that comparing the leading providers means premiums are reduced.

It’s worth comparing at renewal, even if you find your current policy is most suitable. At Usay Compare, we save new customers an average of 40% when they switch.

Improving Cover

Switching could mean improving your cover too. For example, you may find a policy that has more comprehensive cancer cover, more options for hospitals and healthcare professionals, or faster access to treatments.

There may also be additional wellbeing benefits, for example, someone may benefit from an insurer who offer discounts and rewards for being more active or living a healthier lifestyle. Talking to an expert adviser can help you to understand what is most important to you and exactly what different providers can offer.

Better Suited To Circumstances

Some health insurance policies may be better suited to your particular circumstances. When you initially took out a policy, you may have had different priorities and circumstances.

Some common circumstances that affect your policy choices can include:

• Starting a family – you may want a policy that can cover your future children too or has free newborn cover
• Retirement – If you’re going into retirement or have recently, you may want more cover, or you may want to reduce expensive extras to make cover more affordable
• Self-employment – You may be leaving a corporate plans and need to change to your own individual plan or you may want cover that means you can return to work quicker

What Happens When You Switch?

Step 1: Review Your Current Policy

Whilst working with an adviser you can review your current policy, to assess your cover level and what it includes, or what excess you have and would need to pay if you claimed. You can also review your underwriting, you may want to consider if you currently have full medical underwriting or moratorium underwriting and which would be more useful for you. You can review your claims history too to see if switching would be the most suitable option.

Step 2: Compare Alternative Providers

You’ll then be able to compare alternative providers, you can consider things like benefits included, exclusions and hospital lists. An adviser can help you to understand your needs and requirements for your new policy.

Most importantly, you’ll be able to see if you can find a cheaper premium with a policy that better suits your needs.

Step 3: Start Your New Policy

You’ll then be able to go ahead and start your new policy. This ensures there are no gaps in your cover and your adviser will ensure overlaps are managed correctly. All the paperwork will be sorted and the switch will be completed for you. 

Can I Switch Health Insurance With Pre-Existing Conditions?

It can be possible to switch health insurance when you have pre-existing conditions.

Pre-existing conditions are anything you’ve had symptoms, advice, treatment or medication for, before taking out the policy. Some examples of pre-existing conditions include: asthma, diabetes and heart disease.

You can still switch providers if you do have a pre-existing condition. Whether you have claimed on your policy, or had a pre-existing condition before obtaining health insurance, there are options when switching to a new provider.

• Continued Personal Medical Exclusions (CPME) - This means you won’t have any new exclusions included based on past medical conditions. You will still be asked health questions to check eligibility and to see if any exclusions could apply.

• Continued Moratorium Underwriting (CMORI) - This means keeping the same underwriting conditions you had on your previous policy. You'll still be asked health questions to check eligibility and if any exclusions could apply. It also means there is the possibility of your pre-existing condition becoming covered in the future.

CPMEs are the best option to maintain your existing terms as you switch a policy.

Many people think having a pre-existing condition means you cannot switch providers but this isn’t necessarily the case and is something you can find out with the help of an adviser.

When Is the Best Time to Switch Health Insurance?

It can be hard to know the best time to switch a policy.

At Renewal

Switching at renewal can be beneficial as it is the simplest option, it doesn’t come with the hassle of needing to check your waiting periods or risking paying cancellation fees and this is a good time to review your policy and have the option to compare prices.

Mid-Term

Switching mid-term in your policy can be an option in certain situations. But you would need to consider the cancellation fees, waiting periods and losing any money that’s already been paid.

Common Questions About Switching Health Insurance

Can I switch at any time?

Possibly yes, but the most common and simplest time to switch your policy is when you're at renewal stage.

How long does switching take?

Switching can be done quickly and easily. Working with an expert adviser can remove the hassle and get the switch done in one simple, straightforward phone call.

Does switching cost anything?

No, switching with Usay Compare, is completely free, the entire consultation is complimentary.

Do I need to complete new medical questionnaires?

You will be asked health questions when you switch your policy, this is to check eligibility and if any exclusions could apply.

Will my new insurer cover existing conditions?

Your new health insurer may provide cover for pre-existing conditions, but an expert adviser can help you to understand your options clearly.

Switching can often be straightforward and can allow you to save money, whilst getting improved benefits within your policy. Comparing options at renewal is always recommended to be sure your current policy is best suited you or what options are available.

Thinking about switching health insurance providers? Our expert advisers compare policies from leading UK insurers and help ensure you get the right cover at the best possible price. 

Fill out the form below or give our expert team a call on 01285 864 670