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Top tips to save money on your medical insurance

If you think buying medical insurance has to be expensive, think again. Here are our top 5 tips to finding a policy within your budget.

1) Only pay for what you need

If you are looking for private medical insurance you probably have something specific in mind that you want to be covered for.

Rather than paying for the things you don’t need, tailor the policy to suit your requirements.

Some policies offer a core level of cover with a range of additional options to choose from, such as full cancer cover, outpatient cover or extras like optical and dental care.

By only paying for the cover you need it will be easier to find a plan within your budget.

2) Quit smoking

Smokers pay significantly more on their medical insurance premiums because they are more likely to make a claim.

To be considered a non-smoker you need to be tobacco free for a minimum of 12 months, so quitting today can save money in the future.

Some medical insurance policies offer incentives to their customers to kick bad health habits, such as discounted ‘stop-smoking’ sessions.

3) Shop around

You wouldn’t buy car insurance without researching the market first, and shopping for private medical insurance should be no different.

Bupa may have become synonymous with private healthcare, but in the UK there are around 15 different health insurance providers, with each offering something different.

It is important to compare as many policies as possible, but visiting each insurer individually can be time consuming.

Comparison sites such as let you compare the market online in minutes, helping you find the best cover for your money.

4) Choose a discount scheme

As with all insurance policies, your premiums will directly affect your level of cover.

However, there are ways of reducing your premiums without having to sacrifice on quality.

  • Reduced hospital list: Cut the cost of your policy by only paying for private hospitals that you will actually use.
  • Excess: With an excess you agree to pay the first part of any claim, so the higher your policy excess the lower the premiums.
  • Six week option: If the NHS can provide treatment within six weeks you will be treated on the NHS. If the NHS waiting time is longer than six weeks, you can go private straight away.

You can choose as many of these discount schemes as you want to bring the policy within your budget.

5) Review your policy

The savviest shoppers are those who annually shop around for health insurance.

It is likely that your premiums will rise over the years to account for your increasing age and the development of new drugs and treatments.

To continue saving money, compare quotes online every year to ensure you are still getting the best deal on the market.

If you do find cheaper cover with a different insurer, can help make the switching process as smooth as possible.