Already have health insurance but wondering if it would be better to switch to another provider? Our guide helps you consider your options.
Can you change your health insurance provider?
In most cases, if you want to change health insurance providers, you can. The only exception is usually if you are in the middle of treatment for a serious illness such as cancer.
The real question is not whether you can change health insurance providers, but whether you can the right decision for you. Before switching health insurance companies, it is important to consider your circumstances and reasons for switching providers.
What are the benefits of switching to a new health insurance provider?
Switching health insurance providers can offer many benefits. If you’ve received your renewal quote and want to see if you can lower your premium, it’s worth getting a comparison quote to see how other health insurance providers stack up. You may be able to get better health insurance, a wider choice of hospitals, or better customer service with another provider. Alternatively, you may want to look elsewhere for better benefits and perks.
Disadvantages of switching to a new health insurance
When you decide to switch health insurance providers, any of the advantages we’ve described can also be a disadvantage. While there are ways to switch health insurance companies to get a better deal, you may find that your new provider offers less favorable terms and conditions or reduced levels of coverage.
If you have received treatment since taking out health insurance, changed health insurance providers could means adding new exclusions to your policy, meaning your new provider may not cover treatment that was covered by your previous insurer.
Why do you want to change?
Before you decide to change your health insurance company, think about the reasons for doing so. That way, when you start your search for a new private health insurance policy, you know what you’re looking for and can make an informed decision about whether a new health insurance policy is right for you.
do you want:
- Lower your premiums?
- Improve your level of coverage?
- Get better benefits and discounts?
- Get better customer service?
Think about your current circumstances
Changing health insurance can be simple or complex, depending on your personal circumstances and whether you have applied to your current health insurance provider. The decision to change health insurance often depends on the terms offered by the new policy and whether any new exclusions apply.
Here are some factors to consider depending on your circumstances.
You have not applied for your health insurance policy
With an insurance moratorium, health insurers will usually exclude conditions from cover if you have had medical advice or treatment for the condition in the five years before you bought the policy. If you haven’t claimed or been on NHS treatment, there shouldn’t be any new exclusions when you switch. However, if you already have exclusions, you will need to be symptom/treatment free for two years before they can be added to your health insurance policy.
Most health insurers in the UK will allow you to use it “Change insurance” (also known as permanent moratorium insurance) but you will have to meet their pre-defined criteria to access it. Before you move, the insurer or your broker will ask you to fill out a questionnaire about your medical history. As long as you meet the insurer’s criteria, you can can be switched without adding new exclusions and your moratorium period will not be cancelled.
You have applied for your health insurance policy
If you’ve applied for your existing health insurance policy or are in the middle of treatment, switching without introducing new exclusions is more complicated. After all, pausing your cancer treatment and joining an NHS waiting list is unlikely to be in your best interests.
Some conditions require repeated treatment over time. For example, your health insurance may have covered steroid injections for a knee condition. However, this may not be a long-term solution. Changing your health insurance may mean your knee problem is excluded from cover, meaning you can’t claim on your private health insurance if you need an arthroscopy or knee replacement.
Again, it is crucial that you speak to an experienced broker who will be able to advise you on whether it is possible to change without adversely affecting your cover levels.
Ways to save money on your health insurance
If you want to switch health insurance providers to lower your health insurance premiums, but are otherwise happy with the coverage levels and services offered by your current health insurance, there are ways to save money without switching health insurance.
Here are some ways you can lower your premium without changing your health insurance.
1. Bargain with your service provider
If you get quotes from elsewhere and return them to your insurer, they will often consider reducing your renewal premium. Bargaining works, and doing it once a year can save you a lot of money in the long run.
2. Review coverage levels
Private health insurance covers some treatments as standard, including hospital treatment, cancer treatment and some mental health support. You may also have added additional coverage in the form of outpatient treatment or other therapies. Reviewing your policy coverage and financial limits can help you lower your premium. However, we suggest you only do this with professional guidance to ensure you are properly covered. You may not need hospital treatment often, but you need to make sure you have adequate insurance if you do.
3. Change the sick list
For example, you may have added an extended list when you bought your policy because you wanted access to top hospitals in central London. However, your priorities may have changed. A standard listing can lower your health insurance premiums and still provide excellent treatment.
Some providers also allow you to customize their list to focus on specific facilities or locations. Eliminating higher-fee hospitals can help lower your health insurance premiums.
Most leading insurers today offer what is called a “Guided Consultant List”, which restricts you to a smaller set of private hospitals and specialists in exchange for a reduction of around 20% in your premiums.
4. Increase your surplus
Increasing your excess is an easy way to reduce your premium. The more you are willing to pay upfront for treatment, the lower your premiums will be. It’s important to find the right balance so you don’t avoid claiming the health insurance policy you’re paying for because you can’t afford the excess.
5. Add a six-week option
The six-week waiting option means your insurer will only cover your treatment if you need to wait more than six weeks for NHS treatment. The main disadvantage is that if you receive urgent care in the emergency room, you will not be able to use your health insurance for further treatment.
Your insurance options when you change health insurance
If you already have private health insurance, you probably understand the difference between moratorium and full medical insurance (FMU). We’ve already mentioned pre-existing condition exemptions; if you have a warranty moratorium, you will not provide medical information in advance, while if you have an FMU, you will. You can change your health insurer using the same insurance terms. However, this may mean adding new exclusions to your policy.
If you would prefer warranty terms that allow you to avoid adding new exclusions or maintain an existing moratorium, you will need a CMORI or CPME warranty.
Continuous moratorium insurance (CMORI)
A Continuous Moratorium on Insurance (CMORI) is like a no-claims bonus on your car insurance. It allows you to keep the moratorium you earned on your previous policy, meaning you won’t have to start a new moratorium period from scratch. It is ideal if you have an exclusion from your existing policy and have been symptom-free for between one and two years, as it will shorten the time you have to wait before the exclusion can be removed.
Permanent Personal Medical Exclusions (CPME)
Permanent Personal Medical Exclusions (CPME) are only available if you had full medical cover on your previous policy. It allows you to keep the same exemptions from existing policies and avoid adding new ones. We previously gave an example of a knee condition that was treated with steroid injections, but may need further treatment in the future. CPME would allow you to continue using your health insurance to cover treatment, including future surgery if necessary.
Explore your options
There’s a lot to consider if you’re looking to switch health insurance providers. Although switching health insurance is possible, you need to consider whether it is the right choice for your circumstances. While different download options may allow you to keep some of the same terms, there are no guarantees that your new provider will offer them. You should also compare offers carefully to understand if your new policy is at least as good as your old one.
Talk to a broker
Comparing quotes from different suppliers can help you get the best deal. A specialist broker has detailed knowledge of the health insurance market and can help you compare quotes and ensure you don’t compromise your coverage. Sometimes a new insurer can give you lower premiums by reducing coverage or offering less favorable terms.
A specialist broker provides impartial advice to ensure the right balance between cost and cover.
