Finding the right health insurance can seem like navigating a maze. A specialist health insurance broker can help you compare quotes and make an informed decision, but how do you find the right one? Here are seven questions that can help you choose a broker.
Questions to help you find the right health insurance broker
There is more than one type of insurance broker, but when looking for a health insurance plan, we always recommend that you speak with a specialized health insurance broker. They have in-depth knowledge of the health insurance market and how to find health insurance that meets your needs.
A good health insurance broker will also have established relationships with health insurance companies that can get you a better deal. They are also in the best position to help you understand how your choices will affect your health insurance costs, coverage, and experience when you file a claim. Here are some questions your health insurance agent should be able to answer easily to help you make an informed choice.
1. Which insurers do you have access to?
Ideally, you’re looking for a broker that offers a “whole market” selection. This means I can look at each company’s health insurance policies and get quotes from the ones that best suit your needs and budget.
Some brokers have a limited pool of insurance providers, so they can only introduce you to those they are authorized to sell. While you should still be able to compare different quotes, you will have less choice than you would with health insurance brokers across the market. It’s also important to watch out for advisors who are agents, not health insurance brokers. These brokers represent one company and can only introduce you to their health insurance policies.
The more companies a health insurance broker has access to, the better, as it means they can give you more choices and a better chance of finding the right coverage.
2. Can I get back to you if I need help with my policy?
A health insurance broker will help you find the right policy, but can also be a source of support when needed. Everyone is different and the level of help and advice you need depends on you personally. The service your broker offers may vary depending on your needs and the type of policy you have. Typically, a company with a group policy is likely to need more support than an individual who makes infrequent claims.
Asking your broker to answer questions about the type of support they offer can help you decide if they are the right choice for you. Some brokers will be on hand to answer questions about your policy coverage. Others may be able to guide you through the process when you apply for your health insurance plan.
Consider the level of support you need so you can ask the right questions when you speak with a health insurance adjuster.
3. Will you revise my policy every year?
Your insurance company estimates the premium you pay for your health insurance based on a variety of factors, including your age, where you live, and your job.
When your health insurance plan comes up for renewal each year, the cost will likely go up because you pay more as you get older. It’s critical that you know if your broker will review your renewal offer to make sure the coverage still meets your needs.
Changed circumstances may mean a different health insurance plan or a new provider would be better for you. Switching can be complex, and brokers who support you can simplify the process.
4. Is it worth it to go for full medical insurance?
Signing a contract can be complex, so it’s worth finding brokers who can explain it clearly. There are two main types of underwriting on individual health insurance policies. Pre-existing conditions are excluded from coverage; if you have had medical advice or treatment for a problem in the five years prior to taking out the policy, it will not be covered for the first two years of your plan.
If you have a moratorium contract, you will not have to provide any health information when you take out the policy. However, when you choose full medical insurance, you will be required to complete a medical questionnaire.
The advantage of a full medical guarantee is that you will know from the outset what is covered and what is excluded, so claims are less likely to be refused. The application process is usually shorter than with a moratorium, since your insurers will not need to check your medical history. Full health insurance is also usually cheaper.
5. What are the advantages and disadvantages of a managed list of consultants?
Most health insurances give you many choices about which consultant you see or hospital you go to. A guided list of consultants offers fewer choices, as your insurance company may offer you a choice of only two or three consultants. This can be a great way to save money, as consultants on their list usually charge less. This could mean you can afford more coverage. It’s also ideal if you’re happy to take your insurer’s advice on which doctors you see.
However, it is not for everyone. If you want to see a particular consultant because they offer a particular type of treatment, have received a personal referral or have already seen them through the NHS, they may not be available on the guide list. You may also have to wait longer for an appointment, which is not ideal if you have health insurance to help you skip NHS waiting lists.
6. What are the main exclusions from my policy?
Every health insurance plan has exceptions. Some are standard exclusions that your insurer applies to every policy, while others vary depending on your medical history. Your broker will not be able to advise you of any exclusions specific to you when you get in touch to request a comparison quote. However, they should explain what you can expect from the process. As we have already mentioned, the procedure differs depending on the type of insurance. Your insurance company will confirm any exclusions only when you provide medical information or after you submit a claim.
On the other hand, your broker should explain what standard exclusions apply to your policy when helping you compare quotes. You’ll typically find that your health insurance won’t cover things like cosmetic surgery, simple pregnancy and childbirth, and addiction treatment. Some insurers have a longer list of exclusions, but elsewhere they may offer more comprehensive coverage. Understanding what is not covered helps you choose the right cover for your needs.
Health insurance plans also only cover treatment for acute conditions, which means you can’t get treatment for chronic conditions that require long-term monitoring, such as asthma, diabetes or high blood pressure.
7. Do you charge for your service?
Most health insurance brokers provide their services for free because they are paid a commission when they place you with a health insurance provider. A good broker shouldn’t charge you anything to work with them, so if you talk to one that does, you may be better off elsewhere.
Working with a broker can also help you save money. Brokers strive to build relationships with insurance companies to give you discounts on your premium or more comprehensive coverage for your money.
Your broker should be regulated by the Financial Conduct Authority (FCA), which oversees brokers to ensure they act in the best interests of their clients. There are also regulations that are part of UK law, designed to protect insurance customers and ensure you are treated fairly by your broker.
