Private health insurance is a type of insurance that can help you to reimburse a portion of your medical costs. The cost of health insurance can vary significantly between various health insurance providers in the market and as we become more price-conscious, more and more people are shopping around when the time comes to renew their health insurance policy with their current provider. If you feel that you can get the same or similar level of health insurance cover with another health insurance provider, then you may be considering switching to that provider.
If this is something that you are considering doing but don’t know how to go about it, here is a brief guide to keep in mind when switching from your current health insurance provider:
Make sure you are getting the same cover.
The first and most important thing to do when switching your health insurance provider is to make sure that you will be receiving the very same or very similar coverage to that of what you’re receiving from your current provider. Also, make sure that you will be receiving this cover at a price that is less than your current premium and ensure that there are no hidden administration costs or excesses that will drive up the cost of your premium. After all, you need to be saving money if you are going to make that switch.
Make your application.
Almost all health insurance providers will allow you to make a switching application either online or over the telephone. For this, you’ll have to submit your details that will include the number of years that you’ve been with your previous insurer and a detailed summary of your medical history. Most companies will also deal with any paperwork as well as contacting your previous insurance provider on your behalf, which makes the process even easier for you.
Cancel your direct debit.
When your application is accepted, there are one or two things that you need to look after. First of all, make sure you remember to cancel the direct debit to your current health insurance provider and put a new one in place for your new provider. All direct debits must be cancelled in writing to your local bank branch. The last thing you want to happen is to end up paying two premiums for two different health insurance policies so don’t forget to schedule this in to your agenda.
Read your new policy documents.
When you receive your new policy documents from your new health insurance provider, make sure you read them carefully, making notes of anything that you need clarification on. Also, ensure that any special offers are taken account of in the policy document. As with any of your insurance and other important documents, be careful to store them safely and conveniently, as you never know when you might need to refer to them.
Switching your health insurance provider can save you a lot of money in the long run and so reviewing your cover and comparing it to other providers in the market makes good economical sense. We hope that the above guide will assist you through this sometimes-confusing process.