'Martin Lewis helped me save £1,000 on private health insurance'
The release of Lord Ara Darzi's damning NHS report this week has unsurprisingly led to a surge in Britons opting for private healthcare. The report highlighted alarming issues such as doubled A&E waiting times, the normalisation of year-long waitlists, and a decline in cardiovascular care over 14 years under Conservative governance.
However, the cost of going private is not insignificant. For a typical family premium, which includes two middle-aged adults and two children under 10, annual costs can range from £700 to £1,800, MoneyHelper reports.
In light of these expenses, the team at Martin Lewis' MoneySavingExpert (MSE) have shared some crucial tips to help reduce these costs significantly - one man, referred to as 'Tony', managed to save an impressive £1,001, a 35% reduction on his private health insurance renewal quote, by following their advice. Tony expressed his thanks on X (formerly Twitter), stating: "I saved £1,001 (35%) on a private health insurance renewal quote by haggling." For money-saving tips, sign up to our Money newsletter here
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While selecting the lowest insurance rate or negotiating for a better deal might seem straightforward, MSE experts claim that mastering this technique is more complex than it appears, particularly when aiming to slash large bills by hundreds or even thousands. In their latest Money Tips newsletter, they remarked: "The NHS and its staff are true national treasures, but much as it's painful to write, the pandemic and cost of living crisis have seen it struggle - even the Prime Minister has said it's 'broken'."
"So it's unsurprising we're getting questions about medical insurance, both for getting treated privately and for covering NHS costs too.", reports the Mirror. Before you start haggling, it's vital to first select a private medical insurance policy that fits your needs.
Experts at MSE suggest starting with comparison sites like MoneySupermarket and Howden Life and Health. These platforms allow you to compare different companies and often offer over £100 in cashback.
When choosing your rate, they recommend considering key factors such as the hospitals you require, the treatments you want, and any services you'd be content to use the NHS for. This will help narrow down the best options.
However, even if the initial rate seems affordable, MSE warns that its cost may increase over time. That's where haggling can prove useful.
Typically, the first step is to revisit comparison sites to find the cheapest rates and see if your current provider can match them. In addition to this, experts at myTribe Insurance also suggest asking to remove extra features from the policy that you likely won't need.
This could include travel insurance or dental care, for example. They stated: "If you primarily have health insurance to protect you from severe medical conditions, you could remove some additional options to reduce your renewal premiums."
Incorporating a 'six-week NHS option' into your plan could also reduce the cost of private healthcare insurance. This involves choosing NHS treatment if it's available within six weeks.
Yet, specialists caution this choice might occasionally undercut the benefits of going private. "This isn't something we tend to recommend too frequently," they noted. "However, it is a good way to reduce the cost of a policy.