Martin Lewis' urgent private health insurance advice could save you over £1,000

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The scathing NHS report by Lord Ara Darzi released this week has highlighted why an increasing number of Brits are considering private healthcare. The report exposed the doubling of A&E queues, 'normalised' year-long waitlists, and a decline in cardiovascular care over 14 years under Conservative governance.

However, opting for private healthcare is not without significant cost. For a typical family premium, covering two middle-aged adults and two children under 10, annual costs can range from £700 to £1,800, as per MoneyHelper's data, reports the Mirror.

In light of these expenses, the team at Martin Lewis' MoneySavingExpert (MSE) have shared some crucial tips to help reduce these costs significantly with one individual saving a remarkable £1,001. The MSE enthusiast, known as 'Tony', expressed his thanks on X (formerly Twitter), stating: "I saved £1,001 (35%) on a private health insurance renewal quote by haggling."

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While selecting the lowest insurance rate or negotiating for a better deal might seem straightforward, MSE experts argue that mastering this technique is more complex than it appears, particularly when aiming to slash substantial sums off large bills. 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."

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 such as 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: which hospitals do you require, what treatments do you want, and are there 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 could 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 advise 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 policy can also reduce the cost. This option means that if the NHS can treat you within six weeks, you'll go through the public system instead of using private healthcare.

Nonetheless, specialists caution that this could sometimes defeat the purpose of having private healthcare. "This isn't something we tend to recommend too frequently," they advised.

"However, it is a good way to reduce the cost of a policy."