Should you regularly compare private medical insurance in the UK?

January 18, 2022
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Comparing the health insurance policies available to you in the UK can be done at any time, and regularly making a comparison between the options available may help you to find a more comprehensive policy at a cheaper price. When comparing, you have several options available to you such as online tools, directly through a provider, or by utilising the help of an independent health insurance broker.

What are the benefits of comparing your health insurance options?

Comparing your health insurance options provides you with more information on the types of policies available to you. This may result in you purchasing a policy that is more inclusive, competitively priced, or both. We advise anyone that’s considering health insurance to go through a comparison process for this very reason. Some of the benefits that you may realise from going through a comparison process include:

  • More favourable underwriting terms
  • Less costly premium payments
  • Access to a more extensive hospital list
  • More comprehensive cover
  • An understanding of the policies available to you
  • More relevant members benefits
  • An understanding of whether switching from your current policy is beneficial
  • Making a more informed decision about your private health cover

Are there any benefits to staying with the same provider?

When comparing your private medical insurance options, you may find that it’s more beneficial for you to continue with the same provider on your existing policy. This may be for reasons such as no claims discounts, accrued members benefits, or more favourable underwriting terms that you wouldn’t be able to get elsewhere. However, we would still recommend that you compare your options to understand whether this is the case.

How to compare your health insurance options

You have the option of using online tools, speaking to each provider directly, or utilising the expertise of an independent health insurance broker. You may have a different experience depending on the method you use, and if you’re interested in appointing us to handle the process for you, you’ll be opting for the independent private medical insurance broker method.

Online comparison tools

Online comparison tools may be useful to get a general idea on the type of policy that you could purchase, however they’re limited by the policies that are made available through each tool. You may find that a policy more suited to your requirements, budget and lifestyle isn’t featured in the health insurance comparison tools you use.

Health insurance providers

Every health insurance provider can offer a high-level of advice and information specific to their products. However, they may not be able to answer questions about other providers in the UK market. This means that to compare your options, you’d need to contact each provider separately and go through the quotation process before comparing all of the options you’ve been presented with yourself. This may be a timely process as you may be contacting many individuals from various companies which could include additional follow-up calls.

Independent private medical insurance brokers

An independent private medical insurance broker will handle the whole process for you, comparing the options available to you across all of the private health insurance providers that they work with. This means that you’ll receive a true comparison of the policies available to you across the UK providers without ever having to deal with them personally. Some Independent health insurance brokers may charge a fee for this service, however as we receive a commission from the insurer, this service would be free to yourself, and we’d be happy to negotiate the terms of your policy on your behalf.

When should you compare the health insurance policies available to you?

You’re not restricted on when you can compare the options available on the market, which means that there is no specific timeframe this has to happen, although if you already have a policy you may find it is not favourable to switch to the new policies offered to you after comparing.

  1. If you don’t have a health insurance policy: You can compare the options as soon as you’re ready to find out more about health insurance. Depending on the method in which you compare your options, you may also have the opportunity to ask any further questions and find out more about private medical insurance before you then commit to purchasing a policy. Because you don’t hold a current policy, you’ll have the option to purchase any of the options presented to you after completing a comparison process. Please bear in mind that if you leave a long period of time between comparing your options and purchasing your policy, some of the options available to you may no longer be, or your premiums may change.
  1. If you’re an existing policy holder: You can compare the other policies available to you on the market at any time, as you’re not obligated to make a purchase. However, you may find that it’s not beneficial for you to switch to any of the policies that are offered to you when you compare. This depends on whether there are implications for switching to a new policy from your current commitment. With this in mind, comparing your options towards the end of your policy, or the renewal date, may be more beneficial for you.

Find out more about switching your health insurance

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What should you prepare for your health insurance comparison?

To receive an in-depth comparison and to ensure you’re purchasing a policy that’s right for you, the more information that you can provide, the better. If you opt to use our comparison service we’ll walk you through all of the various options you have and the information we need, but if you want to prepare information beforehand, below is an example of what you may want to have on-hand:

  • Details of all policyholders, such as their legal name, occupation and age
  • Any questions you have about health insurance and what it can offer you
  • A list of anything that is important for you to have access to or be covered for as part of your policy
  • A list of anything that you are interested in and would consider, but is not an essential inclusion as part of your policy
  • A list of anything that you’re specifically not interested in and do not want to be covered for
  • Any preferences you have over private hospitals, facilities or professionals
  • The budget of your health insurance premium, and whether you’d prefer to pay monthly or annually
  • The maximum excess you’d be willing to pay out in the event of making a claim
  • Where applicable, information about your existing health insurance policy such as who the provider is and the start date
  • Any preferences over the provider of your health insurance policy
  • Whether you’d like access to physiotherapy and complementary therapies such as acupuncture

How Equity Health handles health insurance comparisons

Our first step is to speak to you to answer any questions you have and understand everything that you’d like from your private medical insurance. We’ll guide you through the whole process and make sure to ask you for everything we need to provide you with a comprehensive comparison. 

Our aim is to find you the most inclusive and competitively priced policy based on our understanding of your needs, but we don’t just consider the policy that’s the cheapest or offers the most coverage. We also take into account details such as whether there are specific facilities you’d like access to, providers you’re interested in, members benefits that offer you the most value and anything else that’s important to you.

This combination of understanding your needs alongside our access to the many health insurance policies available to the UK market allow us to deliver a comparison that aims to only find the best solution for you. Whether you’re an individual, family or a business, just let us know that you’re interested in comparing your options and we’ll be in touch.

Compare private medical insurance policies

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Compare small business health insurance policies

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Compare corporate health insurance policies

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