Health Insurance in the Credit Crunch ~ Insurance for you

Thursday, July 30, 2009

Health Insurance in the Credit Crunch

4:11 AM Dinh Nam No comments

With the economic situation posing financial problems for individuals and families all around the world, it is understandable that people have to prioritise where they should allocate their household budgets. Expenses such as food and energy costs are likely to be given more precedence than medical insurance. However, it is possible to reduce the costs of your monthly health insurance premiums, keeping access to private healthcare should you need it.

Despite the reccession more than seven-million people in the UK are covered by either personal or corporate private health insurance, and a further one million though heathcare trust agreements with employees. This is actually an increase of 2.7% on cover levels in 2007.

Is it worth switching insurers?

It is well worth reviewing your current insurance policy as if you've been with the same provider for many years you may be paying over the odds as policy conditions do change. Many people are wary of switching as, in the past, you may have had to start afresh and if you developed a new medical condition then you may not be able to get the same level of cover. It is now possible to get the same or more similar terms from many providers.

Get smart with you health insurance

It is highly possible that your private health insurance cover is more comprehensive than you require. You may be able to lower your premiums by taking certain risks with your policies. Another method that many would suggest to save on your premium would be to try to voluntarily pay excess on your premiums - the higher that you can manage to pay here could reduce your monthly outlay.

In summary, its most definitely the case that the credit crunch has altered our priorities somewhat, but it is still possible to have affordable health insurance cover by becoming more discerning about our policies.