Why it’s vital to check your health insurance annually

In the same way that you would with your car or home insurance, if you have health insurance its good practice to review it on an annual basis.  You can do so when you get your renewal notice and it may be possible that you could make savings on your premium, either by changing the level of cover or by switching to another health insurance provider that can offer the same cover for a lower price.

Why should I review my cover?

A lot can happen in 12 months – it may be that you’ve experienced some life changes or your health may have changed.  Reviewing your policy to make sure it’s completely up to date will ensure that you have the most effective cover at the best price.

Here are just a few reasons for reviewing your cover:

– You’ve had a child or are planning on having children in the future

– Your health has changed and your existing plan is no longer suitable

– You want to take extra precautions for the future

– You feel you are over-insured and want to see if you can trim down your cover

– You are looking for ways to save money

Can I save money by reviewing my health insurance?

As with any insurance policy, there is no guarantee that reviewing it on a regular basis will save you money, but it certainly has potential to, depending on the changes you may decide to make.

Here are a few ways that you could potentially save:

– You could opt for a more basic plan that offers slightly more limited cover options if you feel you don’t need everything on offer.

– You may choose to up your policy excess which may help to lower your monthly premiums.

– Compare quotes from different providers to see if another company can offer better value for money

Is it easy to switch to a different provider?

If you’ve ever switched car insurance providers, you’ll know how simple it can be.  You should have a new policy in place before you cancel your existing one – just to make sure that you can definitely get the cover you need.

Once you’re happy that everything is in place, you’ll need to let your existing provider know that you’d like to cancel (and cancel your direct debit if applicable) leaving you free to sign up to your new provider.   Before you switch to a new provider, make sure you read any terms and conditions that come with the policy as this will be important if and when you need to make a health insurance claim.  If you have any questions, you can contact the provider who should be able to help you; however it’s sometimes worth seeking independent advice to make sure that any new cover will be on the same, if not better terms than the old one as you don’t want to lose out on any benefits that you may have had previously.

All insurance providers offer a 14-day cooling off period so even if you change your mind after taking out your health insurance policy you still have a little time to cancel your insurance.

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So Smart Money are specialists when it comes to mortgage and insurance. We have access to the UK’s leading brokers and using their knowledge and skills they'll place you with the most suitable lender and product for your needs.

Speak to an expert for mortgage advice, life insurance cover, to protect your income, insurance your home or contents and private medical cover.

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