Moving from a corporate health insurance plan to a private medical plan
Whether you’ve been made redundant or are planning on retiring, you’ll definitely be thinking about moving your corporate health insurance plan to a private health insurance plan. During the course of your employment, you’ve probably become accustomed to the numerous benefits that a group health insurance plan offers, such as access to excellent healthcare services, shorter waiting times, direct billing, and so forth. But with your employment coming to an end, you’ll be thinking about what to do in case you require medical attention.
The good news is that the process of moving your group health insurance plan to a private health insurance plan isn’t difficult at all. You’ll just have to consider a few things and act on them to ensure you retain as many benefits and arrangements on your new private health insurance plan.
To help you begin, this article by Pacific Prime UK looks specifically at your options and provides a few pointers to help reduce the cost of your medical insurance. Read on to find out more!
Options for moving from a corporate health insurance plan to a private health insurance plan
First things first, you’ll need to know what your options are. Don’t worry about this as there’s plenty of options to choose from. It all comes down to your plans after ending your current employment.
Securing continued covers with your current insurer as an individual client
Here’s an option that most would proceed with. Before you leave your current company, be sure to take out an individual cover with your current insurance provider. The good thing here is that the insurance company already has your records, which means any claims made or not made can be checked up easily and quickly. Essentially, the experience you previously had under the policy is continued after you end your employment. You also cut out any further underwriting and, if your insurer wishes for further documents, it shouldn’t be much of a hassle to process.
Retaining the relationship is great for you and the insurer. A win-win for all.
Opt for a new individual policy that provides international coverage
So you are leaving the company and plan on working abroad as an expat. Or perhaps you want to retire in Spain, Ibiza, or even halfway around the world in Thailand? Your choices are not limited here either. Many multinational companies have employees working abroad that require international coverage. Retirees themselves find that the cost of healthcare in countries like Thailand and China is relatively cheap, but aren’t fooled in not getting a comprehensive insurance cover. The medical costs that arise from seeking treatment in these countries, although cheaper than back in the UK, can increase many folds, especially if one visits top-tier private hospitals.
With that said, your first action would be to approach your existing insurer to request a quote for an international health insurance plan. Surely, you would want to decide on the types of coverage benefits, such as inpatient coverage, outpatient coverage, medical evacuation, dental, and direct billing options. Let your current insurer know what you want and a quote can be provided. Knowing that you are quoting from your insurer means you can leverage your history with them.
In other words, you are again better off quoting with the same insurer. But there is no harm in looking for quotes from other insurers. It is also recommended to do a bit of shopping online, like going down Regent Street in London for a bit of window shopping. You may even get a better plan at an acceptable premium. Check the following option below.
Going with another insurance provider
Maybe your experience under your corporate health insurance scheme was a disappointing one and you want to move to a different insurer after your employment ends. Well, you can simply do so without a fuss.
Nowadays, you are seconds away from getting a quote by going online. You can easily compare many quotes at once like on the handy online quotation tool provided by Pacific Prime UK. The tool is capable of comparing over 50,000 plans from 60 insurance companies!
These tools are great in that they offer a one-stop-shop for all your insurance needs. Normally, you would end up providing your contact details, which allows an advisor, who understands and knows the insurance market well, to return a call or exchange emails on the day itself.
However, you should also be conscious that going with another insurance provider means you will have to start from scratch and provide the required information and documents.
How to reduce the cost of private medical insurance
As a retiree, you are probably looking for an insurance cover that will cover all your existing health problems and offer other benefits that will come in handy as you age. The only concern is that insurance companies generally view ageing policyholders as high-risk individuals who are more likely to claim than not. This means insurance premiums are likely to be very high as opposed to a young, fit, and healthy individual.
As a tip to reduce the cost of private medical insurance when you retire, the best action to take is to add an excess to your policy. Although this would mean you would have to pay an allotted sum first before the insurer pays out, at least your premiums will be a lot lower than if you didn’t.
Additionally, it would be sensible when you end your employment to review separately with your insurer on the types of benefits that can be excluded. Depending on what you would like cover for, you can remove non-core options to create a cheaper plan. Some individuals may seek to remove therapy or outpatient benefits, which can significantly bring down the cost of medical insurance.
What about non-retirees?
For those that have been made redundant or are in good health, but want to secure a health policy, then similar to retirees you are encouraged to review your needs and adjust your excess. It is also good to be flexible when discussing options with the insurer. The aim is to find a balance that both you and the insurer will be happy to accept. If at any point you are confused, then asking the insurer to clarify will help.
But if speaking to the insurer doesn’t appeal to you or you don’t quite get the answers you are looking for, then Pacific Prime UK can be of help.
Get help from Pacific Prime UK
Whether you’re looking for international health insurance, retiree health insurance, expat health insurance in the UK or abroad, Pacific Prime UK is the insurance intermediary to approach. With over two decades of experience in the insurance industry, we know how to match individuals with the ideal plan for their needs and budget. Contact us for free expert advice or to receive a no-obligation quote today.
His expert view and wealth of knowledge on insurance can also be found in his blogs for the UK, China, Dubai, Thailand, Hong Kong, and Singapore.
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