Health insurance high cost is it now worth it?

melissashopping · 13 February 2018 at 1:51PM

I have had private health insurance since 2002 with one company, both me and my husband have a few pre-existing conditions, and so if we moved we realise these wont be covered anymore, the big problem is this year our premium has gone to £4000 a year, I am in my early 40s, he is in his early 50s.

The pre-existing conditions are unlikely to need treatment in the near future, I am just finding it hard to make my mind up as to whether I should cancel it. £4000 a year is more than we have ever had to claim for any condition in the history of us having the policy. On the other hand both being self employed, and seeing people we know have long waits on the NHS we are worried about cancelling it.

Am I mad to consider going with the new premium, or should I just cancel it, and put the £4000 a year in a bank account.

Cyclizine · 13 February 2018 at 2:20PM

Have you got income protection?

melissashopping · 13 February 2018 at 2:33PM

Sadly we both cannot get income protection. But we do have savings that would cover us for about 18 months in an emergency.

wozearly · 19 February 2018 at 9:35PM

Bit late to the thread, but it's worth noting quite a few health insurers will offer switch pricing to continue cover for pre-existing conditions. It won't be as good as their "nothing existing covered" new business prices, and you'll likely have to call them to get specific quotes, but it is possible.

Might be worth getting some independent advice before jumping ship, though, just to confirm there are no unexpected surprises.

Depending on the insurer, you may be able to tactically reduce cover as well. £4K is fairly hefty price for a couple under 60, so it many be a policy that covers absolutely everything - you could drop an excess on it or see if you can reduce/remove outpatient cover where you could tactically decide to pay to go private yourself if the wait for tests/physio etc. on the NHS is too long at the time.

So equally, it may be worth a sensible chat with your current insurer to see what your options are.

Health insurance high cost is it now worth it?

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