Am I Paying Too Much for My Healthcare?

The UK is lucky to have the option of free public healthcare via the NHS, as generally paying for health insurance can be pricey.

But with this service under a lot of pressure, especially during the coronavirus pandemic, its limitations are starting to show & people are beginning to look elsewhere.

Paying that extra bit of money for your health insurance can mean a number of things that are unskippable with public health insurance like lengthy waiting lists, choosing first-hand who you want to see and where you want to be seen, as well as an extended range of treatment options and receiving quick treatment. 

Is It Good Value for Money? Am I Paying Too Much?

Being brutally honest, if you want all the benefits of private healthcare there is no way around it – you will have to pay for it. But luckily, it doesn’t mean you have to pay ridiculous amounts for it, and working out the best value for money is an easy task.

In order to know whether you’re paying too much, you’ll firstly need to assess your requirements and what your needs are. Regular reviews are also helpful to determine if your cover is suitable, if you’re already paying for private health insurance. If not, it’s always possible to switch policies which could save you money in the long run.

Below is a list of questions (as well as answers) to ask yourself when trying to work out whether or not you’re paying too much for your private healthcare:

• Are you in good health?
• Has your treatment finished/been completed?
• Have you made any claims?
• Are you paying for benefits you don’t need?

Are You in Good Health?

You may have had poor health or an unhealthy lifestyle when you first started paying for your private health insurance, but if there’s been a significant improvement then you may be paying for an insurance premium that isn’t necessarily applicable to you anymore, and it might do you a favour to switch down to a lower health insurance premium (e.g. switching from medium to basic plans)

Has Your Treatment Finished?

If you started paying for private healthcare for a short-term illness or injury (usually lasting between a week to at least a month) that has now been treated, you might not necessarily need that exact plan anymore, due to the fact that your illness/injury is no longer existing.

It might help to revise this with your chosen insurance company and see if there’s an option for you to choose another insurance premium that is better fitting to your circumstances.

Have You Made Any Claims?

In the event that you already have an active private health insurance policy and you become ill or injured, you might want to visit a GP outside and make a claim. However, some insurance companies charge extra fee’s as their plans don’t include ‘No-fee’ claims. 

Because the doctor you visited is a doctor outside of your insurance plan, you will have to make a claim yourself (as opposed to your usual GP), which means the insurance company will be billed by the doctor for this visit.

A lot of insurance companies don’t include no-fee claims in their premiums, meaning you will have to pay any additional outstanding costs.

You will need to contact your health insurance company to see whether or not no-fee claims are something they offer on their premiums – if not, it’s worth looking for a company that does, as you could be paying way more than you should be.

Are You Paying for Any Benefits You Do Not Need?

It’s common to come across deals or quotes that seem to be ‘one-size-fits-all’ but in reality, it’s easy to get roped in to paying for benefits on a policy you may not actually need.

Make sure you take a deep analysis of the benefits you think you need, and it’s also helpful to make some sacrifices (where possible) as a benefit you think you need, you might not actually require in the long run. Most health insurance premiums are renewed annually, so be sure when reassessing your needs.

To conclude, it can be easy to work out whether or not you’re paying too much for your private healthcare. Be absolutely sure to explore a number of health insurance companies to receive the most accurate of quotes that fit to your needs the most.

It’s also worth noting that choosing the cover and treatments you’ll make the most of may not be the cheapest option, but may provide you with the best value for money.