Our private healthcare experts have reviewed all the leading private medical insurance brokers in the UK market to bring you this summarised short list of the best.
A health insurance broker is an independent financial adviser that helps individuals and businesses find the best medical insurance policy.
Health insurance can be a complicated product, with many options and subtle policy differences to bear in mind. Given the importance of ensuring a policy is set up correctly, it's wise to speak with a private medical insurance broker.
Health insurance brokers are authorised and regulated by the Financial Conduct Authority and have to work in your best interest.
While each broker will take a slightly different approach, you can typically expect them to follow a process similar to this:
As we've explained, the services brokers provide to you are free, so how do they get paid? When a broker sells a medical insurance policy, the insurer pays them a commission, which varies between providers and their agreements with brokers.
No, in almost all cases, the price you pay via a broker will be the same as if you went direct to a health insurance company. The benefit of speaking to a broker over the insurers directly is that they can give you advice on many companies and their policies, not just one.
There are a lot of benefits of working with a health insurance broker; not least, they'll likely save you time and often money too.
As we've already explained, the services brokers provide are free to you, and in most cases, they can provide you with specialist product insight that isn't readily available. Their expert advice will ensure you understand all the private health insurance options before making a decision.
By speaking to a health insurance broker, you avoid the need to spend many hours scouring policy documentation and forming your own comparisons. They'll also be able to help you find the best-priced policy and may suggest a provider that perhaps you haven't come across.
While you will likely pay the same price buying through a broker as you would going direct to a health insurer for your cover, there's a good chance you'll save money as they may be able to find deals you are unaware of.
It's too easy to take out a health insurance policy without knowing the ins and outs that only become clear when you claim. A medical insurance broker will help you understand what your policy does and doesn't cover so that you don't get any nasty surprises down the line. By working with a health insurance broker, you get the peace of mind that your policy covers everything you are expecting it to and that you're aware of any limitations.
Health insurance policies are full of jargon that can at first be difficult to get your head around. Inpatient cover, outpatient cover, hospital lists, pre-existing conditions, chronic conditions, acute conditions, mental health cover and much more! A broker will take the time to explain all of these terms to you so that you feel comfortable and confident in your choices.
While not provided by all brokers, some will assist you with the claims process and be on hand to answer questions should issues arise.
Given that health insurance premiums rise as you age, it's well worth reviewing your policy each year to ensure it's still the best for you. However, it can be time-consuming unless you work with a health insurance broker.
Many of the best health insurance brokers in the UK will perform an annual policy review for you free of charge. All you need to do is tell them if you've had a change in circumstances or made any claims. They'll then be able to perform a full market review and advise you on whether it's worth switching or staying with your current policy.
Some brokers will only sell health insurance, but others can also help you with different policies, from life and income protection to business protection insurance.