Renewal time is when to review your medical insurance policy
Health insurance policies usually renew each year automatically, which means it is all too common for them to slip under the radar and not receive sufficient scrutiny. Let’s be honest, most of us have better things to do in our spare time than comparing health insurance policies! That’s why we started our Free Renewal Review service.
Our Free Medical Insurance Renewal Review Service
Each year, around a month before your medical insurance renewal date, one of our advisors will contact you to see whether your circumstances or requirements have changed. Following that call, they’ll research all of the UK’s leading health insurers to see whether your existing terms can be bettered. Finally, we’ll contact you talk you through them and advise you on the pros and cons of changing provider.
Hassle-free policy review in five steps:
- Complete our “Quote” form
- Speak to an advisor
- We’ll research the market
- Choose your policy
- We’ll arrange the switch
Protect your medical history when you switch
When you switch medical insurance providers it is imperative that your history isn’t compromised, with any current inclusions carried forward to your new policy. In some instances it can be worthwhile changing your underwriting terms at point of renewal, but only if it improves your position. If our advisor believes your medical history could be compromised by changing provider, we’ll advise you to stay with your current health insurer.
Health Insurance Renewal Process
The process of health insurance renewal will vary between each insurer, but will largely follow these steps:
- Contact by your current medical insurance provider - Your current private medical provider makes contact and informs you that your policy is due for renewal shortly. In some cases you’ll receive a quote at the same time, in others, they’ll ask you to contact them to discuss the policy first.
- Get an updated health insurance quote - Assuming they haven’t already provided a quote, they will assess your policy and circumstances before offering you an updated price.
- Research other providers - At this point, we’d recommend you review the market and see whether you are still getting good value for money.
- Choose to stay or switch - You decide whether you wish to renew or cancel the policy
How do I renew my health insurance?
To renew your health insurance you can contact your existing provider around a month before the end of the current year to discuss your policy. Before making a decision to renew, we recommend that you speak to an independent health insurance advisor, as they will be able to make sure you are still getting the best terms and price on your policy. Our Renewal Review service is free of charge and researches the leading providers on your behalf to find you the best health insurance policy.
Why you should use our medical insurance renewal service
- Protect your medical history: We'll help you change insurers without compromising your cover
- Reduce your premium: We can often find savings by helping you change provider.
- Match or improve cover: We'll make sure your cover is at least maintained, if not improved.
- Receive free advice: All of our advice is free of charge, independent and impartial.
- Dedicated account manager: You'll have a single point of contact from start to finish.
Health Insurance Renewal FAQs
What does it mean to renew a health insurance contract?
A health insurance renewal is when you commit to another year of medical insurance with your current insurer. The terms of the policy may be similar, with the exception of any changes notified. Renewals do usually cost more than previous premiums, simply because you are a year older. You can, however, avoid the increase by shopping around and seeing if a different provider can offer you the same or better terms at a better price.
Does health insurance automatically renew?
Some health insurance providers will have it written in the policy terms and conditions that it will automatically renew each year. If you would like to avoid this then you can either contact your insurer and request for this not to happen or appoint an independent broker such as ourselves to review your policy each year.
Will my health insurance premium change upon renewal?
Usually, your health insurance premium will rise each year, to account for you being a year older and for inflation in the cost of medical treatments. That said, you can often limit the increase by switching to another provider. Our free Renewal Review service is the perfect way to quickly compare the market to see if you can get a better deal.
Is there a difference between health insurance renewals for businesses and individuals?
No, the process is largely the same, but businesses will typically find there are more changes to the policy due to it covering more people with potentially more claims.
How often will I need to renew my health insurance?
In the UK you typically need to renew your health insurance each year and we would recommend you review your policy at the same time to make sure you’re getting the best terms and price.
Should I renew my current private medical insurance policy or shop around?
It is of course up to you, but we would always recommend shopping around to see if you could get a better deal. We understand that searching for health insurance can be time consuming which is why we provide our free of charge Renewal Review service. We do the leg work to find the best policy for you.
What are the benefits of renewing my private health insurance contract?
Renewing your health insurance with your existing provider will typically be a quicker process but will often cost you more than if you shopped around. In certain circumstances, you would also better protect your medical history by staying with your existing provider.
Come renewal, would I benefit from purchasing a health insurance policy with a new provider?
Sometimes, yes you would. It's always best to shop around and see what other providers have to offer. If you don’t have the time you can use our free Renewal Review service where we do all the leg work for you. If you haven’t moved for a number of years then you’re almost certain to get better terms and/or pricing from a different provider.
What are the benefits of transferring my company health cover onto a personal policy?
If you have a medical treatment underway or upcoming, or if you’re in the process of making a claim, you may be able to continue the process without any effect to your medical underwriting terms.
How do I transfer my health insurance from one company to another
You will first need to compare the providers in the market and choose the one you wish to transfer to. Once you’ve done that you will need to notify your existing provider and then pass your certificate of insurance to the new one. The process can be a bit complicated which is why we always recommend using our free Renewal Review service which does all the hard work for you.
Can I cancel my health insurance policy at any time?
No, not without paying a cancellation penalty. If you do wish to cancel your policy you’re best to speak to your provider or look at your terms and conditions to see what applies to your policy specifically.