Read time:
5 Minutes
Last updated
December 8, 2020

When to switch health insurance

As with most other types of insurance, it’s best to switch health insurance companies when your annual policy renewal is due., so you should plan to research the market a few weeks before your renewal date to give you ample time to consider your options and, if necessary, change providers.

Why change health insurance providers?

Every year, as we age, our health insurance premiums increase as, unfortunately, the risk of us becoming unwell rises too. Much like other types of insurance, if left unchecked, your health insurance premiums can spiral over the course of a number of years. Fortunately, when we perform annual health insurance renewal reviews for our clients, more often than not we’re able to save them money without sacrificing cover levels.

“87% of people saved without sacrificing terms when they reviewed their policy with us”

First class service from start to finish, my advisor was extremely knowledgeable and took the time to fully understand my requirements before finding the best insurance policy for me.

Rita Burgess
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What to be aware of when switching medical insurance companies

It’s important to remember that cheap isn’t always good, especially when comparing health insurance policies. You need to understand what healthcare is included and the ins and outs of a policy before committing to move companies. 

The top things to consider before switching are:

  • Whether pre-existing conditions will be covered
  • What type of underwriting is being used
  • What level of cover will you receive
  • How much the excess ison the policy
  • Whether any extras are included

At a minimum, you want to ensure that you switch on a “Continued Medical Exclusion Basis”. Which means existing conditions will be covered on the same terms with your new private medical insurance as the old one. 

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How to change health insurance providers

The process of switching health insurance providers is straightforward, but we’d still recommend giving yourself a couple of weeks to review the market and consider your options. The first thing we’d suggest is requesting a quote from us by completing this quick form. Once received, one of our advisors will be in touch to find out a little more about you and your circumstances. The process typically goes something like this:

  1. Request a comparison quote from us
  2. We’ll call you to find out about your requirements and circumstances
  3. We’ll review the market on your behalf
  4. We’ll present the policy options back to you
  5. You decide whether to switch or stay with your current health insurer
  6. If you decide to switch, we’ll send you the necessary paperwork and take care of everything else on your behalf.

Leaving a company scheme

If you’re leaving a company scheme but would like to continue with your private medical insurance, speaking to your current provider is always a good place to start. Once you’ve done that though, request a comparison quote from us so we can make sure you’re getting the best deal. We’ve seen it all too often that corporate health insurance providers hike their prices for an individual, so it’s always best to shop around to find the best health insurance policy for you.

Can you switch health insurance at any time?

No, not without incurring cancellation fees from your existing provider. Most health insurance policies are 12-month contracts, which you can only end without penalty at point of renewal.

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