How to reduce health insurance costs

There are a few things you can do to keep the cost of health insurance down. Think about what you want from your cover and adapt your policy to suit your needs and your budget.

It’s important to remember that a lower cost policy might not provide all the cover you need, so don’t base your choice on price alone.

1. Increase the amount you agree to pay towards claims

   The higher the excess on your policy, the lower the price will be. Remember, you will have to pay your excess when you claim, so choosing a higher excess won’t be suitable for everyone. For example, if you might struggle to pay an excess for an unexpected claim, you could choose a lower excess and pay more for your policy.

2. Choose lower policy allowances

   Some policies have cover allowances you can claim up to each year for some types of treatment. For example, there might be an allowance for outpatient care.

   Policies with higher allowances that cover more, cost more. You can choose lower allowances to reduce the price of your policy.

3. Select a lower level of hospital cover

   You can usually choose to have access to a large or small number of private hospitals in the UK. If you have more choice, your policy will cost more. If you’re happy to only access a smaller network of private hospitals, your policy will be cheaper.

4. Look for discounts

   Many insurance providers offer discounts for policies that cover more than one person. You may find couples or family discounts.

5. Keep up a healthy lifestyle

   Health insurance usually costs less if you don’t smoke. Most insurers will ask whether you have smoked in the last two years. Some will also offer discounts if your BMI falls within a certain range.

If you’d like to access private healthcare but don’t want to take out a health insurance policy, pay as you go healthcare could work for you.

You won’t need to make monthly payments. You just pay for the care you need when you need it.

Learn more about health insurance

• How does health insurance work?
• How much is private health insurance?
• Health insurance excess
• Do I need private health insurance?
• All health insurance guides