There are many factors that determine an individual’s health insurance premium, which is why is best to get a tailored quote that reflects accurately your individual situation. Factors are attributed either to the individual i.e. Age or around their preferences. Below we have given the main factors that have an influence on your private health insurance premium.
Factors Affecting the cost of private health insurance UK
Age – The older you are the higher your premiums tend to be, this is because Insurance companies predict that as a person ages, they are at greater risk of incurring medical expenses.
Postcode – Just like other insurance products the insurers use postcodes to give an indication of how likely people in that area are to claim. With Health Insurance some insurers also take into consideration what hospitals are in the area that you will likely choose to use.
Tobacco Use – Many insurers will require you to disclose if you are a smoker or not. They categorise someone as a smoker, if you have used tobacco products in the last 12 months. Due to negative health effects of tobacco, people who smoke will find themselves with higher premiums than non-smokers.
Your choices that affect the premium
Hospital List – If you are looking to lower your health insurance premium choosing a local or reduced hospital list can help lower your premium by 25%.
Excess – When taking out health insurance you will be given the opportunity to add an excess to your policy, which typically ranges from £0 to £1,000. The higher excess you choose the lower your insurance premium will be.
Additional therapies – Most insurers will give you the option to add alternative therapies, these often include physiotherapy, osteopathy and chiropractor treatment. Adding additional therapies will usually increase your premium.
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