Summary:

The cost of health insurance has risen sharply. Re-assess your needs and there may be healthy savings to be made.

Expensive health insurance? Ways to cut the cost. Page 2

Author: Dot Piper

The fast rising costs of medical insurance is worrying consumers and

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many are making the decision to terminate their policies when they're coming up to their 60's and this may be just when their need is greatest. Datamonitor has issued figures showing that there was a drop of 15.2% in the number of people with private medical insurance in the 7 years prior to 2004.

With this in mind, insurers have come up with some ways to cut the costs. You could opt for an excess on the policy, effectively working out a plan to suit your ( cheap loans ) budget. For instance BUPA tell us that if you were willing to pay a £2000 excess, you would halve your premium. An excess of £100 could quite well reduce your bill by around 10%.

No-claims discounts are another possible way to reduce your premium ( mortgages ) and it's possible to obtain up to a 50% saving. You should be able to transfer this if you decide to change providers.

There's a big variation in the way in which companies treat no claims discounts. Axa PPP offers an immediate 27.5% no claims discount at the start of a policy, but make ( unsecured loans ) a claim and this is lost. Not all BUPA's policies include the provision for no claims discounts, but some do and they guarantee that in the event of a claim, the resulting rise in premium will be a maximum of 10%.

Pruehealth encourage their policyholders to stay healthy in order to reduce their premiums. You can get between 25 and 100 per cent off next year's premium, depending on the effort you put into it. Points are given for various activities and lifestyle changes.

With all these choices, it's an excellent time to investigate the options. Don't just keep paying out and certainly don't lose that valuable cover by cancelling your health insurance, just get on line and find an insurance broker who will find the right cover for you at a price to suit your budget. Your pocket will benefit too, with the on-line discount.