|
Are you aware of how costly Health Insurance can be when you retire
and leave your organisation's Health Insurance scheme?
Are you aware that there are specialist Health Insurance
brokers who can help save a lot of money?
For those lucky enough to have had Private Health Insurance
with their organisation, this can be one of the biggest
unexpected impacts on your retirement budget.
Whether you have retired or not it's worth understanding the
options. We have asked brokers Premier Choice Healthcare
Ltd. (who we have an association with) to explain. They are a
well established award winning independent health insurance
intermediary, specialising in providing the best healthcare
solutions for individuals, families and companies across the
country.
Don’t Retire from Private Medical Health Insurance
Planning for your health care needs should be a priority in
retirement planning.
If you currently benefit from a company private medical health
insurance scheme, then you need to consider how to maintain this
benefit in retirement.
In most cases, on retirement, your health insurance company will
offer you a ‘Continuation Option’. This is their agreement to
continue cover for any medical conditions you and your family
may have. This sounds fine but you need to tread carefully as
the terms and conditions offered may not be as beneficial as
your company plan and your premiums will certainly rise, often
by a significant amount.
Do not assume that the same insurance plan with the same
benefits will be offered on the ‘Continuation Option’. The new
plans offered frequently limit the amount you can claim for
specialist consultations, out-patient treatment and
complimentary treatments like physiotherapy, osteopathy,
homeopathy and acupuncture.
Without doubt, ‘continuation options’ are generally expensive.
This is because the discounts offered on company group plans are
not available to individuals when they retire and come out of
their company plan. In addition, the insurer will be assessing
their risk on an individual basis, therefore, it is not unusual
to see the annual premium substantially increase. There are
examples where annual premiums have increased over fourfold.
Of course, it is essential to continue your Health Insurance
cover for pre-existing medical conditions but, particularly in
retirement, your premium needs to be at an affordable level. So
what is the answer?
By consulting a specialist health insurance broker, such as
Premier Choice, you will gain the vast experience of
professionals with expertise in seeking alternatives to the
‘continuation option’ route at much reduced premiums. A
specialist broker has access to the widest range of Healthcare
Insurers so you will have the widest choice of plans to suit
your requirements and your pocket. A reputable health insurance
broker will not charge you for this service.
The broker will discuss your situation and, using their
specialist knowledge, will investigate the options available to
you, possibly recommending switching your cover to a new
insurance plan on Continued Personal Medical Exclusions (CPME).
This is generally referred to as ‘No Worse Terms’, meaning that
you won’t need to be underwritten and pre-existing medical
conditions will continue to be covered for treatment, subject to
policy terms and conditions. Different insurers have different
criteria for eligibility to ‘No Worse Terms’ so it is essential
your broker identifies suitable plans that match your needs.
Together with ‘No Worse Terms’ conditions, your new insurance
plan should provide you with financial cover for speedy and
effective private medical treatment you may need in the coming
years at a much more reasonable premium.
Premier Choice Healthcare would be pleased to discuss private
medical health insurance options with those having retired or
planning their retirement. Just complete the
Health Insurance
Enquiry Form to give us some basic information and we
will contact you by email or phone.
Or call 01923 469784 to speak to one of our consultants and
mention this article.
To get some useful information about other types of insurance, go to our Insurance section.
Premier Choice Healthcare Ltd is an award winning
independent health insurance intermediary, specialising in
providing the best healthcare solutions for individuals,
families and companies across the country.
With an extensive knowledge of the UK health insurance
marketplace Premier Choice are able to secure the best all-round
insurance solution that is non-biased and tailor made to your
needs. Price, scheme benefits and choice of hospitals are
factors always taken into consideration to secure the best deal
for you as a Premier Choice client.
Premier Choice credentials speak for themselves, working with
over 8,000 clients throughout the UK, from individuals to large
corporations and controlling annual premiums worth over £20
million across the UK’s top insurance providers.
Reliability, flexibility and a commitment to act in the
interests of clients are the core principles of service, a
service that is Authorised and Regulated by the Financial
Services Authority.
Visit our
Pre-retirement Courses
section here on laterlife or our
dedicated Retirement Courses site
|
