What if I have an existing health condition?
This is a common question that we are asked. And clients often think that there is little that they can do with their policy or insurer in this situation. In truth, you often can change insurer with existing health conditions. Insurers are open to this, with most only concerned over the most serious health conditions such as cancers and heart problems. Otherwise they would never win any new business.
That said, we often find we end up negotiating your deal with your existing insurer to provide better cover, a lower premium or a combination of the two. Our average saving for new clients to us is 25-30%.
What if we are currently claiming?
If you are mid-claim them depending on the condition you can still change insurer. However, this will depend on what the claim is.
There are still options:
1. We could move the other members of your scheme to a new insurer and you will follow once you have completed your claim.
2. We often find we end up renegotiating your renewal with your existing provider to give you an enhanced cover and/or a lower premium.
Even for schemes with ongoing claims we have regularly achieved 25-30% discounts.
What information do you need to review my policy?
A letter of authority with consent to conduct a market review is required. It is a simple form which we complete for you and requires a signature along with the group name and policy number.
Insurers will always ask for the last 2yrs premiums as well. This is because it will give them a direct indication of how your scheme has performed. If your scheme has been with your current provider for this time then they will provide us with this information. If you were with a different insurer, then we will need to ask you for this.
We will also ask you whether there have been any recent claims on your policy so we can understand whether you would meet the insurers eligibility criteria.
I’m too busy, how much do I need to be involved?
The point of using a broker is that we do the hard work for you. Once you have signed the letter of authority, we will collate all of your policy information and put this out to market for review with the major UK insurers. Once we have all the information back we will tell you concisely what we have found. If you would like us to make any changes or tweaks to this then we will do so and report back to you.
Once you are happy with our proposal, the simplest way to handle the process for you is for you to sign the same letter of authority again but this time appointing us as your “holding broker”. We can then handle everything for you.
Alternatively, we can pre-fill the new insurers application form for you which you sign and return to us. And then you can arrange the cancellation of your old scheme.
Won’t my existing broker have already done everything?
The majority of clients that move to us do so from another broker.
Often their broker has not worked hard enough to secure the best rates available for them, or in some circumstances they are not a health insurance specialist and either don’t understand or don’t have access to as many insurers and so cannot make adequate comparisons or negotiations.
Complacency certainly plays a part on occasions and sadly client loyalty is not often rewarded. Just because your exiting insurer has provided a logical breakdown as to how your premium is made up, it does not mean that you will not make considerable savings elsewhere.
Do you charge fees?
The answer here is almost always no. We get paid by the insurer for our work. However there have been occasions when dealing with complex cases (particularly on group schemes with a large number of staff and existing claims) where we have charged a fee.
If this were to be the case, this would be discussed with you and agreed prior to any chargeable work being carried out.
What if I want to make changes to my policy?
We believe that the purpose of a broker is to make your life easier. A good broker is a specialist in the industry they work in and is there to save you time and money. This includes saving you from sitting on hold to insurers making mid-term adjustments to your policies. Simply drop us a call or e-mail and we will handle everything for you.
Is there a discount for paying annually?
Most insurers used to offer a discount for paying annually however the majority now don’t.
The most common way health insurance is paid is by monthly direct debit.
However, one insurer to still offer an annual payment discount is AXA.
Please note, terms and conditions apply for these insurance products. This information is a summary only. You will receive a full policy document upon application, and this will set out the terms, conditions, and limitations of the cover provided under the plan.