Health insurance guides
Tips to get affordable health insurance
Key takeaways: Tips to get affordable health insurance
Private health insurance can be expensive, but you may be able to make it more affordable. Consider comparing several policies before you buy, but don’t just compare the cost – look at what each insurer offers to make sure the cover meets your needs. You may be able to bring the cost down by:
- Increasing your excess – your premiums will be less, but you’ll pay more if you claim.
- Choosing options to suit your needs, so you don’t pay for cover you don’t want.
What's in this article
Jump to sections:
- Tips to get affordable health insurance
- Compare policies
- Increase your excess
- Change how often you pay
- Check which specialists or hospitals you can use
- Choose options that match your needs
- Choose options that match your family members’ needs
- Check if you can save money by limiting what you’re covered for
- Check if you’ll get a no claims discount
Tips to get affordable health insurance
In the UK, we’re lucky to have free healthcare through the NHS, however some people choose private medical insurance for the extra peace of mind it can offer. Our AXA Health Plan, like most health insurance, only covers new conditions that develop after you join and not pre-existing conditions. If you've been thinking about taking out health insurance, but are worried about the cost, there may be ways to make it more affordable.
Compare policies
When considering health insurance, it's important you find a plan that meets your budget and your needs. Comparing several policies before you buy can be a good first step. It can give you a feel for how much health insurance costs, and what you may get for your money. While cost will be an important factor, it’s not the only thing you may want to consider.
Reading reviews and using comparison websites can help, but be aware that not all insurers are on comparison websites. You can usually find the full policy documents on the insurer’s website so you can check what the policy covers before buying.
If your circumstances or medical history are complicated, or you’re just finding it tricky to decide, you may find it helpful to talk to an independent financial advisor.
Read our guide: Top tips for comparing health insurance quotes for more information.
Increase your excess
An excess is an amount you pay towards the cost of treatment. If your insurer agrees your claim, you pay the excess and your insurer pays the rest.
The amount of your excess will affect the cost of your premium. If you increase your excess, your premium will go down but you’ll pay more if you claim.
Health insurance excesses usually work differently from the excess you may have paid with your home or car insurance. Find out more about how health insurance excesses work in our guide: What is an excess?
Change how often you pay
Most health insurers including AXA Health, give you a 5% discount if you change from paying monthly to paying yearly.
Check which specialists or hospitals you can use
Most health insurers have lists of hospitals their members can use. The lists tell you which hospitals you’re covered to have treatment in. Your insurer may offer a choice of hospital lists, from a larger more comprehensive list of private hospitals, to a smaller, reduced list. Usually, the more hospitals you choose to have access to, the more your plan will cost.
When you’re choosing a hospital list, it’s keeping in mind that the hospital list you choose may also affect which specialists you can see because specialists work from specific hospitals.
With some health insurers, you can save money if you’re happy to let them source a specialist for you instead of naming your own.
Choose options that match your needs
Different health insurers cover conditions and treatments in different ways so it’s a good idea to check what each policy covers as standard and what you have to pay extra for.
If the insurer allows you to choose options, you can choose those that match your needs, so you’re not paying for cover you won’t use. For example, you may feel you don’t need cover for cancer, so you can choose not to include treatment for cancer in your plan. You’ll usually be able to change your options when your plan is due for renewal, depending on any planned or pending treatment.
With AXA Health, you can pick from our ‘menu’ of cover options:
- Outpatient diagnosis and care
- Inpatient and day patient care
- Cancer care
- Mental health care
- Dental and optical treatment (this is a cashback option, which means you get money back towards treatment you’ve paid for).
Some combinations may not be available – for example, you can’t pick Mental health care option by itself. Please be aware that our AXA Health Plan, like most health insurance, only covers new conditions that develop after you join and not pre-existing conditions.
Check if you can save money by limiting what you’re covered for
Usually, the more limits there are on your plan, the lower your premium will be. However, having limits means your health insurance will provide less cover.
You may be able to save money with some health insurers by reducing the number of specialist consultations you can have in a year. For example, reducing the limit from unlimited consultations, to only 3 in a year.
You may be able to save by limiting the amount you can claim each year for outpatient treatment. For example reducing the annual cap from unlimited to £1,000 per year.
Check if you’ll get a no claims discount
Most health insurers will offer you a no claims discount (NCD). Here’s how it usually works:
- You start off with a small discount, or no discount.
- If you don’t claim during the year, you’ll get a discount on your renewal price.
- Each year you don’t claim, your no claims discount increases.
- If you make a claim, your no claims discount gets smaller, so you save less although you may still have some discount.
With some insurers, you can pay a fee to protect your no claims discount.
Find out more in our guide: Can you get a no claims discount on health insurance?