Key takeaways: Why do health insurance prices go up?
Like everything else, your health insurance premium is likely to go up at some point. Prices are affected by several factors such as inflation, the cost of treatment and the number of claims you make.
However, there are some things you can do to control your costs. Most health insurers will be happy to talk to you about what you can do to help keep the cost of your health insurance down.
Will my health insurance price go up each year?
Like everything else, your health insurance premium is likely to go up at some point. Fortunately, there are a few things you can do to keep the cost of health insurance under control.
If you feel the price of your health insurance has gone up too much at renewal, it’s a good idea to get in touch with your health insurer before you renew to find out why your price has changed. Most health insurers will be happy to look for ways to reduce your health insurance premiums.
Why do health insurance prices go up?
While we’d all prefer prices to stay the same each year, there are several reasons why the cost of health insurance tends to go up. Some key factors, such as inflation and the cost of new drugs and treatments, are out of the control of health insurers.
What do health insurers do to keep prices under control?
Most health insurers regularly review the cover they offer to make sure it offers value for money. They usually offer different plans and options to fit different budgets.
Before you take out health insurance, or renew your existing cover, it’s always worth checking with your insurer to make sure the cover you’re paying for is the best fit for your needs.
Can I do anything to control the cost of health insurance?
Yes, you can usually change some options to make your health insurance cheaper, depending on how your plan is set up. Here are a few things that could lower your health insurance prices.
Change your excess
Your excess is the amount you pay towards treatment. Most health insurance plans have an excess. If you increase your excess, you’ll reduce your premiums. The downside is that if you make a claim, you’ll have to pay more.
Find out more about how health insurance excesses work in our what is an excess guide.
Change how often you pay
Some health insurers give you a discount if you change from paying monthly to paying yearly. With AXA Health, you get a 5% discount if you pay yearly instead of monthly.
Repaying claims
If your health insurer gives you a no claims discount, you may be able to pay back claims you made in the last year and keep your no claims discount at the same level. If the claim was small, the amount you could save on your health insurance premium may be more than the cost of the claim.
With AXA Health, you can get in touch with us when your plan’s due for renewal and we’ll check to see if you could save money this way.
Protect your no claims discount
You might be able to pay to protect your no claims discount when you renew.
With some AXA Health plans, you can pay a small fee to protect your no claims discount.
Find out more about how no claims discounts on health insurance work in our guide can you get a no claims discount on health insurance?
Review your choice of specialists or 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.
Remove options you don’t need
It’s worth reviewing your plan when it’s up for renewal to see if you’re paying for options you don’t need anymore.
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Example case In your first year with AXA Health, you could choose options for:
The more options you have, the more your health insurance premium will be. When your plan is due for renewal, you might find that you don’t need or want all the options you have. You can ask us to remove options and the cost of your health insurance will go down. |