Health insurance can be a big help when it comes to taking control of your healthcare needs.
But what happens when you want to change insurers?
People sometimes expect this to get trickier as you get older, but it’s often possible.
Here are a few things to consider.
Why might you want to change health insurer?
There are lots of reasons why a change of insurer might be appropriate – or at least worth considering.
You might not be happy with the coverage offered by your current policy, you might be looking for savings on premiums, or you might have some changes in your health needs that mean another insurer could be a more suitable fit.
It could be that you’ve come out of a group cover situation with your employer and want to reassess your situation.
These are all great reasons to think about what your options might be.
What are the drawbacks?
There can be a few things to consider, particularly if you’re a bit later in life. You may have taken out your cover while you were young and relatively healthy – and things could look a little different now.
If you have any health conditions that have developed since you took out your existing policy, you may find it’s harder to get the same level of cover for those from a new provider.
You’ll need to go through the medical underwriting process again.
You could find that premiums are higher than you are currently paying (though they might not be), and you could have limitations that you don’t currently have, placed on your cover.
Sometimes the lack of continuity that might be caused by switching policies could be an issue. People are advised not to cancel their existing cover until a new policy is in place on terms that they understand and have agreed to.
But switching can sometimes make sense – some employers offer group policies that can take people on with less underwriting, or if you would like to change to a new provider for coverage or cost reasons you may be able to take out a policy that covers existing health conditions after a period of time.
These are the sorts of questions we can work through with you.
We are here to help
It makes sense not to rush these sorts of decisions, because it can have an impact for a long time into the future.
As insurance advisers, we can take a more holistic view of what’s available, and how a change might work for you. We can help you look at the cover you currently have and your health needs and identify any gaps or opportunities for improvement.
Sometimes making alterations to your existing cover may be another option to consider although you may still need to go through the underwriting process.
Or you may be able to take out additional cover alongside your existing policies.
If you’d like to discuss your health insurance – or any other aspect of your personal cover – get in touch with us. Our team of experts is here to help.
Disclaimer: Please note that the content provided in this article is intended as an overview and as general information only. While care is taken to ensure accuracy and reliability, the information provided is subject to continuous change and may not reflect current developments or address your situation. Before making any decisions based on the information provided in this article, please use your discretion and seek independent guidance.