The cost of a private health insurance plan will vary depending on the person and the provider. When determining the cost of your plan providers will consider factors such as your age, medical history and the level of coverage you desire.
How we calculate your premium
When processing a health insurance quote, the team at Protex will ask you a series of questions, these include who the policy is for, age of those to be covered on the policy, the level of cover you desire and your excess preference. See below for each of the factors we consider when calculating your premium and how they influence how much you will pay:
- Age – As we age, we’re more likely to encounter health issues. As such older people are deemed more likely to need medical care and face higher premiums than those younger.
- Desired cover – At Protex we offer 2 health insurance plans; A mid-range policy given you a yearly financial amount towards Out-Patient treatment and full cover for any treatment as a Day-Patient and In-Patient. And a fully comprehensive policy that offers full cover toward Out, Day and In-Patient treatment.
- Excess – The amount of excess you agree to pay directly influences your monthly premium, simply put, the higher the excess, the lower your premium. At Protex we offer a range of excess options.
Having provided us with the information above a personalised quote is provided for your review.
How to lower your premium
Having built an understanding of what influences your monthly premium you can now examine what, if any, alterations you can make to set your premium within your budget.
Whilst it’s impossible, and illegal, to alter your age or medical history, you can review the desired level of coverage and your agreed excess.
You can also gather quotes from multiple providers to try and achieve a lower premium. However, whilst one provider might offer a lower premium than another, you should also compare the plan details, as a lesser premium could indicate less benefits and coverage.
Will my premiums increase?
Through the duration of your plan your premium will remain fixed (unless Government tax increases need to be applied), however, when it’s time to renew you might be faced with a price increase.
There are a number of reasons why your premium might increase, they are as follows:
- Age – As previously discussed, your age influences the premium you are offered. As your age would have increased when you renew you might also see an increase in your premium.
- Cover – Should you choose to increase your cover during renewal, opting for Plan A+ rather than Plan A, your premiums will increase alongside your level of cover.
- Inflation – Rising medical inflation might mean your provider needs to increase your premiums as the cost of medical care rises.
- Claims – If you have not claimed on your medical insurance plan then you might find your premiums decrease due to a no claims bonus. However, if you have claimed on your plan, in
some cases, cause your premiums to increase. At Protex we do not operate a No Claims Discount policy.
Whilst your insurance provider can increase your premium based on these factors, you should bear in mind that this increase usually isn’t dramatic and allows them to continue providing you with the best possible protection.
How to get health insurance
A quick internet search can lead you to a vast list of health insurance provides and leave you feeling overwhelmed with options. Deciding which provider to choose requires you to assess your individual circumstances, requirements and budget.
We at Protex are part of a large healthcare company, so policyholder’s care is paramount. At Protex we pride ourselves on providing a health insurance plan designed to suit you, rather than selling you any healthcare policy via a quick phone call, we will listen to your unique requirements and develop a plan and quote that meets your needs. All the relevant information is then sent to you, allowing you time and space to assess the plan and make an informed decision based on the facts.
