Most of us can appreciate the need for medical insurance to one degree or another, however a common problem with most policies is the fact that the premiums keep on rising – often much higher than inflation.
What are the reasons for this?
Many modern policies are designed to make the premium as attractive as possible from the outset, often using a No Claims Discount system (NCD). These work well when claims are not made, rewarding the customer accordingly.
However problems can start to arise once you have needed to use your policy.
The following renewal will start to strip away these discounts and equally the cost of aging is also applied which can cause some substantial increases in the region of 30% upward, and at this point; you have a pre-existing condition, which may not be covered elsewhere. Do not feel disheartened by this, so long as you are aware of how your policy will change following claims, you can be prepared. Alternatively, taking this into account when you make your purchase, you can choose to avoid this pit-falls.
 There are still a number of providers who do not penalise members for making a claim (after all this is what you bought the plan for), indeed these same organisations often offer a greater degree of customer service as well – which means the whole claiming experience is easy to accept. Additionally, some of these providers do not penalise you for getting older either ~ thereby making Medical Health Insurance a more attractive long-term proposition.
Two key providers whom offer the ability to avoid age and claims related premium increases are, the Exeter Friendly Society and the National Deposit Friendly Society .
It is no coincidence they are both Friendly Societies either, this means they are run for the benefit of their membership and not to provide a return for shareholders.
Both providers believe wholly in treating customers fairly, beyond the shallow guidelines of the FSA meaning that their customers are treated well, especially at the point of claim. The policies also enable the member to budget on a longer-term basis which removes the need to shop around or reduce cover regularly simply to reduce the premium.
Additionally, we receive excellent feedback from members who have used the plans. Staff are friendly and have time for the member and you are never passed to an inexperienced adviser or foreign call centre. Equally, due to their approach to doing business, most hospitals, health centres and clinics also find them easy to work with which in turn reduces any friction or delays at the time of claiming. |
