So you've purchased medical health insurance and your first year is up. This means it’s time for renewal. If you've had a good experience and you’re happy with your cover, then renewing a policy should be nice and easy. You will usually be contacted by your insurance provider around one to three months prior to renewal, to confirm that you want to continue with your current medical health insurance policy. If you are happy to renew then you will simply keep paying for your cover.
However, there may be various reasons that you want to look for a different medical health insurance plan when the time comes for renewal. Perhaps your circumstances have changed and you want to look for better offers elsewhere. Alternatively, you may be questioning whether you are getting the best value for your money from your current plan. So what should you do if you are considering changing cover?
If you’re an expat working or living overseas then there is a good chance that you’ll know others who are too. It’s worth taking the time to ask them how much they are paying for their medical health insurance policy.
Bear in mind that the price of their plan may differ for a specific reason, such as extra costs for pre-existing conditions or maternity cover. However, if they are paying a lot less for a similar level of cover you could use this as a bargaining chip when discussing prices with a current or new insurer. You always have the option to discuss the price with your provider who may lower the costs as a goodwill gesture to keep your custom.
Health and medical insurance prices are generally very strongly influenced by the level of cover provided. For example, you are almost certain to pay more for a policy that includes cover for maternity care, as there is a greater chance of your insurer having to pay costs for treatment.
Look at the benefits your current plan offers and see if there are any you would be willing to sacrifice for a lower-priced plan. For example, if you are currently paying for a plan which includes medical evacuation, you may get cheaper cover without it.
We would always recommend discussing your personal needs with a broker, as they will have a good idea of what type of plan is right for you. You can even assign a broker to your existing medical health insurance policy, meaning they can talk to an insurer on your behalf, try to negotiate better prices and could even help with claims.
The team of international medical health insurance advisors at Medibroker can choose the right type of overseas insurance for you from a range of over 100 products. Medibroker is an impartial insurance broker, regulated by the FCA and affiliated with over 30 insurance providers.
We provide ongoing customer care for the length of your chosen plan and won't overload you with jargon.
Overall it’s important to know that you do have options when the time comes to renew your medical health insurance policy - you are entitled to ensure you are getting the best value for your money.
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