Health insurance is typically a renewable contract every twelve months, but should you continue with your existing health insurance cover, amend it or switch to another provider or policy? In this article, we look at the renewal process and what to expect when it comes to renewing your policy.

Your health insurance provider or broker will send your renewal terms and premium approximately one month before your annual policy renewal date. This should allow you adequate time to review the current plan and whether this is working well for you or if it should be amended.

Here are five things to consider before renewing your health insurance policy:

1. Change in your personal circumstances

If your circumstances have changed since you have taken out the policy, you should update your policy to reflect these changes. Any change to your medical status, change in personal details (name, address) or change in your job position could impact the premium you pay and the cover you can have. Therefore, it is essential that at renewal, you should ensure all policy documents are up to date.

2. Your health insurance benefits

The benefits on your health insurance refer to the treatment, services and cash benefits you are entitled to under your plan.

After a full year of your policy being active, you may find that some benefits are no longer required, or you may wish to be covered by a more comprehensive plan. In which case, at renewal, you can discuss these options with your insurer or broker so you can adjust your current benefits to better suit your current requirements.

3. Your health insurance hospital list

Depending on the insurer and policy, you will have a list of hospitals you can utilize for treatment. Typically, a more comprehensive list comes at extra cost. Having a comprehensive choice of hospitals allows you to have more control over where you can receive treatments, and these can be altered at the beginning or at renewal of your policy. This may also need to be reviewed upon renewal if circumstances such as your address has changed and the current treatment facilities are no longer accessible to you.

4. Your health insurance cost

In order for your health insurance policy to remain active, you must pay your premium and any excess. At renewal, you have the opportunity to review your cover and make any changes if necessary.

Below are two factors that you might consider reviewing at renewal:

Your health insurance premium

The cost of your premium is an essential factor when it comes to renewal, and it should be annually reviewed to ensure its affordability. If the cost of your premium is no longer affordable to you, you could ask for a discount if you have had no claims or look to decrease your level of cover in order to lower the price and better meet your budget.

It is essential to enquire about the cost of your premiums and make any changes to your cover before the renewal as it may no longer be negotiable after the policy has been renewed.

Your health insurance excess

Having an excess on your health insurance policy can bring down your premium. Although the larger the excess the lower the premium, your circumstances may change through the policy year and you may struggle to pay the excess. Therefore, when it comes to excess, you should consider your current and future finances and make an informed decision about the realistic amount you will be able to pay for upfront for your treatments.

4. Trusted advice from a health insurance broker

After your health insurance policy is renewed, you may not be able to make any further changes to your plan. This is why you should keep track of the renewal date so you have enough time to consider your cover and costs.

To help you with this process, get in touch with a health insurance broker and receive free advice in managing your policy. A health insurance broker can also conduct a market review by comparing the products available on the market against your specific requirements.

UK Health Insurance can advise you at no additional cost. For more information and to get help with your renewal, request a quote or contact us.