A guide for an informed Private Medical Insurance (Part 4 of 4)

Can I switch my insurer?

You can switch your Private Medical Insurance Company. However, you are advised to consider comparing the benefits and monetary amounts in both covers. Make sure you fill in all the necessary forms and provide relevant documents like copy of the policy certificate.

Generally, PMI is presented through a twelve-monthly contract. Thus, the best time to switch to a new insurer is at your renewal date. Several insurers will keep your present exclusions, so any treatment for your pre-existing conditions will be excluded from the new cover. They will not include any new ones. Some companies might not cover conditions you have had in the recent past or any illnesses or injuries that you suffer from now, even your current insurer covers those.

Things to remember before changing the insurer

You should check the benefits, policy terms and underwriting position cautiously to know the consequences. The cover offered may be different.

Check whether you have the appropriate cover - you may well have a preference of options.

Give your full and precise details to avoid your policy being cancelled or your claims being refused.

Keep the policy documents safe and read them carefully.  

Make sure to pay the premiums up to date.

You will receive information of amendments to benefits, regulations or premiums before your renewal date. Your cover will not be cancelled just because your health weakened or you have claimed.

Your protection over Private Medical Insurance

The FSA - Financial Services Authority started regulating PMI policies and its tasks are being taken over by the PRA - Prudential Regulatory Authority and the FCA - Financial Conduct Authority.

All insurers offer PMIs, must have their own procedures of complaints in place. They must also be covered by the FOS – Financial Ombudsman Service.

If you are not pleased with how the insurer handled your complaint, the FOS offers an independent and free service to assist settle your dispute.

The FSCS - Financial Services Compensation

Scheme is the UK’s legal fund for consumers of formal financial services firms. The FSCS can pay compensation if a firm is likely to be unable to pay claims against it due to insolvency. The FSCS is an independent organization.

All insurers have to protect medical details and personal information confidentially. You can ask an insurer to see what information they have about you. If you decide to communicate with your insurer using emails, you must use a private email address and it cannot be used or viewed by a third party.