Navigating Private Medical Insurance: The Role of Insurance Brokers

By Enhanced Employee Benefits Ltd

In today’s healthcare landscape, private medical insurance offers invaluable peace of mind amid mounting pressures on the National Health Service (NHS). With increasing demand and limited resources, many individuals are turning to private insurance for swifter access to healthcare services. However, navigating the complexities of insurance options can be daunting. That’s where insurance brokers come in, offering expertise and guidance to ensure clients find the most suitable coverage without breaking the bank. But why use a broker, you may ask? Let’s delve into the story of how EEB Ltd assisted a valued client in optimizing their insurance coverage while saving substantial sums in premiums.

Why use an insurance broker?

That is a good question as there must be a cost involved right? Or it must affect my premiums surely? I mean they must earn money somehow. And would they do the best they could for me? Wouldn’t it be better to go to an insurer directly? Oh questions, questions.

Here is an example of how at EEB Ltd we helped just one of our valued clients.

A client had taken out a personal policy many years ago with AXA Health (when the brand was still known as PPP) and as a result had allowed it to renew each year. He still wanted to retain private healthcare cover for both him and his wife. However, premiums had climbed year on year and he was now faced with a staggering renewal premium of £23,000. Whilst he had held a very senior position during his working career and now lived a comfortable retirement, there had become a limit to what he felt was acceptable to pay for renewal. His current insurer had been helpful and advised him he could apply an excess or reduce his out-patient benefit for example to reduce the premiums.

This is where a good broker like EEB Ltd comes in. We are remunerated from a separate commission pot which does not affect premiums. We are also registered with the Financial Conduct Authority and pride ourselves on treating the customer fairly.

We carried out a fact find with our client and established that both he and his wife were in good health and had no pre-existing conditions or ongoing or pending claims that would affect their ability to switch from their existing legacy product to a new product / new insurer. Following this, we then undertook a full market review of alternative personal cover policies. As a result of this, we were able to find them alternative cover based on improved benefits, albeit with an alternative insurer. Their existing insurer was also very helpful in providing alternative solutions based on their existing products and with brand-new underwriting. We then presented and discussed the different options from their current insurer and the market with our client and they agreed to follow our recommendation switch to an alternative insurer.

The client was able to make an informed decision as a result of our consultative approach and as a result saved just over £13,000 against their initial renewal terms. They were extremely happy as they also ended up with enhanced benefits along with huge savings on their premium. They were also able to start on a brand-new moratorium as a result of not having any pre-existing conditions that would hamper their switch, so this really helped. It was crucial that we explored their medical history in detail as part of the fact-find to ensure we provided the best outcome for them.

The end result was a very happy client and a huge premium saving for them and enhanced benefits.

 

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    Clarke Williams Ltd are authorised and regulated by the Financial Conduct Authority under reference 758683. The Financial Conduct Authority’s Register can be accessed through http://www.fca.org.uk/ . We are registered in England and Wales with Companies House under number 10317065. Our registered office address is Blue Bell Court, Sovereign Way, Tonbridge, Kent, TN9 1FU.
    Clarke Williams Ltd
    Blue Bell Court
    Sovereign Way
    Tonbridge
    Kent
    TN9 1FU
    Tel: 01732 252 898
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