Best Health InsuranceThis week we have been reviewing some of our bigger clients Company Schemes. Never before have I seen such huge discounts being applied by medical insurers. Some insurers are very obviously buying business. My concerns are that we switch a client to the insurer based on this irresistable price and the following year – BOOM! Up goes their renewal premium. Insurers cannot categorically tell us how they calculate renewal premiums or give us any idea of a cap on renewal. BUPA still offer their 2 year fixed deal of course. However, the fear of what is going to happen in year 3 steers us clear away from this option. Pruhealth used to offer a 10% cap on loadings but this is now a thing of the past since they took over Standard Life.
Our approach at the moment is to make hay while the sun shines. This seems to be received very well by our clients who are all trying to make savings but we just hope we are not making our lives difficult for 2012 renewals being compared to the excellent rates we are getting in 2011.
One client this week was offered renewal terms of £80,000. We conducted a full review and a large insurer were offering a £72k quote. We then went back to the existing insurer with this who agreed to price match. We went back to the competing insurer who then reduced the price once more to £64k, so still maintaining a £8k saving for the client. They also ‘chucked in’ dental and optical cover. I cant really advise the client to ignore this £8k saving when they can switch on a no worse terms basis to a reputable insurer offering them better cover for fear of what might happen in 2012!
Oh, the dillemas of a Medical Insurance Broker. Things may change next week as insurers budgets dictate these discounts after all. We are enjoying being able to offer our clients such good deals that are almost too good to be true.
Tags: Best Health uk, Bupa, Business Health Insurance, Debbie Kleiner-Gaines, Medical Insurer Discounts, Pruhealth, Standard Life
