How Much Can You Save by Switching Private Health Insurance UK
As an FCA-authorised broker that has helped arrange over 900,000 policies, WeCovr understands the UK private medical insurance market inside and out. With renewal premiums on the rise, many people are asking: can I save money by switching providers without losing my valuable cover? This guide shows you how.
WeCovr's guide to switching policies without losing cover
Feeling the pinch from your latest private health insurance renewal quote? You're not alone. Every year, thousands of policyholders are faced with premiums that have crept up, sometimes significantly. But what if you could secure a better deal without sacrificing your peace of mind or, crucially, your continuity of cover?
Switching your private medical insurance (PMI) provider is not as daunting as it might seem. In fact, it can be a savvy financial move, potentially saving you hundreds, or even thousands, of pounds a year. This comprehensive guide will walk you through everything you need to know to switch smartly and safely.
Why Do Private Health Insurance Premiums Increase?
Before we dive into switching, it’s helpful to understand why your premium likely went up. It's rarely personal; several industry-wide factors are at play.
- Age: This is the biggest factor. As we get older, the statistical likelihood of needing medical treatment increases, so insurers adjust premiums accordingly, usually on a birthday-by-birthday basis.
- Medical Inflation: The cost of private medical care—from new drugs and diagnostic technologies to surgeons' fees and hospital charges—consistently rises faster than general inflation. Insurers pass these costs on. According to industry analysis, medical inflation often runs between 8% and 12% per year.
- Your Claims History: If you've made a claim in the past year, your premium may increase at renewal. This can also affect your No Claims Discount (NCD).
- Insurance Premium Tax (IPT): This is a tax set by the UK government on all general insurance policies, including PMI. The current rate is 12%, and any changes to it directly impact your premium.
Understanding these factors empowers you. While you can't stop getting older, you can take control by shopping around for a policy that offers better value for your specific circumstances.
How Much Can You Realistically Save by Switching?
The amount you can save varies wildly depending on your age, location, current provider, and level of cover. However, savings of 20% to 40% are not uncommon, especially if you've been with the same provider for several years and have been passively accepting renewal increases.
Let's look at some real-world examples. These are illustrative figures based on market averages for a comprehensive policy with a £250 excess.
| Age Group | Typical Renewal Premium (Annual) | Potential New Premium (Annual) | Potential Annual Saving |
|---|---|---|---|
| 35-40 | £1,400 | £1,050 | £350 |
| 45-50 | £1,900 | £1,425 | £475 |
| 55-60 | £2,800 | £2,100 | £700 |
| 65-70 | £4,500 | £3,375 | £1,125 |
As you can see, the potential savings can be substantial. For a couple in their late 50s, this could mean an extra £1,400 back in their pockets each year, without compromising on the quality of their health cover.
The Golden Rule of PMI: Understanding Pre-existing and Chronic Conditions
This is the most important concept in UK private medical insurance. Get this right, and you can switch with confidence.
Standard private health cover is designed for acute conditions that arise after you take out your policy.
- Acute Condition: A disease, illness, or injury that is likely to respond quickly to treatment and lead to a full recovery (e.g., joint replacement, cataract surgery, hernia repair).
- Chronic Condition: A disease, illness, or injury that has one or more of the following characteristics: it needs ongoing or long-term monitoring, has no known cure, is likely to recur, or requires palliative care (e.g., diabetes, asthma, hypertension, arthritis).
- Pre-existing Condition: Any condition for which you have experienced symptoms, or received medication, advice, or treatment in the years leading up to your policy start date (usually the last 5 years).
Crucially, standard UK PMI does not cover the treatment of chronic conditions or pre-existing conditions. Its purpose is to get you diagnosed and treated quickly for new, eligible medical problems, helping you bypass NHS waiting lists.
So, the big question is: if I switch, what happens to the conditions I was already covered for on my old policy? This is where understanding underwriting is key.
How to Switch Without Losing Cover: The Magic of Underwriting
When you first buy a policy or switch to a new one, the insurer needs to assess your health history. This is called underwriting. There are three main ways this is done, and one of them is specifically designed for switching.
1. Full Medical Underwriting (FMU)
You complete a detailed health questionnaire, disclosing your full medical history. The insurer then reviews this and explicitly states what conditions, if any, will be excluded from your cover from day one. It's transparent but can be time-consuming.
2. Moratorium Underwriting (Mori)
This is the most common type for new policies. You don't fill out a long health form. Instead, the insurer automatically excludes any condition you've had symptoms, treatment, or advice for in the 5 years before the policy starts.
However, if you then go for a set period (usually 2 years) without any symptoms, treatment, or advice for that condition, the exclusion may be lifted, and you could be covered for it in the future.
3. Continued Personal Medical Exclusions (CPME) - The Switcher's Best Friend
This is the method you should insist on when switching providers. It's specifically designed to ensure you don't lose any cover you've already earned on your existing policy.
How does CPME work?
Think of it as a "copy and paste" for your underwriting. Your new insurer agrees to take you on with the exact same exclusions you had with your old insurer. They also agree to honour any moratorium periods you have already served.
Example:
- You took out a moratorium policy with Bupa in 2021.
- In 2020, you had physiotherapy for a knee problem. This was excluded.
- You have had no knee trouble since. In 2023, after 2 clear years on your Bupa policy, your knee became eligible for cover.
- In 2025, you decide to switch to a cheaper policy with Aviva on a CPME basis.
- Because you were already covered for your knee with Bupa, Aviva will also cover your knee from day one. Your continuity of cover is protected.
Here’s a simple table to compare the methods:
| Underwriting Type | How It Works | Best For | Key Consideration |
|---|---|---|---|
| Moratorium | Automatically excludes pre-existing conditions from the last 5 years. Cover can be gained after 2 clear years. | People who are generally healthy and want a quick application. | The "2-year clear" rule is strict. Any symptom or consultation resets the clock. |
| FMU | You declare your full medical history. Insurer lists specific, permanent exclusions. | People with a complex medical history who want absolute clarity from the start. | Can be a lengthy process and may result in permanent exclusions for certain conditions. |
| CPME | New insurer matches the underwriting terms of your old policy. No new exclusions are added for past conditions. | Anyone switching providers who wants to maintain their current level of cover. | You must switch without a break in cover, and your new policy must be of similar or lower value. |
To switch using CPME, you must:
- Not have a gap in cover between your old policy ending and your new one starting.
- Provide your new insurer with your latest policy certificate from your old provider.
- Switch to a policy with an equivalent or lower level of benefits. You generally cannot use CPME to upgrade your cover significantly.
An expert broker, like WeCovr, can manage this entire process for you, ensuring you are switched on a CPME basis to guarantee no loss of cover.
A Step-by-Step Guide to Switching Your PMI
Ready to find a better deal? Follow these simple steps.
- Dig Out Your Documents: Find your current policy schedule and certificate. This document is vital as it contains all the key details: your renewal date, level of cover, excess, hospital list, and current premium.
- Start Early: Don't wait until the day before your renewal. The best time to start looking is 3-4 weeks before your renewal date. This gives you plenty of time to compare quotes and make a decision without feeling rushed.
- Define Your Needs: Has anything changed in the last year? Do you still need the same level of cover? Perhaps you'd be happy with a higher excess to lower your premium, or maybe you want to add mental health cover.
- Compare the Market (The Smart Way): You could go to each insurer individually, but this is time-consuming. The most efficient method is to use an independent, FCA-authorised broker. A specialist broker compares the whole market for you, understands the nuances of each policy, and can manage the switch on a CPME basis for you, all at no cost.
- Review Your Quotes: When you get your quotes, don't just look at the headline price. Compare these key features:
- Outpatient Cover: Is it unlimited or capped at a certain amount (e.g., £1,000)?
- Excess: How much do you have to pay towards a claim? Is it per claim or per year?
- Hospital List: Does it include the hospitals and treatment centres near you that you would want to use?
- Cancer Cover: Is it comprehensive? Does it cover chemotherapy, radiotherapy, and biological therapies?
- Extra Benefits: What wellness programmes, discounts, or virtual GP services are included?
- Apply and Switch: Once you've chosen your new policy, your broker will handle the application. They will ensure it's set up on a CPME basis and liaise with both your old and new insurers to ensure a seamless transition.
- Cancel Your Old Policy: Once your new policy is live, make sure you cancel the direct debit for your old policy to avoid being charged twice. Your new insurer or broker will often guide you on the exact timing for this.
Beyond Price: What to Look for in a New Policy
The cheapest policy isn't always the best. A good private health insurance UK plan is a long-term partnership in your health. Here’s what to consider beyond the monthly premium.
Provider Reputation and Service
Look for providers known for excellent customer service and a straightforward claims process. High customer satisfaction ratings on independent review websites can be a good indicator.
Comprehensive Cancer Cover
This is a cornerstone of most PMI policies. Check the small print. Does the policy cover the latest treatments, including biological therapies and experimental drugs? Does it provide palliative care or charitable cash donations if treatment is received on the NHS?
Mental Health Support
Awareness of mental health has grown, and so has the support offered by insurers. Many now include cover for talking therapies and psychiatric treatment. This can be an invaluable benefit, offering fast access to support when it's needed most.
Value-Added Benefits & Wellness Programmes
Insurers are increasingly focused on keeping you healthy, not just treating you when you're ill. These benefits can add significant real-world value to your policy.
- Virtual GP Services: 24/7 access to a GP via phone or video call.
- Wellness Discounts: Reduced-price gym memberships, fitness trackers, or healthy food.
- Health Screenings: Access to regular check-ups to catch potential issues early.
- Calorie and Nutrition Tracking: At WeCovr, we believe in proactive health. That's why our clients gain complimentary access to CalorieHero, our AI-powered calorie and nutrition tracking app, helping you build healthy habits every day.
Customers who purchase PMI or Life Insurance through WeCovr can also benefit from exclusive discounts on other types of cover, such as home or travel insurance, providing even greater value.
Simple Ways to Lower Your Premium (Even Without Switching)
If you're happy with your current provider but want to reduce your costs, you have several levers you can pull.
- Increase Your Excess: The excess is the amount you agree to pay towards any claim. Increasing it from £250 to £500, or from £500 to £1,000, can significantly reduce your premium. Just make sure you can comfortably afford the amount you choose.
- Review Your Hospital List: Most insurers offer different tiers of hospital lists. A "National" list is comprehensive but expensive. Choosing a more restricted list that still covers quality hospitals in your local area can lead to big savings.
- Add a 6-Week Wait Option: This is a popular way to reduce costs. With this option, if the NHS can treat you for an eligible condition within six weeks of your specialist's referral, you will use the NHS. If the waiting list is longer than six weeks, your private cover kicks in. Given current NHS waiting times, this option often provides a good balance of savings and security.
- Reduce Outpatient Cover: Comprehensive policies often have unlimited outpatient cover. Capping this at £1,000 or £1,500 can lower your premium, while still providing ample cover for diagnostics and consultations for most conditions.
Your Health is Your Wealth: Proactive Wellness Tips
A health insurance policy is a safety net, but the best strategy is to stay as healthy as possible. Small, consistent lifestyle changes can have a huge impact on your long-term wellbeing and reduce your reliance on medical services.
- Balanced Diet: Focus on whole foods—fruits, vegetables, lean proteins, and whole grains. A balanced diet is fundamental to preventing chronic diseases. Using an app like CalorieHero can make tracking your nutrition simple and insightful.
- Regular Movement: The NHS recommends at least 150 minutes of moderate-intensity activity a week. This could be brisk walking, cycling, swimming, or dancing. Find something you enjoy to make it a sustainable habit.
- Prioritise Sleep: Aim for 7-9 hours of quality sleep per night. Sleep is when your body repairs itself. Poor sleep is linked to a host of health problems, from weakened immunity to an increased risk of heart disease.
- Manage Stress: Chronic stress takes a toll on your physical and mental health. Incorporate stress-management techniques into your day, such as mindfulness, deep breathing exercises, yoga, or spending time in nature.
Taking proactive steps to manage your health not only improves your quality of life but can also, over the long term, contribute to a more favourable claims history.
Frequently Asked Questions (FAQs)
Can I switch my private medical insurance if I have an ongoing claim?
Will I lose my No Claims Discount (NCD) if I switch?
Do I have to switch on my renewal date?
What is the difference between a tied agent and an independent broker?
Take the Next Step with Confidence
Switching your private medical insurance doesn't have to be complicated or risky. By understanding the process, particularly the role of Continued Personal Medical Exclusions (CPME) underwriting, you can unlock significant savings without losing the cover you rely on.
The UK's private health cover market is competitive, and loyalty doesn't always pay. Taking a few minutes to compare your renewal quote could be one of the best financial decisions you make this year.
Let us do the heavy lifting for you. The expert team at WeCovr is here to provide a free, no-obligation comparison of the UK's leading PMI providers. We'll ensure your switch is seamless, secure, and saves you money.
Ready to see how much you could save? Get your free, personalised quote today.
Related guides
Why private medical insurance and how does it work?
What is Private Medical Insurance?
Private medical insurance (PMI) is a type of health insurance that provides access to private healthcare services in the UK. It covers the cost of private medical treatment, allowing you to bypass NHS waiting lists and receive faster, more convenient care.How does it work?
Private medical insurance works by paying for your private healthcare costs. When you need treatment, you can choose to go private and your insurance will cover the costs, subject to your policy terms and conditions. This can include:• Private consultations with specialists
• Private hospital treatment and surgery
• Diagnostic tests and scans
• Physiotherapy and rehabilitation
• Mental health treatment
Your premium depends on factors like your age, health, occupation, and the level of cover you choose. Most policies offer different levels of cover, from basic to comprehensive, allowing you to tailor the policy to your needs and budget.
Questions to ask yourself regarding private medical insurance
Just ask yourself:👉 Are you concerned about NHS waiting times for treatment?
👉 Would you prefer to choose your own consultant and hospital?
👉 Do you want faster access to diagnostic tests and scans?
👉 Would you like private hospital accommodation and better food?
👉 Do you want to avoid the stress of NHS waiting lists?
Many people don't realise that private medical insurance is more affordable than they think, especially when you consider the value of faster treatment and better facilities. A great insurance policy can provide peace of mind and ensure you receive the care you need when you need it.
Benefits offered by private medical insurance
Private medical insurance provides numerous benefits that can significantly improve your healthcare experience and outcomes:Faster Access to Treatment
One of the biggest advantages is avoiding NHS waiting lists. While the NHS provides excellent care, waiting times can be lengthy. With private medical insurance, you can often receive treatment within days or weeks rather than months.
Choice of Consultant and Hospital
You can choose your preferred consultant and hospital, giving you more control over your healthcare journey. This is particularly important for complex treatments where you want a specific specialist.
Better Facilities and Accommodation
Private hospitals typically offer superior facilities, including private rooms, better food, and more comfortable surroundings. This can make your recovery more pleasant and potentially faster.
Advanced Treatments
Private medical insurance often covers treatments and medications not available on the NHS, giving you access to the latest medical advances and technologies.
Mental Health Support
Many policies include comprehensive mental health coverage, providing faster access to therapy and psychiatric care when needed.
Tax Benefits for Business Owners
If you're self-employed or a business owner, private medical insurance premiums can be tax-deductible, making it a cost-effective way to protect your health and your business.
Peace of Mind
Knowing you have access to private healthcare when you need it provides invaluable peace of mind, especially for those with ongoing health conditions or concerns about NHS capacity.
Private medical insurance is particularly valuable for those who want to take control of their healthcare journey and ensure they receive the best possible treatment when they need it most.
Important Fact!
We can look at a more suitable option mid-term!
Why is it important to get private medical insurance early?
👉 Many people are very thankful that they had their private medical insurance cover in place before running into some serious health issues. Private medical insurance is as important as life insurance for protecting your family's finances.👉 We insure our cars, houses, and even our phones! Yet our health is the most precious thing we have.
Easily one of the most important insurance purchases an individual or family can make in their lifetime, the decision to buy private medical insurance can be made much simpler with the help of FCA-authorised advisers. They are the specialists who do the searching and analysis helping people choose between various types of private medical insurance policies available in the market, including different levels of cover and policy types most suitable to the client's individual circumstances.
It certainly won't do any harm if you speak with one of our experienced insurance experts who are passionate about advising people on financial matters related to private medical insurance and are keen to provide you with a free consultation.
You can discuss with them in detail what affordable private medical insurance plan for the necessary peace of mind they would recommend! WeCovr works with some of the best advisers in the market.
By tapping the button below, you can book a free call with them in less than 30 seconds right now:
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WeCovr is an insurance specialist for people valuing their peace of mind and a great service.👍 WeCovr will help you get your private medical insurance, life insurance, critical illness insurance and others in no time thanks to our wonderful super-friendly experts ready to assist you every step of the way.
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