TL;DR
As an FCA-authorised broker that has helped arrange over 900,000 policies, WeCovr understands that choosing the right private medical insurance in the UK is just the first step. The real key to long-term value is ensuring your policy evolves with you. An annual review is not just a good idea—it's essential for your financial and physical well-being.
Key takeaways
- Rising NHS Waiting Times: The pressure on the National Health Service remains a primary driver for PMI uptake. NHS England data from early 2025 shows that referral-to-treatment waiting lists continue to be a significant concern for millions. Your PMI provides a valuable alternative, but you must ensure it covers the treatments you are most likely to need.
- Changing Personal Circumstances: Life events directly impact your insurance needs. Getting married might mean you want to add your spouse to your policy. The birth of a child prompts the need for family cover. A new job might come with a PMI scheme, requiring you to decide whether to keep your personal plan or switch.
- Shifting Health Priorities: As we age, our health concerns change. A policy chosen in your 20s, focused on sports injuries, may need to be updated in your 40s to include more comprehensive cancer cover or cardiac care options.
- Controlling Costs: Premiums typically rise each year due to age-related risk and medical inflation (the rising cost of treatments and technology). An annual review allows you to shop around or renegotiate terms, potentially saving hundreds of pounds. You can explore options like increasing your excess or adjusting your hospital list to manage your premium.
- 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).
As an FCA-authorised broker that has helped arrange over 900,000 policies, WeCovr understands that choosing the right private medical insurance in the UK is just the first step. The real key to long-term value is ensuring your policy evolves with you. An annual review is not just a good idea—it's essential for your financial and physical well-being.
WeCovr's checklist for making sure your health cover stays relevant
Your life isn't static, so why should your health insurance be? Your annual renewal notice is more than just a bill; it's a crucial opportunity to reassess your private health cover. Use this checklist as your guide to a thorough and effective annual review.
| Checklist Item | Key Question to Ask Yourself | Action Required |
|---|---|---|
| Life Changes | Have I married, divorced, had a child, or changed jobs in the last year? | Inform your insurer or broker. Assess if new family members need cover or if your new job offers benefits. |
| Health & Lifestyle | Has my health status changed? Have I started a new fitness routine or adopted new wellness goals? | Check if your policy’s wellness benefits align with your new goals. Note any new acute conditions that may now be covered. |
| Policy Cost | Has my premium increased significantly? Is it still competitive? | Compare your renewal price against the wider market. A PMI broker can do this for you quickly and at no cost. |
| Level of Cover | Is my current cover level (e.g., in-patient, out-patient) still appropriate for my needs and budget? | Consider if you need to add or remove cover for diagnostics, therapies, or mental health. |
| Excess Level | Is my policy excess affordable? Could I increase it to lower my premium? | Review your savings. A higher excess means a lower monthly premium but a larger one-off payment if you claim. |
| Hospital List | Does my hospital list still include convenient, high-quality facilities? Have I moved home? | Check the insurer's network of hospitals. Ensure your local options are included and meet your standards. |
| Add-on Benefits | Am I paying for extras I don't use (e.g., dental, optical)? Or are there extras I now need? | Tailor your policy. Remove unnecessary add-ons to save money or add new ones like mental health or travel cover. |
| Market Innovations | Are there new products or features available from other providers that my current policy lacks? | Research new offerings like enhanced virtual GP services, mental health support apps, or advanced cancer cover. |
Why Your Annual PMI Review is Non-Negotiable
Many people let their private medical insurance auto-renew without a second thought. This can be a costly mistake. The UK healthcare landscape and the PMI market are constantly evolving. What was the best PMI provider for you last year might not be the best fit today.
Here’s why an annual check-up for your policy is as important as a check-up for your health:
- Rising NHS Waiting Times: The pressure on the National Health Service remains a primary driver for PMI uptake. NHS England data from early 2025 shows that referral-to-treatment waiting lists continue to be a significant concern for millions. Your PMI provides a valuable alternative, but you must ensure it covers the treatments you are most likely to need.
- Changing Personal Circumstances: Life events directly impact your insurance needs. Getting married might mean you want to add your spouse to your policy. The birth of a child prompts the need for family cover. A new job might come with a PMI scheme, requiring you to decide whether to keep your personal plan or switch.
- Shifting Health Priorities: As we age, our health concerns change. A policy chosen in your 20s, focused on sports injuries, may need to be updated in your 40s to include more comprehensive cancer cover or cardiac care options.
- Controlling Costs: Premiums typically rise each year due to age-related risk and medical inflation (the rising cost of treatments and technology). An annual review allows you to shop around or renegotiate terms, potentially saving hundreds of pounds. You can explore options like increasing your excess or adjusting your hospital list to manage your premium.
A Critical Note: Understanding What PMI Covers
Before we dive deeper, it's vital to be crystal clear on one point: standard private medical insurance in the UK is designed to cover 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 condition that is long-lasting and often has no cure. It can be managed but not resolved (e.g., diabetes, asthma, high blood pressure, arthritis).
- Pre-existing Condition: Any illness, disease, or injury for which you have had symptoms, medication, advice, or treatment before your policy start date.
Insurers will not cover the management of chronic conditions or treatment for pre-existing conditions you had before joining. Your annual review is a chance to understand these exclusions clearly, not to try and add cover for them.
A Step-by-Step Guide to Your Annual Review
Set aside an hour when your renewal documents arrive. Follow these steps to conduct a comprehensive review.
Step 1: Re-evaluate Your Personal and Family Situation
Your life is the foundation of your policy.
- Family: Have you welcomed a new baby? Or have your children grown up and left home, meaning you can switch from a family to an individual policy?
- Relationships: Marriage or entering a civil partnership is a perfect time to consider a joint policy, which can sometimes be more cost-effective.
- Employment: If you've changed jobs, check your new employer's benefits package. They may offer a company PMI scheme. You'll need to compare it with your personal plan to see which offers better value and coverage. Don't assume a company plan is automatically superior.
Real-Life Example: Sarah, 34, had an individual policy. After getting married, she and her husband Mark decided to review their cover. A WeCovr advisor helped them compare joint policies. They found a comprehensive plan that covered them both for only £30 more per month than Sarah's individual premium, saving them a significant amount compared to buying two separate policies. (illustrative estimate)
Step 2: Analyse Your Current Policy Documents
Don't just look at the price. Dig into the details of what you're actually paying for.
- The Core Cover: Are you covered for in-patient (requiring an overnight hospital stay) and day-patient treatment only? Or does your policy include out-patient cover (consultations, diagnostics, and scans that don't require a hospital bed)? Out-patient cover is often where the real value lies, allowing you to bypass long NHS waits for specialist appointments.
- The Excess: This is the amount you agree to pay towards a claim. It can range from £0 to over £1,000. What is your current excess, and could you comfortably afford to pay it if you needed to claim?
- The Hospital List: Insurers offer different tiers of hospital lists. A national list includes top-tier hospitals, often in central London, and comes with a higher premium. A local or regional list can reduce costs but limits your choice. Have you moved house? Is your nearest private hospital still on your list?
- The Fine Print: Look at the specific exclusions and limitations. For instance, what is the financial limit on your out-patient cover? Is mental health treatment capped at a certain number of sessions?
Step 3: Assess Your Health Needs and Policy Usage
Be honest about your health and how you've used (or not used) the policy.
- Past Claims: If you made a claim, how was the experience? Was the process smooth? Was the hospital convenient? Did the policy cover everything you expected?
- Future Needs: Are you planning a family? You might want to check the policy's cover for pregnancy complications. Are you concerned about a family history of cancer or heart disease? Look for policies with enhanced cover in these areas.
- Wellness Benefits: Many modern policies include perks like discounted gym memberships, virtual GP access, and mental health support. Are you using them? If not, you might be paying for a feature you don't need. Conversely, if your current policy lacks these, it might be time to switch to one that better supports your proactive health goals.
As part of our commitment to wellness, WeCovr provides all our health and life insurance customers with complimentary access to CalorieHero, our AI-powered calorie and nutrition tracking app, helping you build healthy habits every day.
Step 4: Benchmark Your Premium Against the Market
Your insurer's renewal price is their opening offer, not a fixed demand. The private medical insurance UK market is highly competitive, with new products and pricing structures emerging all the time.
- Don't Accept the First Offer: Your premium will likely increase due to your age and medical inflation. However, a steep hike could also be because your insurer is no longer competitive for your demographic.
- Use a Broker: This is the single most effective action you can take. An independent PMI broker like WeCovr can compare your renewal quote against policies from a wide panel of leading UK insurers in minutes. We have access to the latest products and pricing, and our service is free to you, as we are paid by the insurer you choose.
- Negotiate: Armed with quotes from other providers, you or your broker can often negotiate a better price with your current insurer, who may be keen to retain your business.
Step 5: Customise Your Cover with Add-ons
Think of your core policy as the chassis of a car. The add-ons are the optional extras that make it perfect for you.
| Common PMI Add-on | What It Covers | Is It Right For You? |
|---|---|---|
| Mental Health | Consultations with psychiatrists, therapy sessions with psychologists. | Crucial if you want fast access to support for conditions like anxiety or depression. Cover levels vary widely. |
| Dental & Optical | Routine check-ups, dental treatment (e.g., fillings, crowns), and costs for glasses or contact lenses. | Can be cost-effective if you anticipate needing significant dental work or have a high prescription. |
| Therapies Cover | Physiotherapy, osteopathy, chiropractic treatment, and sometimes acupuncture. | Essential if you have a history of musculoskeletal issues or play sports. Check session limits. |
| Travel Cover | Provides medical cover when you are abroad, often for European or worldwide travel. | Can be convenient, but compare it carefully against standalone travel insurance policies, especially for pre-existing conditions. |
During your review, assess whether you're getting value from your current add-ons or if your needs have changed. Perhaps you no longer need therapies cover but now see the value in a comprehensive mental health option.
How to Proactively Manage Your PMI Premium
Worried about rising costs? You have more control than you think. Here are several levers you can pull during your annual review to ensure your cover remains affordable.
| Tactic to Reduce Premium | How It Works | Key Consideration |
|---|---|---|
| Increase Your Excess | You agree to pay a larger portion of any claim. For example, moving from a £250 excess to a £500 excess. | Your premium will decrease, but ensure you have the excess amount saved and accessible. |
| Adjust Your Hospital List | Switch from a premium national list to a more restricted local or regional network of hospitals. | This can lead to significant savings. Check that the revised list still offers high-quality, convenient options for you. |
| Introduce a 6-Week Wait Option | You agree to use the NHS if the required treatment has a waiting list of less than six weeks. If the wait is longer, you can use your PMI. | This can substantially reduce your premium. It's a good compromise if your main concern is avoiding very long waits. |
| Review Out-patient Cover | Change from a fully comprehensive out-patient plan to one with a financial cap (e.g., £1,000 per year) or remove it entirely. | A major cost driver. Limiting this cover saves money but exposes you to the cost of consultations and diagnostics if you claim. |
| Build Your No-Claims Discount | Most insurers offer a discount for every year you don't claim, which can rise to over 60-70%. | Protect this valuable discount. For minor issues, consider paying out-of-pocket to preserve your no-claims history. |
Working with a PMI broker is invaluable here. An expert can model these different scenarios for you, showing you exactly how changing your excess or hospital list will impact your monthly premium across multiple insurers.
The Power of Wellness: Getting More From Your Policy
Modern private health cover is about more than just reacting to illness; it's about proactively supporting your health. When reviewing your policy, look beyond the core medical benefits.
- Virtual GP Services: Almost all major policies now include a 24/7 virtual GP service, often accessible via an app. This allows you to get medical advice, prescriptions, and referrals from the comfort of your home, saving you a trip to your local surgery.
- Mental Health Support: Beyond formal psychiatric treatment, many insurers now offer access to mindfulness apps, stress-reduction resources, and telephone counselling lines as standard.
- Fitness & Nutrition: Look for discounts on gym memberships, fitness trackers, and health screenings. These benefits encourage a healthy lifestyle, which in turn reduces claims and helps keep premiums stable for everyone. Remember, at WeCovr, we enhance this by providing our CalorieHero nutrition app to clients.
- Second Medical Opinions: If you receive a serious diagnosis on the NHS, many policies allow you to get a second opinion from a world-leading expert, offering peace of mind at a difficult time.
When you buy your PMI or life insurance through WeCovr, we also offer discounts on other types of cover, such as home or travel insurance, providing even greater value and making it easier to manage all your protection in one place.
Common Pitfalls to Avoid in Your Annual Review
- The "Do Nothing" Approach: Auto-renewing is the easiest option, but it's rarely the best. You risk paying too much for outdated cover.
- Focusing Only on Price: The cheapest policy is not always the best. A low premium might mean a high excess, a very limited hospital list, or no out-patient cover. Focus on value—the best combination of cover and cost for your specific needs.
- Forgetting to Disclose Changes: You must inform your insurer of any significant changes, such as a new job in a high-risk profession or taking up a hazardous hobby. Non-disclosure could invalidate your policy.
- Misunderstanding Underwriting: If you switch insurers, you will be underwritten again. You can choose 'Full Medical Underwriting' (disclosing your history upfront) or 'Moratorium' underwriting (where new conditions are covered, but anything you've had symptoms of in the last 5 years is excluded). A broker can explain the pros and cons of switching your underwriting type.
Our customers frequently tell us how much they value our clear, impartial advice, which is reflected in our high satisfaction ratings on independent review websites. The WeCovr team helps you navigate these complexities, ensuring you make an informed choice.
Frequently Asked Questions (FAQs)
Here are answers to some common questions about the annual PMI review process.
Q1: Will my premium always go up every year?
It is very likely. Premiums increase for two main reasons: age and medical inflation. As you get older, the statistical risk of you needing treatment increases. Medical inflation refers to the rising cost of new drugs, advanced surgical techniques, and hospital overheads, which typically outpaces general inflation. However, an annual market review can help you find a more competitive price and offset these increases.
Q2: Is it difficult to switch my PMI provider?
Switching providers is a straightforward process, especially with the help of a broker. A good broker will handle the application paperwork and ensure there are no gaps in your cover. They will also advise you on the best way to handle your medical underwriting to ensure continuity of cover for any conditions that have developed since you took out your original policy.
Q3: What happens to my No-Claims Discount if I switch?
Most insurers will allow you to carry over your No-Claims Discount (NCD) from your previous provider, provided you can supply proof. This is a key part of the switching process that a broker will manage for you, ensuring you don't lose this valuable discount when moving to a new insurer for a better deal.
Q4: Can I add my new baby to my policy at my annual review?
Yes, the annual review is a perfect time to add family members. However, you can usually add a newborn to your policy at any time, often without them being medically underwritten, as long as you do so within a set period after their birth (typically 3-4 months). It's always best to contact your insurer or broker as soon as possible after the birth.
An annual review of your private medical insurance is a small investment of time that can pay huge dividends in peace of mind, quality of care, and financial savings. Your health and your life are dynamic, and your health insurance should be too.
Don't leave it to chance. Take control of your cover.
Ready to see if your private health cover is still the best fit? Contact the WeCovr team today for a free, no-obligation review of your policy. We'll compare the market for you and ensure your insurance works as hard as you do.
Sources
- Office for National Statistics (ONS): Mortality, earnings, and household statistics.
- Financial Conduct Authority (FCA): Insurance and consumer protection guidance.
- Association of British Insurers (ABI): Life insurance and protection market publications.
- HMRC: Tax treatment guidance for relevant protection and benefits products.
