When it comes to your health insurance, your current policy might not be working out the way you thought it would, that is when you may be motivated to have a review and speak to an adviser about market options in relation to your policy. At Protection Solutions, we’re focused on giving our clients the right cover for their needs, so if you’re paying for a policy that is not doing the job you wanted it for then it may be time to change. Before you start looking to change policies there are a few things you may want to consider.
The Cooling off period
When you join any insurer or take out a new policy, we will explain the details of your new policy to you and send it to you in writing. Most insurers offer the benefit of a 14-day cooling-off period. This means if you change your mind in the first 14 days after joining and haven’t made a claim for benefits on the new policy, you can request a refund of any contributions you have paid.
What to do when you change insurers
We will help you with the process however you will want to:
- Make sure the premium payments for your old policy are up to date.
- Be sure you have disclosed all of your medical information even if you don’t think it is relevant.
- Ask your new insurer to start your new policy from the day after your old policy is paid up to.
- If the premiums for your old policy were being deducted from your bank account or credit card, check your next account statements to make sure the deductions have stopped.
- If you have authorised the new insurer to deduct your premiums from your bank account or credit card, check your next account statements to make sure the deductions have started and that the correct amount was deducted.
- After 30 days it becomes difficult to correct any problems with the policy you have chosen because the insurer has written to you with the policy details, and you are expected to have read them.
Can you change insurers at any time?
Yes, you can change insurers and your health insurance at any time. If you’ve paid any premiums in advance, your old health fund should refund you for the rest of the year’s cover when you change funds.
Talk to an adviser before making the switch?
You will want to research your initial health insurer thoroughly, as switching a health insurance policy is more complicated compared with car or contents insurance. That’s because of cover for pre-existing medical conditions, every time you sign up with a health insurer, you need to declare these. The best way to avoid your new insurer refusing a claim is to make full disclosure, if you are unsure you can ask for your doctor’s advice on what to include in your application. If the medical condition is assessed as low risk, your insurer may provide cover. It may also accept other conditions if you join a workplace scheme.
However, if you have a high-risk condition, your new insurer is likely to exclude cover. If you’re thinking about switching providers, consider whether the benefits of the new plan outweigh any limitations a new insurer will apply. Be careful if you wish to upgrade plans but stick with the same insurer, as you’ll also need to disclose any diagnoses or symptoms developed since you signed up.
If you think your current cover is not working for you and you wish to review and change insurers, please don’t hesitate to contact us. Working with an adviser is the best way to find out what options you have to change and whether or not it is worth it, in some cases you may be best to stay with your current policy.