Most customers have heard of BUPA and Aviva, but these large insurance providers do not necessarily provide the best possible cover.
The insurance market is a competitive one, but the bulk of the competition is amongst the largest providers. Their ability to spend large sums on marketing and recruitment mean it can be difficult for the smaller providers to be seen or heard.
The largest four providers account for nearly 90% of the total market, but a few companies in the other 10% do offer attractive benefits.
One such provider has come up with a novel way of cutting customer premiums by cutting their own costs. Instead of providing private treatment options in the UK, one company is suggesting that the diagnosis of a problem takes place in the UK, but the treatment takes place abroad.
Even with the costs of travel and time off work taken into account, many private health treatment centres abroad can still be a far cheaper alternative for the insurers. This mean they can charge lower premiums and pass on other benefits to their customers. The premiums for this specific company are up to 50% less than the largest four insurers offer.
There is not even likely to be a drop in the quality of service you receive abroad. Most studies show that healthcare in countries like Germany and the Netherlands is more effective, faster and cheaper.
Another small provider allows the customer to choose either their stock private health insurance centre, or if they wish to, they can shop around and find a cheaper alternative and keep half the cost of the treatment. If the private health cost of a treatment was £5000 and you opted to get treated by the NHS, this small provider would pay £2500 tax free.
These novel and new insurance benefits could see a rise in popularity over the coming years as customers grow tired of rising premiums.