How much excess should I pay on my health insurance?

Choosing an excess

If you’ve ever bought car or home insurance you will probably have agreed to a policy excess. Your policy excess is the amount of any claim that you have to pay yourself. And, private medical insurance policies are no different, with most having a choice of excess amount.

When you shop around for health insurance you should always take into account the policy excess. Most policies have a choice of excess levels which can range from £100 or £200 up to £500. Your excess could be:

  • Per policy year – meaning you pay the excess once even if you make several claims in the same policy year
  • For each claim you make – so you make pay the excess more than once if you make multiple claims in the same policy year

Here’s an example. You have a private medical insurance policy with an excess of £200 per policy year. You make a claim under your PMI policy for £1,000 worth of medical treatment. You will pay the first £200 of the claim and your insurer will pay the remaining £800.

Generally speaking, your premiums will be lower if you choose a higher policy excess. So, if you want to reduce the cost of your private medical insurance you can choose a higher excess. Bear in mind, however, that a higher excess means that you will pay more in the event of a claim. You need to ensure you have the cash available to pay this part of any claim.

When you compare UK health insurance you may also want to consider ‘high-excess plans’. These PMI policies have higher excesses. This means that you bear the cost of minor treatment but are covered against the open-ended cost of serious illness.

Briggs & Butler can help you find the right private medical insurance with a policy excess to suit you. When you complete our online form we’ll connect you to a FSA registered PMI specialist. They will discuss your needs and compare health insurance policies to find the right cover at the right price. With access to dozens of policies they can tailor a policy to suit the needs of you and your family. Complete the form today.

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