Not necessarily the best deal

Employees switching employer or retiring are losing out on the best private medical insurance deals

When any individual with company medical insurance leaves their job to go to a new one or retires, they should be given a ‘group leaver option’ enabling them to continue to have insurance cover in their own right. But according to the Association of Medical Insurance Intermediaries (AMII) that isn’t necessarily going to be their best deal available.

“For those wanting to continue with medical insurance, they should most definitely use this opportunity to shop around,” said Debbie Kleiner-Gaines from AMII. “Although cover for pre-existing conditions should always be a major consideration, that aside they may find a better deal elsewhere both in terms of cost and overall cover.”

For example, in one instance the group leaver option quote was £320 per month for a man aged 40 with a family moving from his engineering job in the Midlands to a new job in the same area, whereas shopping around he could get the same cover for £146 per month. And a man taking retirement at aged 60 could get similar cover for £228 per month whereas his group leaver option quote was £280 per month.

“However, it is worth considering taking the Group Leaver Option when you are in the middle of a claim and need continuation of cover but don’t forget that when that treatment is over, you can look at switching but with an intermediary holding your hand,” added Kleiner-Gaines.

“Apathy means too often people accept what they are offered by their existing provider without shopping around. With medical insurance, it is always worth checking with a local specialist intermediary to see if the best deal and most importantly appropriate cover have been offered. If they then find they already have the best option they’ve lost nothing but gained important peace of mind.”

AMII’s website includes a ‘find-a-broker’ section so the public can search for specialist independent intermediaries across the UK who provide specialist independent advice on medical insurance products.