Health Insurance Premiums Increasing

[bad company]

I wasn’t sure whether to post this here on in the health section so fine if the mods want to move it.

Mrs BC and I were insured with WPA. They were very competetive when we started but the renewal came in with a 12% premium increase even though we hadn’t claimed. Last year we changed to Aviva who were cheaper then guess what, the renewal just came in at plus 11% even though we haven’t claimed.

I called Aviva and they said ‘medical inflation is over 7%, the rest is because you’re older and increased insurance tax’. The tax bit must be wrong as the policy started in June last year after the tax increase.

To avoid over paying we move our car breakdown cover between AA and RAC annually so we always get the new customer discount. I’m not comfortable with doing this with health insurance though.

Any ideas?

[bad company]

TwigtheWonderkid said:

This. It's a business, not a charity. Premiums are related to risk.

So why do they increase the premiums seemingly based on loyalty rather than attracting new clients?

[bad company]

liam1986 said:

bad company said:

TwigtheWonderkid said:

This. It's a business, not a charity. Premiums are related to risk.

So why do they increase the premiums seemingly based on loyalty rather than attracting new clients?

Great question. You're over thinking it though, it is just a business making money. Nothing more.

Over thinking, WTF is that?????

What’s the point of attracting new customers if it’s at the expense of existing clients?

[bad company]

Countdown said:

Insurance companies rely on apathy from their existing customers when setting premiums for them, whereas in order to attract new customers they need to be price competitive.

That’s right. For that reason I check and usually change on renewal for home, car and breakdown insurance etc.

Health insurance is a bit different as it’s bound to get dearer as we get older and it would be good to have continuity with the same company but it looks like I need to make a change.

[bad company]

ST270 said:

Hi BC - did you have any joy with this query and your renewal? I am an independent specialist health insurance intermediary & i would be happy to review or offer advice.

Thanks Marc

I have some quotes to consider now from a couple of brokers.

[bad company]

craig1912 said:

bad company said:

Thanks Marc

I have some quotes to consider now from a couple of brokers.

But be careful- if your wife is still undergoing cancer treatment, no insurer will take her or if they do will exclude cancer treatment. Best stay with your existing insurer at least for your wife. You however could probably save money by switching

I think you’ve got the wrong end of the stick there. Mrs BC hasn’t had any cancer treatment. We’re about to finish our 2 years moratorium without any claims so all conditions should be covered.