The benefits of using a broker

There are over a dozen insurers in the market who provide private healthcare. You can, of course, source healthcare cover yourself directly from an insurer, but there are several reasons why you will benefit from using an experienced private medical insurance broker.

Independent advice on what private medical insurance is best for you

  • Are there any monetary limits on my policy?
  • How much of the cost of treatment will I be covered for?
  • How does my excess work?
  • What cover is there for cancer?
  • What types of treatment are covered?
  • What hospitals can I choose from?

Do you know exactly what type of private health insurance policy is the most suitable for you and your family? Are you an employer, and unsure which group health insurance policy will suit the needs of your staff best? That’s where a broker comes in. As an experienced professional, your broker will discuss the various types of cover with you in order to find out exactly what healthcare policy is appropriate. Using a broker means you benefit from years of experience and industry knowledge.

Plus when you use a fully independent and family-owned broker such as Stanhope Cooper, you know that there are no third-party interests whatsoever, and that you are receiving totally unbiased advice on your insurance.

When you use a comparison website it might seem to suggest a particular medical policy is best. However, an alternative policy might provide superior cover for just a few extra pence each month. So, without the help of a broker you may not be able to maximise your cover for the budget you have available.

Using a broker for your private medical insurance quote will save you time

Getting quotes for private health insurance can be time consuming. When you approach a healthcare insurer they will require a lot of information from you in order to provide you with a quote. This will include your personal details, information about anyone else you want to be covered by the policy and details of your medical history.

If you get quotes from a number of healthcare insurers you will have to provide this information to each of them individually. However, by using a broker you will only have to provide this information once. We will then scour the market for you using the details you have provided to compare private medical insurance costs and the cover available.

A broker will negotiate the health insurance market on your behalf

Health insurance is complex, with many different providers and policies available. Honesty and a full understanding of your circumstances is paramount. A broker will ascertain your needs, and scour the market on your behalf to find the cover that is best for you.

To make things more complicated, each insurer has a different set of criteria for each medical condition. Pre-existing conditions is a good example of this. Some conditions, such as high blood pressure or high cholesterol, can be included in cover even though they are pre-existing, as nowadays they are seen as relatively low risk. But having both conditions can result in an exclusion with some insurers, but not with others as long as they have been managed for a good length of time.

An experienced broker will understand the different requirements and terminology that health insurers use. They will accurately present your information and circumstances, meaning that you will receive the correct type of insurance.

A broker can save you money on your medical insurance

As with other types of insurance, a broker can help you source the best price for the medical insurance cover that you need. Your broker will obtain a number of quotes from across the healthcare market for the level of cover that you are looking for. By comparing the costs your broker can help you to save money on your monthly premiums by finding the best value cover.

Stanhope Cooper were recently able to save one client £23,462 on their medical insurance premium!

You will not get a better price for your private medical insurance policy by approaching an insurer directly, as often there is no price differential between the price a broker will quote and the price an insurer will quote. In fact, often a broker can obtain preferential rates, meaning it can actually be cheaper to use a broker rather than going direct. Plus, as the service provided to you is free, so you lose nothing by employing a broker to work on your behalf.

At Stanhope Cooper, our client base and buying power with insurers gives us far greater room for negotiation than a consumer would have going direct. Plus, as the service provided to you is free, so you lose nothing by employing a broker to work on your behalf.

The private medical insurance broker you can trust

At Stanhope Cooper we pride ourselves on providing exemplary customer service, and sourcing the best cover available for our clients. Our private medical team can give you options and advice on:

Whatever your healthcare insurance requirements, we can provide a solution.

Click here to fill out an online quote form

Or call us on 0207 776 9790

Written by: Dan Foley

Date: Wednesday 4th July, 3:15pm