A family approached us to help reduce their private health insurance costs after receiving a private health policy renewal from their existing broker, which exceeded £41,000 per annum, a 41% increase over the previous year.

The broker had chosen not to approach alternative insurers because two family members included in the group policy had claims in the previous year for cancer and a serious heart condition. The family’s original broker had decided that because of these claims, it was not the right time to switch insurers, ignoring the substantial increase in cost of the renewal.

When we were asked to review their existing private health arrangements, we discovered that the whole family had been insured under a business policy that covered two employees, as well as three adult children who had no existing health conditions or claims. We suggested separating out this group policy to reduce overall premiums by placing each person with the right insurer for their needs.

We moved all three children, who were at much lower risk of claims, to a separate policy that was more competitive, at just over £ 3,000 per annum, with full benefits, including outpatient consultations and physiotherapy. Of the two family members who had had medical claims, we kept one with their existing insurer, as there were ongoing cancer treatments, and we moved the other person to a more competitive policy with an alternative insurer, advising them to use their insurance for serious conditions and to self-fund small claims and consultations, which would protect them from accruing claims penalties and uncontrollable rises in their premium.

Castleacre’s strategic approach ensured that we not only saved the family more than 53% on their annual premium payments but also protected them against dramatic year-on-year premium increases. Together, the revised premiums for the family and business were reduced from £41,000 to £22,000, even lower than the annual premium they had paid before they had serious claims.

We are always happy to review and review your existing private health policy and advise on what are the best options for you and your family so do contact us