Leaving Your Company Health Insurance Scheme: What You Need to Knowb [2024]
Written By: Stuart Hendy
Leaving Your Company Health Insurance Scheme: What You Need to Know
When you leave a job, one important thing to think about is how to keep your private health insurance. This guide will help you understand the options available after leaving your company’s health plan. It explains different types of insurance policies, like Moratorium, Full Medical History and Medical History Disregarded. Each option affects what’s covered and how much it costs. Knowing the differences can help you make the best decision.
Get Tailored Health Insurance Quotes from Top UK Insurers
What Happens When You Leave a Company Health Insurance Scheme?
When you leave a company health insurance policy, your medical insurance usually ends around your last working day, leaving you without a health insurance plan for new treatments, ongoing treatments, or planned treatments. Pre-existing conditions that were covered under the company plan may also be excluded from future claims To avoid a gap in healthcare protection, you can switch to an individual health plan or opt for a “Group Leaver” policy, designed for those leaving a company scheme. These options allow you to continue your medical incurance policy, but it’s crucial to compare policies to ensure your needs, especially pre-existing and ongoing treatments, are fully covered.
Options after leaving your company health insurance policy
Group Leaver Policy
Many health insurance companies, such as AXA, offer “Group Leaver” policies designed for individuals transitioning from employer-sponsored health plans. With an AXA Group Leaver policy, you can maintain similar benefits to what you had with your employer’s plan, often without needing to go through medical underwriting. This means you won’t have to answer detailed health questions, which makes the process simpler and faster.
For example, if you had health cover for consultations, hospital stays, and certain treatments while employed, an AXA Group Leaver policy can continue to provide those benefits. However, it’s essential to review what’s covered and what might be excluded, as some conditions may no longer be eligible if they were pre-existing at the time of leaving your job.
Individual Health Insurance
You also have the option to purchase an individual health insurance policy which can be cheaper. This allows you to choose benefits that are right for you, such as outpatient treatments, mental health support, travel insurance or dental cover. For example, you might choose a plan that covers physiotherapy and mental health but reduces your outpatient consultation cover.
NHS Service
You can access the National Health Service (NHS) for essential healthcare services without any upfront costs. This includes doctor visits, hospital treatments and emergency care. While the NHS ensures you have access to necessary medical care, you may experience longer wait times compared to private healthcare options.
Working with a Broker
When you’re looking at your health insurance options, working with a health insurance broker can be very helpful. Brokers can help you compare quotes from different companies like AXA, Bupa, and Vitality. They will explain the differences in health insurance plans, so you know what each policy includes. For example, a broker can show you what treatments are covered under a Group Leaver policy versus an individual plan and explain any exclusions related to pre-existing conditions.
Health insurance brokers at PremierPMI can also help you understand the details of each policy, making it easier to find the right medical insurance plan. By looking at different options, you can make a smart choice about your health insurance for the future.
How much does health insurance cost?
To give you an idea of the potential costs for health insurance in the UK, here’s a breakdown of typical average premiums from different providers:
These prices are for healthy, non-smoker individuals with a £100 excess, a consult-select hospital list, and standard outpatient cover (up to 3 consultations), using the HP9 postcode:
Individual Health Insurance
| Provider | Age 30 | Age 50 |
|---|---|---|
| Bupa | £51/month | £93/month |
| AXA | £50/month | £96/month |
| Vitality | £45/month | £89/month |
Family Policies
Here’s the average cost of family health insurance for families of three (two adults and one child) and four (two adults and two children). These prices are for a healthy family around 40 years old with kids aged 3 and 7:
| Provider | Family of 3 | Family of 4 |
|---|---|---|
| Bupa | £147/month | £147/month |
| AXA | £138/month | £179/month |
| Vitality | £127/month | £181/month |
- With Bupa, you only pay for the first child, and the rest are covered for free.
- Bupa also provides a Central London Hospital list for children, regardless of where the parents choose to go.
As you can see, the cost of health insurance increases with age, number of family members and health condition. Premiums will also vary based on the level of cover you choose, the underwriting options you select, and whether or not you have pre-existing conditions.
Underwriting Options
When transitioning from a company health insurance scheme to an individual policy, understanding the different underwriting options is crucial. Here are the main types of underwriting:
Moratorium Underwriting
Works by automatically excluding any medical conditions you’ve had in the past five years. The insurer does not ask for your medical history upfront. If you experience no symptoms or treatment for the excluded condition over two years, it may become covered. For example, if you had a back injury three years ago, it won’t be covered at first. If no back problems arise for two years after starting the policy, it could be covered again. The benefit of this type is that it’s quick to set up since no medical questionnaires are needed. However, you might not know exactly what’s excluded until you make a claim.
Full Medical Underwriting (FMU
Involves providing detailed information about your entire medical history. The insurer uses this information to decide what will and won’t be covered. The main advantage is that you know from the start what is included in your health insurance policy, avoiding any surprises at the time of claiming. The downside is that it can be time-consuming to complete, and not all conditions will be covered.
Medical History Disregarded (MHD) Underwriting
This option is the most comprehensive policy, as it ignores pre-existing conditions, meaning everything is covered regardless of when the condition first appeared. This type of underwriting provides the best cover, but it is extremely expensive and usually only available through large corporate plans rather than individual ones.
The benefits of switching health insurance providers
Switching health insurance providers can lead to savings or improved benefits. Companies like AXA and Vitality often provide lower premiums and additional perks, such as wellness programs, making switching an appealing option. Here are a few reasons why changing your health insurance provider could be beneficial.
One reason is that you could reduce your premium payments. Some providers offer better deals depending on factors like your age, where you live, and your health. This means switching might help you save money on your insurance.
Another advantage is the ability to customise your medical insurance policy. When you move to an individual health plan, you can tailor the cover to suit your specific needs. This is different from group plans offered by employers, which usually have fewer options for personalisation.
Switching can also ensure consistent care. Some insurers will cover pre-existing conditions if you meet their requirements, so you can continue receiving treatment without interruptions, even after changing plans.
AXA Group Leavers Program
AXA offers a program specifically for employees leaving a group health insurance plan. Their Personal Health Plan ensures you keep the benefits of your previous group policy. You can continue receiving care for pre-existing conditions, without any gaps in your plan. AXA also provides access to private specialists and quick diagnostic tests, giving you faster treatment times compared to public healthcare. Their wide network of hospitals ensures you have many options for care. In addition, AXA offers optional extras like dental and optical cover, which you can add if needed.
Bupa Group Leavers Program
Bupa has a similar program for people leaving group health insurance plans. With their plan, you can transfer to an individual policy without losing access to healthcare for any existing conditions. This ensures a smooth transition in your care. Bupa offers fast access to private healthcare, so you can see specialists and get treatments more quickly. You can also personalise your health inaurance policy by selecting options that best fit your needs. Bupa provides additional services like mental health support, dental, and vision care, which can be added to your plan as needed.
Switching to a personal health plan after leaving a group plan with AXA or Bupa helps you maintain essential healthcare benefits and ensures you continue receiving high-quality care.
NHS vs. Private Health Insurance
If you’re thinking about leaving a company health insurance scheme, one option is to rely completely on the NHS. While the NHS provides comprehensive healthcare, private health insurance offers several important advantages.
One key benefit is faster access to medical care. With private health insurance, you usually get quicker access to specialists, diagnostic tests, and elective treatments, which can reduce waiting times significantly.
Another advantage is the ability to choose your specialists and hospitals. Private insurance gives you more control over who treats you and where, and it often includes a wider range of treatments and therapies that may not be readily available through the NHS.
Private health insurance also provides more comfort and convenience. Private hospitals generally offer amenities like private rooms, flexible appointment scheduling, and faster admission processes, making your overall healthcare experience smoother and more personalised.
These benefits can make a big difference when it comes to managing your health and receiving timely care.
Which insurer is the best for group leavers?
Bupa
Bupa is one of the largest and most trusted health insurance providers. It’s a top choice for those looking for a reliable cover. Their individual health insurance plans provide comprehensive plans, including care for hospital stays, outpatient visits, mental health support, and diagnostic tests.
Monthly premiums typically range from £40 to £100, depending on your age and how much cover you choose. One of the main benefits is quick access to GPs and private specialists, and Bupa has a wide network of hospitals to choose from. Bupa is also known for making the claims process simple and easy, which gives peace of mind to its customers.
AXA
AXA is another strong option with competitive premiums and flexible plans. Their health insurance covers a full range of services, including mental health, cancer treatment, and diagnostic tests.
AXA’s premiums start at around £45 per month for basic plan. They are known for their extensive list of hospitals and specialists, and they offer a smooth claims process, making it easier for customers to get the care they need. AXA is also popular for offering special plans for people who leave group insurance policies, allowing them to continue their healthcare with individual cover.
Vitality
Vitality stands out because it focuses on promoting healthy living and wellness. Their plans encourage customers to stay active and reward them for it. If you keep active, Vitality offers perks like discounts on gym memberships, Apple Watches, and even discounts on healthy food at grocery stores. By promoting a healthy lifestyle, Vitality helps customers save money while also staying fit.
Premiums for Vitality range from £38 to £80, depending on the level of cover and how much you’re willing to pay in deductibles. Their health insurance plan includes outpatient care and mental health support. If you’re someone who enjoys staying active and wants to be rewarded for it, Vitality offers great value with its health insurance plans.
Bupa, AXA, and Vitality each have their strengths. Bupa is great for those who want a large hospital network and a straightforward claims process. AXA is also well-known for its hospital list and easy claims, while Vitality shines by promoting a healthy lifestyle and offering rewards to those who stay active.
How to switch or continue your health insurance after leaving your company scheme
If you’re leaving a company health insurance plan, here’s how you can switch or continue your medical policy in a simple and easy-to-follow way.
Talk to your current insurance provider
Start by contacting your current health insurance provider. Ask if you can switch to an individual plan or if they offer a way to continue your existing plan. If you have any medical conditions, make sure to ask if these will still be covered. This is important if you need ongoing treatment or care.
Compare different insurance policies
Take some time to compare different health insurance options. You can speak directly to other insurers or use online tools to find options. Look for a policy that fits your budget but also covers the things you need, like doctor visits, tests, or specialist consultations. Be sure to check what each policy includes and whether it’s affordable for you.
Learn about underwriting options
Different insurance plans have different rules about how they cover pre-existing conditions. Some plans will review your full medical history, while others might only cover conditions after a waiting period. This is called underwriting. Understanding how this works can help you choose a plan that fits your current health situation.
Check how much the premiums will cost
Figure out how much you’ll need to pay each month for your new health insurance. It’s important to consider if private insurance is worth the cost compared to what public healthcare, like the NHS, offers. This is especially true for non-urgent care or treatments you might not need right away.
Make sure the plan covers your needs
When choosing a new plan, make sure it includes the medical services you need. This could be mental health support, cancer treatment, or access to specialists. These are often the main reasons people get private health insurance, so it’s important the plan meets your health needs.
Review the benefits
Double-check that the plan covers the medical treatments and services that matter most to you. Whether it’s for serious conditions, mental health, or specialist care, make sure you get the best cover you need.
By following these steps, you can easily switch or continue your health insurance and make sure you’re still covered for the care you need.
How can we help?
By taking the time to research and consult with our broker, you can make informed choices about your health insurance. This approach helps you find a plan that fits both your needs and budget, giving you peace of mind about your private healthcare. Plus, our specialists are here to guide you through the claims process, so you’re never alone during stressful times.
How it works
Step 1. Answer a few simple questions
Step 2. Get tailored quote
Step 3. Get covered and start saving
Why Choose Us
We offer completely free and no obligation advice on Private Health Insurance. Our experienced advisors will take the stress away from you and do all the hard work in finding you the best Provider by comparing quotes with the top leading providers in the market. We have worked directly with AXA, Aviva, Bupa and Vitality for over 40 years, we have been tailor-making the best policies for our customers.
Health Insurance People
Get expert advice from our dedicated health insurance advisors for free
24/7 Customer Care
You can contact us anytime and one of our health insurance consultants will always be available to you.
Claims Support
We will be there for you throughout the claims process to ensure that it is easy and stress-free.
