How to manage the cost of private health insurance

Author: Louis Wustemann

Summary

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• Consider changing to a different private medical insurance provider to contain costs only if evidence shows that other firms charge less for exactly the same level of service and volume of claims.
• If records show a high level of very small claims, consider introducing an excess charge.
• Take into account that offering employees the option of a cash payment if they opt for National Health Service care instead of private treatment may reduce claims for non-urgent procedures.
• Investigate the possibility of utilising network plans, which offer discounted premiums for access to a restricted number of hospitals.
• Consider using a managed care plan to promote low-cost medical interventions.
• Look at adopting an integrated approach combining occupational health provision and insured benefits to reduce absence levels and cut private medical insurance claims.