BUPA is running a radio campaign highlighting just how cheap private medical insurance can be.
BUPA is running a new radio campaign, which compares the cost of its comprehensive private medical insurance (PMI) plan with a takeaway coffee – an everyday item that you might pick up in the morning on your way to work. Its message is:
“The average cost of a takeaway medium latte in Caffè Nero, Costa Coffee and Starbucks in November 2013 was £2.43. 56% of Comprehensive Bupa By You customers joining between May and October 2013 paid less than the equivalent price of a takeaway medium latte per day.”
So just going without your morning coffee could prove very beneficial one day in the future.
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The price of a coffee a day
If you're not a daily coffee drinker, how could you free up a couple of quid a day to pay the cost? Here are a few ideas:
Draw up a budget for your finances and stick to it! Once you’re in better control of your finances, you could free up the money for PMI from somewhere else where you're spending money unnecessarily. Our free MoneyTrack budgeting tool can help you see where you can make cutbacks.
Energy bills are always a source of concern – but you could save by making a switch to a different energy provider. Try our energy price comparison service.
[SPOTLIGHT]Register with a cashback site or two. Have a look around for the best cashback deal that you can get, and on which purchases you can cash in. Getting a percentage of your purchases returned to you definitely adds up. Find out more in The top cashback websites.
Check out your other insurance policies while you’re at it. If you find better deals on your car, home and life insurance policies, you might even be able to save more than the monthly cost of your PMI and pocket the difference.
Quit smoking. I got a (preliminary) quote for comprehensive cover from BUPA (online) for £52.23 per month as a non-smoker. I’m 22. If I did smoke, the price would rise to £54.92. That might seem negligible, but that’s £32.28 a year – and it will only get worse as you get older. For a 65-year-old, those prices rise to £165.03 and £174.50 respectively, and the difference saved over that period would add up to a lot. So you can save a bit on the policy (and a few hundred pounds a year on tobacco products, based on this NHS calculator), plus you’re less likely to get ill in the first place. You should note however, that you need to have stopped using tobacco in all forms for two years to be eligible for the cheaper prices here.
Shopping around for medical insurance
If you can afford a PMI policy, it's vital you do some research before you commit to a plan.
What do you actually need? Insurers might offer you additional options to your policy such as dental cover or worldwide travel cover. Do you already have a good deal on these elsewhere? Could you get one? These are good questions to ask before shelling out more for your policy. It’s also definitely worth investigating the small print to see exactly what you are buying.
For detailed tips on ways you can cut the cost and still get a decent policy, have a read of How to pay less for private medical insurance.
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