Risk Clinic: Cutting PMI costs


My clients are a newly married couple aged 33 and 29. They both value their personal private medical insurance (PMI) plans but are concerned that rising premiums mean they may have to surrender them. What options are available that could persuade them to retain their cover or cater to a smaller budget?

Brian Walters, Regency Health There are a number of ways to reduce the cost of private medical insurance, but the starting point should always be a whole-of-market review on a like-for-like basis. Many PMI policyholders are insured on legacy plans that are no longer competitive, such that a comparable level of cover can very often be achieved for a significant premium saving. Of course, much depends on the client’s medical circumstances —an adverse medical history may preclude a move to a new insurer. If it does prove necessary to introduce some cost-control measures, there are three...

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