Hi all
just wondering there have been a lot of deals for medical insurance private- around.
If i just sign up and say change every 3 months to get the deals - is it going to affect my credit check etc ?
Do they do a credit check ?
any downsides of doing so?
They'll have waiting periods on a lot of the good stuff. Otherwise people would be getting the best private health insurance cover, getting themselves fixed up and moving away straight after.
isn't time served carried across?
Only if the new policy offers the same benefits as the old policy. If you follow my example and move to something higher then they're not going to waive the waiting period.
You can change insurers - most insurers allow you to change to an equal to or lower level of cover without the waiting period. But if you ever change to a "higher" level of cover, you'll need to serve out the waiting period again.
Check with each individual one before you make the change.
Credit checks are not done because they're not providing a service prior to payment (credit). The following month's premiums are usually paid in advance.
I know people who do this to double dip on the claim limits. Different providers reset their limits at different times of the year (EOY vs EOFY). So max out the claim limit with one provider in the first 6 months, and then move to another which has its claim period reset 6 months earlier and you get double. Time served carries over for equivalent cover. I couldnt be stuffed doing this, but you definitely can, and people definitely do.
Could be wrong but pretty sure private health insurance has a waiting period before you can make an actual claim. Worth double checking as if that's the case, it kills your churning idea.