Britons have been urged to start by checking quotes from the bigger companies such as AxaPPP, Bupa and Standard Life if they are looking to save on cost of a Private Medical Insurance.

Experts also say that consumers should consider paying for medical treatment as and when they need it. Additionally, putting money aside into a higher interest savings account or cash ISA, which allows up to £3,600 per financial year, tax free might help save money.

Reports show that some private hospitals offer fixed-rate operations and let you budget for surgery, alternatively, consumers can choose to use private facilities at NHS hospitals as it may be cheaper than having the treatment at a private hospital.

A budget policy is a cheaper option and applies only if the treatment needed is not available on the NHS within a set period. Treatment s such as tests scans, complementary healthcare and psychiatric care can be excluded from cover and this will help reduce the monthly premium.

Choosing a Healthcare Cash Plan means that set sum will be paid out for certain circumstances because they are similar to insurance instead of paying for treatment whatever the cost. Healthcare Cash Plans include dental, optical and alternative health.

PruHealth’s Vitality Plan, sold through Boots and elsewhere, rewards policyholders for staying fit is one of the new varieties of health insurance products which are different from traditional PMI.