Archive: MoneySavingExpert's Money Tips Email

Martin: STOP OVERPAYING ON ENERGY ASAP
Bad News. April's new Energy Price Cap likely to rise more than previously thought: UP 6%. Fix now to save even before the price jumps (typical £200/yr saving)

Over 80% of homes in Eng, Scot & Wales overpay for energy as they're on Price Capped tariffs (I've listed the main ones below). And I'm afraid it's about to get worse. The Price Cap moves every three months and the April to June Cap's now predicted by British Gas, E.On & EDF to rise 5% to 7%. And as the change mainly depends on average wholesale rates from 18 Nov to 17 Feb, the predictions are now pretty firm. Without intervention, it's virtually unthinkable that the Cap won't rise - the only question is by exactly how much.

So compare to find your cheapest fix and lock in a rate now, to save instantly and prevent the price hike. The Price Cap for the rest of the year, while it's somewhat crystal ball gazing, is currently predicted to stay roughly at April's level.

• Get today's cheapest FIX and instantly save 6.8% over the current Cap. A fix means the rate you pay for energy can't change (though use more and you'll pay more). The current cheapest is almost 7% less than today's Cap, which is around 13% less than it's predicted to be after April. Yet there are only a couple of cheap fixes left - many have been pulled as underlying wholesale rates have risen. So getting it done ASAP is safest.
  
  Which fix is your cheapest, plus the exact saving, depends on your region and how much energy you use. Our Cheap Energy Club comparison gives a personalised result. Important: When you compare, you'll see the annual saving against the current Cap's rates - remember, it is likely to rise in April and beyond. If so, the real saving will be far bigger.

• Slash £100 off energy STANDING CHARGES. EDF recently launched its Simply Tracker Extra tariff*, which tracks the Price Cap, but with £100/yr lower daily charges. So for those with lower usage (under £135/mth-ish) where the standing charges make up a larger portion of the bill, this can mean a decent saving. You don't need to have a smart meter unless you're on prepay, and there are £25 per fuel exit fees. For mid to higher users, a fix will very likely beat it.
  
  
• Sophisticated tariffs, which save some more. For most, a fix is the simplest and safest way to guarantee a saving, but there are alternatives which are better for some. These include specialist electric vehicle tariffs and rapid price-change tariffs including Agile Octopus, Octopus Tracker and Tomato Energy's Smile. 
  
  
• Even with cheaper tariffs I'm struggling to pay bills - what do I do? It's always worth talking to your energy firm. Be polite and straight with it, and make sure you explain if you're vulnerable. There can be hardship & debt grants from energy suppliers. For far more guidance, see our full What to do if you're struggling to pay energy bills, Energy saving tips and Energy mythbusting guides.

Five tips to get... the cheapest private medical insurance

Ends Wed. Plus, if you're young(ish), fit(ish), go to the gym & fancy a £10 Apple Watch, you may get medical insurance that virtually pays for itself

The NHS and its staff are national treasures, but the pandemic and cost of living crisis have seen it struggle. As a result, according to Martin's X poll, one in five have a private medical insurance (PMI) policy, and demand seems to be growing. PMI lets you bypass the NHS for faster non-emergency medical attention, covering the cost of private consultations, treatments and operations and sometimes mental health too. It's a lifestyle choice, unaffordable for many (from under £20/mth for 25-year-olds, to £30+/mth for 55-year-olds) but if you're considering it, here are brief must-knows. Full help in Cheap PMI.

1) Do a comparison and get £100+ cashback. There are many comparison sites out there, but most are just 'white labels' of two engines (meaning while they have different names, underneath it's roughly the same comparison). So we worked to get the best perks for you on top of each white label. Both engines have many policies in common, yet as they can give different prices, it's worth checking the two...

• MoneySupermarket*. MSE Blagged. £120 Amazon voucher. Via this link, after six monthly payments, you'll get a £120 Amazon voucher emailed to you. Max one voucher a year. Underlying comparison: ActiveQuote compares 9 firms & brokers (also used by Gocompare). Review: Clear cover summary and option to add/remove certain features.
  
  
• Howden Life & Health*. MSE Blagged. £100 cashback. Via this link, after six monthly payments, you'll get £100 cashback paid into the account that you pay the PMI premiums from. Underlying comparison: Howden Life & Health compares 13 firms (this is its comparison direct - it also powers Confused, uSwitch, Compare The Market). Review: Shorter list of questions to get a quote, so speedier, though with a tad fewer options.

Do remember though, while comparison sites give an overview of cover, always do a detailed look before signing up. Eg, do check... 1) Which hospitals can you use? Bigger choice = increased cost. 2) What treatments do you want to cover? Options can include improved cover for cancer and mental health. Full help in picking a PMI policy.

Annoyance alert: Both sites want your phone number so they can contact you to discuss a quote. There's no way to opt out. It'd of course be awful if you accidentally put in a non-working phone number - we hope that doesn't happen.

2) Already got PMI? Be careful switching if you've already used it for treatments. PMI prices usually rise at renewal each year, so before you know it, they're far higher than when you started. So, no surprise, a comparison will often reveal BIG savings. This is great if you've never claimed - switch away. But if you've had treatments within the last five years, and the issue reoccurs within two, a new provider will likely exclude it, as it's a pre-existing condition (do check). If that's an issue, the only route is to haggle with your current provider to try to reduce the cost. 

3) The excess has a huge impact on cost. This is the amount you'll pay towards each individual claim or - better but more expensively - towards all claims each year. An almost £60/mth policy with no excess reduces to under £40/mth with a £500 excess. So think about whether you want a 'cover everything' policy or only a 'cover big things' policy. 

One radical strategy is to combine a cheaper, very high excess (£1,000+) policy with self-insuring, where you put cash aside each month in top savings. Then if you need to pay the excess or have smaller treatments, you have the money. This way, you're covered for bigger treatments, but for the rest you're NHS or pay-as-you-go private.

4) PMI can be a great employment perk, even if your employer doesn't pay (as it's often cheaper), but... if you need treatment and claim, and then later decide to leave your employer, check whether you'll be able to continue your membership with the healthcare firm on the same terms. If not, you may be unable to get a new insurer to cover that pre-existing condition.

5) Confused or can't find what you want? Use a broker. If you're confused or have conditions that make finding a policy hard, get assistance from a member of the snappily titled Association of Medical Insurers and Intermediaries. These brokers can answer questions about cover, particular insurers' records, rules and more. Most are free to you because they take commission from insurers if you get a policy - though do check before getting any advice.

And, as always, with any insurance, if you feel your claim's been unfairly rejected, go to the ombudsman. Picking the right policy's only half the journey - the provider needs to deliver when you claim, too. But that's tough to predict. So it's worth knowing, like all insurance, that these are regulated policies where you've a legal right to be TREATED FAIRLY. If not, make a formal complaint, and if it still doesn't stack up, you can take it to the free Financial Ombudsman Service to adjudicate.