Between January and March each year, nearly 45% of Irish health insurance policies are renewed. In the coming weeks, do you envisage yourself wading through policies in an attempt to find the best deal? Or does that seem like too much of an ordeal? Do you plan to avoid it until the last minute and simply renew your existing plan?
Doing so may sound like the easy option but could be costing you a significant amount in the process. In fact, by doing some research and picking up the phone, you could potentially double your cover and save money in the process.
Save up to €934 on family plan
Think that’s sounds like a sensationalist newspaper catch line? Well, the proof is in the numbers. Let’s look at entry-level plans, which 15% of Irish health insurance customers are on.
Plans such as VHI’s One Plan Access – which many would know as the old VHI Plan A – currently costs €939 per adult and only covers stays in public hospitals.
However, you can stick with the same provider and opt for VHI’s One Plan 250 which is €889, a saving of €50. With this plan, not only do you get the aforementioned cover in a public hospital, you also get cover in private hospitals.
It’s not just VHI that has these type of plans. If you are an Irish Life customer on the We Plan Level 1, which is €1,168, switching to the Select Plus plan will save you €249 and also mean you’ll jump from just public cover to stays in public and private hospitals.
Laya customers will experience the biggest saving of all, going from €1,277 per adult on the Essential Plan to €1,006 on the Flex 250 Explore, resulting in a saving of €271, while at the same time doubling your cover.
If you are on the family plan, the savings are even more significant going from €3,436 to €2,502, a saving of €934.
Not only will your family now get access to public and private hospitals, you could also fund a family holiday with the savings.
Finding the deals
So do you feel tricked by your health insurance providers? Dermot Goode, an independent health cover analyst with Total Health Cover (www.totalhealthcover.ie) says the onus is on the consumer to be proactive in finding the best deals.
“What consumers don’t realise is that these older plans have been overtaken by newer plans, which are not only cheaper but more comprehensive. If you are on a very old plan, you have been hit with increases every single time increments have been announced, which as a result have led to exceptionally expensive plans.
“Health insurance companies brought in these more comprehensive – and often cheaper – plans to entice more clients. When it comes to your renewal, though, no health insurance company is going to ring you up and tell you about these plans. They are quite happy for you simply to renew.
Making the Call
“It’s up to you to save money yourself. Not only that but when you make the call to your health insurance provider, the language you use is very important. For example, if you ring up and say: ‘I can’t afford my current policy. What can I get for €1,000?’ they will, as requested, present what you can get for €1,000.
“Instead, ask: ‘Here is the plan I have. What is the closest equivalent at a cheaper price?’ Also consider asking: ‘Are there any new plans that give better cover at a lower price?’”
All these calls are recorded and Dermot says they are obliged to present you with the correct information, and if afterwards you realise there is something they didn’t make you aware of, or if they don’t give you proper advice, they will have to rectify the situation.
Key Questions
Before you decide to switch your cover, it’s also important to ask the following questions:
• How does the new plan compare to your existing cover? In particular, ask your provider to be very clear on what you might be losing or gaining. Make sure these are fully explained.• If you have a treatment pending or you are due to have some repeat treatment or tests carried out, check this is covered.• Check for excesses and ensure you understand how and when these apply. Also, check out any upgrade rules – this refers to how long it will take for the benefits of your new policy to kick in.• Find out which MRI and CT scan centres are covered near where you live.• Ask what kind of emergency cover you get while abroad.• Check cover in key areas – such as cancer, cardiac and orthopaedics – and ensure that any specific requirements you have in this regard are all fully covered by the plan.• Make sure your hospital access and coverage is the same as your previous plan, or at least fully matches your requirements. If there is any particular consultant who is important to you, also make sure they’re fully covered.Avoid Online
When you consider the myriad of inquiries you should make when switching your policy, it’s not surprising that Dermot does not advocate buying a policy online.
“Buying a health insurance policy is complex, it can be even more confusing than a pension policy, and very few people take out a pension policy without consulting an expert.
“When you buy online, you are taking on full responsibility, ticking that you understand everything that is being presented. There is no comeback. Also, not all policies are put online, including some of the best deals on the market. So picking up the phone is the most efficient way to save money.
“Finally, although the decision can be confusing, don’t be overwhelmed by it. Even asking a few simple questions can lead you to significant savings.”
Dermot Goode is the leading expert on healthcare benefits in Ireland. He developed the Total Health Cover concept to show individual consumers and employers how to find the best health insurance cover at the lowest cost – but more importantly how to source other complementary healthcare products such as medical cash, dental, eye-care, travel, health screening and many more to build the best healthcare package to suit your requirements. www.totalhealthcover.ie. CL
All prices are correct as at 1/2/17 as per Health Insurance Authority www.hia.ie. However, plans and rates are subject to change and should be confirmed with the insurer in question
*Family = two adults and two children.
Between January and March each year, nearly 45% of Irish health insurance policies are renewed. In the coming weeks, do you envisage yourself wading through policies in an attempt to find the best deal? Or does that seem like too much of an ordeal? Do you plan to avoid it until the last minute and simply renew your existing plan?
Doing so may sound like the easy option but could be costing you a significant amount in the process. In fact, by doing some research and picking up the phone, you could potentially double your cover and save money in the process.
Save up to €934 on family plan
Think that’s sounds like a sensationalist newspaper catch line? Well, the proof is in the numbers. Let’s look at entry-level plans, which 15% of Irish health insurance customers are on.
Plans such as VHI’s One Plan Access – which many would know as the old VHI Plan A – currently costs €939 per adult and only covers stays in public hospitals.
However, you can stick with the same provider and opt for VHI’s One Plan 250 which is €889, a saving of €50. With this plan, not only do you get the aforementioned cover in a public hospital, you also get cover in private hospitals.
It’s not just VHI that has these type of plans. If you are an Irish Life customer on the We Plan Level 1, which is €1,168, switching to the Select Plus plan will save you €249 and also mean you’ll jump from just public cover to stays in public and private hospitals.
Laya customers will experience the biggest saving of all, going from €1,277 per adult on the Essential Plan to €1,006 on the Flex 250 Explore, resulting in a saving of €271, while at the same time doubling your cover.
If you are on the family plan, the savings are even more significant going from €3,436 to €2,502, a saving of €934.
Not only will your family now get access to public and private hospitals, you could also fund a family holiday with the savings.
Finding the deals
So do you feel tricked by your health insurance providers? Dermot Goode, an independent health cover analyst with Total Health Cover (www.totalhealthcover.ie) says the onus is on the consumer to be proactive in finding the best deals.
“What consumers don’t realise is that these older plans have been overtaken by newer plans, which are not only cheaper but more comprehensive. If you are on a very old plan, you have been hit with increases every single time increments have been announced, which as a result have led to exceptionally expensive plans.
“Health insurance companies brought in these more comprehensive – and often cheaper – plans to entice more clients. When it comes to your renewal, though, no health insurance company is going to ring you up and tell you about these plans. They are quite happy for you simply to renew.
Making the Call
“It’s up to you to save money yourself. Not only that but when you make the call to your health insurance provider, the language you use is very important. For example, if you ring up and say: ‘I can’t afford my current policy. What can I get for €1,000?’ they will, as requested, present what you can get for €1,000.
“Instead, ask: ‘Here is the plan I have. What is the closest equivalent at a cheaper price?’ Also consider asking: ‘Are there any new plans that give better cover at a lower price?’”
All these calls are recorded and Dermot says they are obliged to present you with the correct information, and if afterwards you realise there is something they didn’t make you aware of, or if they don’t give you proper advice, they will have to rectify the situation.
Key Questions
Before you decide to switch your cover, it’s also important to ask the following questions:
• How does the new plan compare to your existing cover? In particular, ask your provider to be very clear on what you might be losing or gaining. Make sure these are fully explained.• If you have a treatment pending or you are due to have some repeat treatment or tests carried out, check this is covered.• Check for excesses and ensure you understand how and when these apply. Also, check out any upgrade rules – this refers to how long it will take for the benefits of your new policy to kick in.• Find out which MRI and CT scan centres are covered near where you live.• Ask what kind of emergency cover you get while abroad.• Check cover in key areas – such as cancer, cardiac and orthopaedics – and ensure that any specific requirements you have in this regard are all fully covered by the plan.• Make sure your hospital access and coverage is the same as your previous plan, or at least fully matches your requirements. If there is any particular consultant who is important to you, also make sure they’re fully covered.Avoid Online
When you consider the myriad of inquiries you should make when switching your policy, it’s not surprising that Dermot does not advocate buying a policy online.
“Buying a health insurance policy is complex, it can be even more confusing than a pension policy, and very few people take out a pension policy without consulting an expert.
“When you buy online, you are taking on full responsibility, ticking that you understand everything that is being presented. There is no comeback. Also, not all policies are put online, including some of the best deals on the market. So picking up the phone is the most efficient way to save money.
“Finally, although the decision can be confusing, don’t be overwhelmed by it. Even asking a few simple questions can lead you to significant savings.”
Dermot Goode is the leading expert on healthcare benefits in Ireland. He developed the Total Health Cover concept to show individual consumers and employers how to find the best health insurance cover at the lowest cost – but more importantly how to source other complementary healthcare products such as medical cash, dental, eye-care, travel, health screening and many more to build the best healthcare package to suit your requirements. www.totalhealthcover.ie. CL
All prices are correct as at 1/2/17 as per Health Insurance Authority www.hia.ie. However, plans and rates are subject to change and should be confirmed with the insurer in question
*Family = two adults and two children.
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