At our recent Women & Agriculture event, one of the speakers who came packed with information for our readers was health insurance expert Dermot Goode of Total Health Cover. On the back of numerous requests, we’ve put together Dermot’s top advice, along with policies and prices, to help you get the best deal in your health insurance next year.
Dermot says: “We are now approaching the peak renewal period, when nearly 1m members will be renewing their health insurance cover. Our research shows that nearly 80% of consumers may be on the wrong plans relative to their needs and half of these may be insured on plans that have been on the market for five years or more.”
Corporate Plans
So what can you do to generate some much-needed savings while still keeping good-quality cover in place? Dermot says the first thing to do is to check out the latest corporate plans. These are available from all insurers and, most importantly, are open to everyone to join – not just those in companies offering health insurance packages.
“While corporate plans may not suit all consumers – as they carry excesses and co-payments for certain procedures (not with all insurers) – they represent the best value in the market, and they include guaranteed refunds on certain outpatient medical expenses with no excess to pay first. If you’re happy with semi-private accommodation in private hospitals and don’t mind paying a small excess per claim, the following are worth checking out:
• VHI PMI 41 15, at €1,317 per adult.• Laya Simply Connect Plus at €1,295 per adult.• Irish Life Health Plan 16.1 at €1,303 per adult.Young Adults
If you have young adults on your policy, in other words those aged between 18 and 25, Dermot says to make sure you are getting young-adult rates, which will reduce your costs significantly.
“These are available on most of the plans available from VHI and Irish Life Health, but many of the older Laya plans will charge the full adult rate for these young adult dependents. If this is the case, ask Laya to change them to an equivalent plan with the young-adult rate. It’s also important to know that these discounted rates apply irrespective of whether you’re a student or in full-time employment.”
Splitting Your Cover
Splitting your cover is an excellent way to reduce your costs. For example, you can place the adults and children on different plans relevant to their needs but still keep everyone insured on the one policy.
“For those with young families, remember to check out any discounted offers that may be available to you. For example, Irish Life is continuing with its offer of €160 per child under 18 on their Nurture Plan, while VHI is offering a discounted rate of approximately €150 per child on its One Plan Family.
“At this time, Laya is not offering any discounts for child dependents, but we expect this to change from 1 January.”
Get Rid of Dated Plans
“If you are insured on a dated plan covering private accommodation in private hospitals and you don’t mind taking on a small excess or co-payments, there are some excellent alternatives available to you across the market, which could save you a lot of money.
“Remember that no two plans are identical, and it’s important that all product differentials are considered before switching to ensure that any new plan matches your exact needs.
“Also, if the alternative from your current provider doesn’t suit, you should consider switching to one of the lower-cost alternatives from one of the other health insurers. Below is a selection of alternative plans worth considering before you renew your cover:
• If you are on VHI Health Plus Choice at €3,009 per adult, consider switching to VHI PMI 2511 at €1,586 per adult.• If you are on Laya Essential Plus at €3,283, check out Laya Complete Simplicity at €1,564 per adult.• If you are an Irish Life customer on the Health Optimise Silver at €3,705, look at their new Best Ultimate Active scheme at €1,657 per adult.These packages won’t be identical, but they are similar enough that you can save a lot of money while maintaining good cover.
All prices quoted are net of tax relief at source and are correct as of 1 November 2017 as per www.hia.ie (Health Insurance Authority). However, prices and benefits are subject to change and consumers should confirm all details directly with the insurer in question. CL
For more information, log onto www.totalhealthcover.ie
>> How to get the best deals
Some further tips to help you find the best deals in the market:
• Review your cover each year, as you would car or home insurance, to ensure that you’re always on the best-value plan• Don’t be afraid to switch for better-value cover. The health insurance legislation ensures that all insurers must take you on; that you can join any plan irrespective of the product name; and that you receive full credit for your previous membership, which means you don’t have to re-serve your waiting periods on joining.• Start the review process as early as possible to give you ample time to consider all alternatives.• If you are worried about changing, ask a trusted family member or friend to help you with the process, or alternatively engage an expert adviser to look after this for you. Given the significant savings that may be achieved, it may be money well spent.
At our recent Women & Agriculture event, one of the speakers who came packed with information for our readers was health insurance expert Dermot Goode of Total Health Cover. On the back of numerous requests, we’ve put together Dermot’s top advice, along with policies and prices, to help you get the best deal in your health insurance next year.
Dermot says: “We are now approaching the peak renewal period, when nearly 1m members will be renewing their health insurance cover. Our research shows that nearly 80% of consumers may be on the wrong plans relative to their needs and half of these may be insured on plans that have been on the market for five years or more.”
Corporate Plans
So what can you do to generate some much-needed savings while still keeping good-quality cover in place? Dermot says the first thing to do is to check out the latest corporate plans. These are available from all insurers and, most importantly, are open to everyone to join – not just those in companies offering health insurance packages.
“While corporate plans may not suit all consumers – as they carry excesses and co-payments for certain procedures (not with all insurers) – they represent the best value in the market, and they include guaranteed refunds on certain outpatient medical expenses with no excess to pay first. If you’re happy with semi-private accommodation in private hospitals and don’t mind paying a small excess per claim, the following are worth checking out:
• VHI PMI 41 15, at €1,317 per adult.• Laya Simply Connect Plus at €1,295 per adult.• Irish Life Health Plan 16.1 at €1,303 per adult.Young Adults
If you have young adults on your policy, in other words those aged between 18 and 25, Dermot says to make sure you are getting young-adult rates, which will reduce your costs significantly.
“These are available on most of the plans available from VHI and Irish Life Health, but many of the older Laya plans will charge the full adult rate for these young adult dependents. If this is the case, ask Laya to change them to an equivalent plan with the young-adult rate. It’s also important to know that these discounted rates apply irrespective of whether you’re a student or in full-time employment.”
Splitting Your Cover
Splitting your cover is an excellent way to reduce your costs. For example, you can place the adults and children on different plans relevant to their needs but still keep everyone insured on the one policy.
“For those with young families, remember to check out any discounted offers that may be available to you. For example, Irish Life is continuing with its offer of €160 per child under 18 on their Nurture Plan, while VHI is offering a discounted rate of approximately €150 per child on its One Plan Family.
“At this time, Laya is not offering any discounts for child dependents, but we expect this to change from 1 January.”
Get Rid of Dated Plans
“If you are insured on a dated plan covering private accommodation in private hospitals and you don’t mind taking on a small excess or co-payments, there are some excellent alternatives available to you across the market, which could save you a lot of money.
“Remember that no two plans are identical, and it’s important that all product differentials are considered before switching to ensure that any new plan matches your exact needs.
“Also, if the alternative from your current provider doesn’t suit, you should consider switching to one of the lower-cost alternatives from one of the other health insurers. Below is a selection of alternative plans worth considering before you renew your cover:
• If you are on VHI Health Plus Choice at €3,009 per adult, consider switching to VHI PMI 2511 at €1,586 per adult.• If you are on Laya Essential Plus at €3,283, check out Laya Complete Simplicity at €1,564 per adult.• If you are an Irish Life customer on the Health Optimise Silver at €3,705, look at their new Best Ultimate Active scheme at €1,657 per adult.These packages won’t be identical, but they are similar enough that you can save a lot of money while maintaining good cover.
All prices quoted are net of tax relief at source and are correct as of 1 November 2017 as per www.hia.ie (Health Insurance Authority). However, prices and benefits are subject to change and consumers should confirm all details directly with the insurer in question. CL
For more information, log onto www.totalhealthcover.ie
>> How to get the best deals
Some further tips to help you find the best deals in the market:
• Review your cover each year, as you would car or home insurance, to ensure that you’re always on the best-value plan• Don’t be afraid to switch for better-value cover. The health insurance legislation ensures that all insurers must take you on; that you can join any plan irrespective of the product name; and that you receive full credit for your previous membership, which means you don’t have to re-serve your waiting periods on joining.• Start the review process as early as possible to give you ample time to consider all alternatives.• If you are worried about changing, ask a trusted family member or friend to help you with the process, or alternatively engage an expert adviser to look after this for you. Given the significant savings that may be achieved, it may be money well spent. 
This is a subscriber-only article
SHARING OPTIONS: