Why it is a mistake to simply ‘auto-renew’ your policy
A STRING of price cuts mean many people with health insurance should see no rise in the cost of their cover this year, and some will see premiums falling.
Discounts and special offers also mean consumers are being advised it would be a huge mistake to auto-renew on the same plan.
Some insurers are offering free cash to members for those who opt to pay by direct debit, with discounts for children, along with price reductions from the Vhi, Laya and Irish Life Health.
Health insurance expert Dermot Goode said the offers, discounts and price reductions were unprecedented.
“When consumers see reductions in their annual premium, many will simply do nothing and auto-renew – big mistake.
“If you do this, you’ ll miss out any new plans or benefits that may have been launched in the interim,” Mr Goode said.
He advised consumers to fully review their options before renewal to maximise the potential savings and benefits.
VHI
The State-owned insurer cut prices by up to 7pc in March, with a further cut of up to 3pc from July. The March reductions will mean savings of between €84-€388 for a family of two adults and two children.
From the start of this month VHI is passing on any reductions missed by customers who had already renewed. Irish Life Health
The provider reduced the cost of most of its plans from last month, with some plans reducing by up to 10pc.
For example, the popular Health Plan 13 from Irish Life Health reduced by €162 for a typical family of two adults and two children.
It also passed on the health insurance levy reductions on its public hospital plans from April, which means savings of around €100 for the same family.
Laya
Laya has announced small increases on many of its older plans from July 1, but the entry-level plan Assure Protect and corporate plan Simply Connect have been reduced in price.
The reduction on Assure Protect will save a family €152.
The 5pc reduction on Simply Connect will save a typical family €155.
Many of their schemes will not be changing in price at all from July. Families with children
VHI is offering a 50pc discount for all children under 18 on all of its One Plans and the Nurses and Teachers Plan Select schemes.
Irish Life is continuing with its discounted offer of €160 per child on the Nurture Plan and €180 per child on its Select Plus schemes
Laya’s corporate plan, Simply Connect, comes in at €275 per child. This plans offers refunds on out-patient expenses for the child.
Cash back
VHI is offering all its members a once-off chance to claim free cash.
For those who opt to pay by direct debit, they will be paid a once-off cash payment direct to their accounts of €50.
If a member also offers to go “paperless” for all their documentation, VHI will also pay €50 for each adult insured on the policy.
To avail of this, members must log on to www.myvhi.ie and register.