Mail readers saved thousands ... and so can you
Is switching cover worth it? Well, two Mail on Sunday readers gave a definitive ‘yes!’
Bart and Rosemarie Whelan gave themselves a nice Christmas present this year. The Irish Mail On Sunday readers saved €2,745 by following our advice on switching health insurance plan – without even changing insurer.
Bart and Rosemarie, like many VHI customers, were on HealthPlus Extra, which is the old Plan B Options that dates back to ‘time immemorial’.
It has been superseded by plans that offer compelling value, albeit with some sacrifice of cover.
But most people just renew their tired and pricey old cover without checking for a better deal.
Bart and Rosemarie wrote into the Money Page and we were able to give them some timely tips, with help from Totalhealthcover.ie.
We advised the couple, who live in Donegal, to consider the VHI’s Company Plan Plus 1.3, Laya’s Simply Connect Plus or Irish Life Health’s Be Fit 1.
But before they did anything, we also urged them, as always, to avoid pitfalls by going over every detail of the plan. It’s not that hard: you can talk to your insurer, a specialist adviser, or compare plans online with a handy tool on the Health Insurance Authority’s website www.hia. ie.
The Whelans first talked to their health insurer (VHI) about all their particular needs. And Bart is delighted with the outcome.
‘I enquired about changing my policy to Company Plan Plus 1.3. The lady I spoke to was very helpful and gave me a good rundown on my requirements, this was taking into account our past health history.’
‘I am happy with the policy she gave me with a saving of €2,745, compared to Plan B Options. The new plan is costing €2,324 (for two adults). Thank you for your advice, I wish you and your’s a very happy and healthy Christmas!’
Can you see why the health plan on the right costs over €5,070, while the one on the left costs less than half that?
Yes, there are differences. HealthPlus Extra, the old Plan B Options, has some pluses.
There isn’t a €150 excess on certain (limited) claims. It provides full cover instead of 80% for some (again limited) procedures.
And the excesses are lower for routine expenses, while the maximum amount you can claim is higher (although who is going to claim €4,000?)
There’s also somewhat better health screening and radiology cover
A VHI spokeswoman insisted that the two plans are ‘not comparable’. ‘They are both good plans but each person’s requirements are different and for this reason we like to discuss options with customers at renewal time.’
The dearer plan’s provision of ‘full cover for all orthopaedic and ophthalmic procedures in all hospitals could be significant for some high-cost procedures’. But the much cheaper plan comes out on top in other ways: hearing tests, optical care, convalescence and travel vaccinations, for example. All in all, it seems hard to justify the extra €2,745 our Donegal couple would have to pay for the dearer plan.
The important thing is that they have made their choice after a detailed consultation with the VHI so they know what is involved.
If you ask the right questions, your own health insurer has to tell you what is the best deal for you.
Health insurers are now under the watchful regulatory eye of the Central Bank.
Last year, it issued a report noting that far too many people auto-renew (85%) without reviewing their cover.
And it told health insurers to get their act together in providing them with better guidance on picking the best plan.
The VHI confirmed that on foot of this, ‘we did make changes to our documentation last year inviting all customers to contact us to review their cover at an individual level. We write to all our customers on their renewal inviting them to contact VHI Healthcare to review their cover. We complete a benefit-led, needs-based, fact-find analysis with customers. We review all plans with the customer. Approximately half of our self-pay customers review with us every year.’