Follow our 10 easy steps to cut €500 off that dated health plan
As insurers reduce rates it’s a great time to shop around
The VHI, Laya and Irish Life Health have all reduced their health premiums lately due to falling claims. But don’t get too excited… claims are falling only because we have been deprived of proper healthcare for years during lockdowns. This is far from a good thing. But the premium reduction is welcome and could not have come at a better time.
The VHI reduced rates by around 3% starting on or after May 1, depending on your renewal date, which is more than expected, according to Dermot Goode of Totalhealthcover.ie
Irish Life Health had brought in slight reductions, while Laya has also announced a small decrease on five plans and an extension of free cover for children.
However, health insurance costs offer average savings of €500 which makes sorting out your policy the joint fifth biggest moneyspinner in our ongoing weekly plan to save you thousands of euro.
So this week we will show you how to save that much.
‘At least 50% of people in Ireland are paying too much for their health insurance,’ said Mr Goode.
‘Consumers are on the wrong plans and members aged 50 plus tend to be over-paying by 30% to 40% simply because they’re remaining on dated plans.’
Here’s our 10-point plan to get on the right one:
1 First, talk to your insurer.
2 Next call other insurers and ask what they have to offer.
3 Make sure to ask the right questions. Insurance staff must answer honestly but they don’t have to volunteer information. So be careful how you phrase your queries. Ask which plans are similar to the one you are on but cost less money without losing key elements of cover that are important to you.
4 List your priorities. For example if you use a particular hospital, or have pre-existing conditions, a particular insurance plan might not suit. Maybe you want to have children, in which case fertility and birth-friendly policies might suit – or you have them already so Laya’s free children feature might appeal.
5 Remember even if you have preexisting conditions – once they have been flagged and are already covered – you should be able to move to a new insurer without penalty.
6 Watch out for eye and joint cover, such as knee and hip ops, which are very important as we get older but increasingly are not being covered. Laya has the best cover in this area on mid-range plans such as Simply Connect and Simply Connect Plus.
7 If you find it all too confusing, just use a broker like Mr Goode, who charges a flat fee of €120. Be careful to ask how brokers are remunerated. If it is through commission, they may not be able to advise on all plans.
8 Also use the Health Insurance Authority’s website – hia.ie – which has an excellent easy-to-use comparison tool. Just punch in your plan and choose what kind of features matter to you. The savings are worth an average of €500 but can be much more for families or couples who make an effort.
9 To get you started, here are three good mid-range plans. You can see the reductions in two of them since the last time we looked in February. Simply Connect hasn’t been reduced but it might be the best option for those in need of hip or eye operations as there are no pricey ‘copayments’ or 80% cover on some key procedures. But check out your own needs thoroughly as we advise above.
10 These are not only the best 10 plans but the best type of plan as they offer private and public hospital cover as well as extra cover for routine expenses yet don’t cost the earth. Routine expense cover includes a wide and growing area of healthcare – such as physio, GP, Fitbits and gym membership, depending on your plan. They can be used to claim back hundreds if used wisely, reducing the real cost of these mid-range plans.