Switch your health care policy to save cash
Medical plan expert urges policy holders to review before they renew
Review before you renew – that’s what a million people due to renew their health insurance between now and March need to do. Otherwise, you could end up paying thousands more than you need to – or find yourself with the wrong type of cover. Health insurance costs have soared recently but as they do, so does the benefits from shopping around.
Most people don’t do this and end up paying well over the odds – sometimes by thousands of euro.
But what plan is best for you?
Health insurance guru Dermot Goode of Totalhealthcover.ie gives us a comprehensive run down of the best policies tailored to your needs.
SWITCH TO A CORPORATE PLAN
THIS is the classic way to save money – potentially lots of it. If you’re on a jaded old plan like the VHI’S Healthplus Extra you could save thousands without losing benefits or even leaving the VHI.
This type of policy has been long superseded by ‘corporate plans’ which have to be good because they are aimed at companies who hire experts like Mr Goode to give them a thorough ‘going over.’
He said: ‘These corporate plans that we’ve been advocating for years, they’re just the best plans.’
These plans are usually €1,400-plus but they include money back on routine expenses and a level of cover that matches or beats many much pricier, older plans.
He added: ‘What we always say is – just ring the insurer. Tell them exactly what your needs are.’
DON’T PAY DOUBLE FOR CHEAPEST PLAN
SOME people took out the cheapest cover possible when age-loading came in a few years ago.
But they never reviewed it and many of these policies have crept up in price to around €1,000 – while offering less benefits than some costing half as much.
If you’re paying €1,000 for a plan that barely includes cover above public hospitals, your best bet would be to pay a few hundred more and get a decent mid-range plan.
If you can’t afford that and just want the cheapest plan, then you could save yourself nearly €500 by going for a cheap plan with the same benefits.
Three deals recommended by Dermot, in the panel opposite, have been spared the brunt of the recent round of price hikes with premiums going up by as little as a fiver (Irish Life’s First Cover).
The level of cover is low – with no private hospital or hi-tech cover – but they have some surprisingly good benefits for this kind of price.
They will all pay €40-€60 towards consultants fees, for example.
Laya and Irish Life Health’s options also provide phone and online nurse and doctor consultations.
Laya’s Assure Protect also provides access to physiotherapy advice by phone – and even your own personal health coach, a luxury normally associated with celebs. Eat your heart out Madonna!
SAVE MONEY BY PAYING MORE
PAYING more for health insurance could actually save you money in the long run.
Many people are now willing to pay a bit more – to get a lot more. For a couple of hundred euro more (compared to a standard mid-range plan) could get you a really top end policy with a level of cover that usually costs several thousands – and even save you money if you’re savvy about how you use it, says Dermot.
The key feature to look out for is getting money back on an everwider range of expenses.
Good corporate policies will usually pay you 50% of your GP, A&E and consultants fees plus lots of other stuff. But savvy people who know they will be seeing consultants and/or GPs a lot are going further.
Mr Goode said: ‘We’re now seeing people going for the plans that give you 75% back.
‘Consultants are now costing €250 or €300 for a first visit, so it could work out saving you money on that basis alone.’
These plans cost couple of hundred euro more than those that pay 50%. But a few trips to a GP and/or consultant (which may be arranged over a year in advance) could pay for the extra cost.
If your knees or hips are getting a bit creaky, or you have heart issues, then the Laya Principle plan is probably worth considering ahead of the other two on the top corporate plan list. The reason for this is that you’re fully covered for certain eye, heart and joint procedures, whereas the VHI plan pays 80% and the Irish Life offering has a €3,000 ‘co-payment’. As with most things, the devil is in the detail .
GET THE RIGHT COVER FOR YOU
IF you’re a younger customer, Irish Life Health has some good plans targeting your age group with things like money back on gym
membership and fitbits. If you’re older, you might be more concerned about joint replacement and heart and optical care.
This is where Laya’s Simply Connect plan (€1,587) comes into its own as among the last mid-range plan to include full cardiac, optical and joint replacement cover. Almost all other plans, including many dearer ones, have degraded cover for these operations that become routine as you get older.
Healthguide 3 is another plan that’s not cheap but it could also suit certain people.
Mr Goode added: ‘There’s nearly unlimited visits there for speech and language therapy and occupational therapy.
‘So we see people now who have children with certain learning difficulties looking for plans with that kind of cover.’