Plan for healthy savings

Shop around early for better deals on health insurance

THIS is the busiest time of the year for health insurance, with almost one million people due to renew their cover. But many people are insured on the wrong plans. This means they are overpaying for their cover.

According to health insurance expert Dermot Goode, large numbers of people do not engage with health insurers properly, or do not engage at all.

Others remain on dated plans that may give good cover but offer poor value for money.

Mr Goode, of TotalHealthCover.ie, said legislation protects consumers when switching either plan or insurance provider.

He explained that you get full credit for your previous membership.

You don’t have to re-serve your pre-existing waiting periods and the insurer must take you on, irrespective of your age or medical history.

You will not be charged new age loadings and you can also switch back to your previous insurer again next year.

Mr Goode said: “You need to think of health insurance as you would car or home insurance.”

This means you need to shop around well in advance of your renewal date, ask the right questions when speaking with the insurers and disclose everything that’s important to you. If you are happy with the answers you receive, just switch. And switching doesn’t necessarily mean you have to change insurer, as in many cases you can often get a better deal with the same insurer.

As all rates are increasing again, it’s essential that you start shopping around for better value, Mr Goode warned.

GOOD VALUE ‘MID-LEVEL’ PLANS

These plans cover all public and private hospitals up to semi-private level, with each private hospital claim subject to an excess (normally €200 to €300 per claim).

There is no cover on these plans for hightech hospitals, such as Blackrock Clinic and the Mater Private, Dublin. And there are no guaranteed refunds for out-patient expenses. The family rate quoted is for two adults and two children. *See note

For members thinking of joining or who need to reduce their costs, these are good midlevel plans covering all public hospitals and all private hospitals such as the Beacon Hospital, Hermitage Clinic, Bon Secours hospitals etc, Mr Goode said.

BEST VALUE SEMI-PRIVATE COVER FOR UNDER €1,200 PER ADULT

These plans cover all public and standard private hospital up to semi-private level, with each claim in private hospitals subject to a small excess of €150 to €200 per claim.

There is also limited cover for the high-tech hospitals, such as Blackrock Clinic and the Mater Private, Dublin.

The VHI and Laya options include guaranteed refunds on eligible out-patient expenses.

The Irish Life Health scheme includes a free personalised package but no guaranteed outpatient refunds. *See note

Taking on a small excess per claim is an excellent way of reducing your overall costs, Mr Goode advised.

And he pointed out that family members do not all have to be insured on the same plan. You can have everyone insured on the one policy but on different plans to suit their needs. BEST SEMI-PRIVATE CORPORATE PLANS

These plans cover all public and all standard private hospital up to semi-private level, with each claim in private hospitals subject to a small excess of €75 to €150 per claim.

There is also limited cover for the high-tech hospitals, such as Blackrock Clinic and the Mater Private, Dublin.

Mr Goode said these plans include guaranteed refunds on a range of eligible outpatient expenses with no excess to pay first.

Most refunds are in the order of 50pc and members can use ‘scan and send’ for immediate refunds, or claim this at year-end.

The Irish Life Health plan includes two free personalised packages, one of which is free travel insurance. *See note

VHI members on the likes of First or Family Plan Plus Level 1; Irish life Health members on the Level 2 Hospital or Level 2 Health schemes; or Laya members on their Flex 125 or Flex 250 schemes, should consider more up-todate plans such as the above prior to the next renewal, Mr Goode advised.

GOOD-VALUE PRIVATE ROOM CORPORATE PLANS

These plans are a step above the semi-private schemes as they cover a private room in all standard private hospitals (if available) such as the Beacon Hospital, Hermitage Clinic and Bon Secours hospitals.

Due to increased demand for private accommodation, these types of plans are now becoming more popular and are available from each of the insurers, Mr Goode said.

NOTE: These plans include excesses per private hospital admission and may include co-payments on certain orthopaedic / ophthalmic/ cardiac procedures in private hospitals.

The above is for illustrative purposes only and should not be considered as like-for-like alternatives. Please refer to the insurers’ table of benefits for full plan details, or seek expert advice before making any changes.