WE NEED TIPS ON BEST WAY TO RENEW OUR INSURANCE

QOur health insurance is up for renewal this month. Can you give us some advice about the best way to do this? We are in our 50s and have a daughter and son (in their 20s) on our cover.

AThere are many attractive deals for younger people and parents as hundreds of thousands of people renew their cover this month. But the over-50s tend to get left ‘out in the cold’ as insurers want to reduce their age profile and claims frequency, which goes up the older you are.

Health insurance expert Dermot Goode of Totalhealthcover.ie says you’re probably overpaying for cover ‘if you’re on the same scheme for three years or more; if you don’t have a small excess on your plan; if you’re not getting guaranteed refunds on your out-patient costs; or if you have never considered a corporate plan’.

Older members are getting short-changed as many are afraid to switch and often unaware of the protections offered under health insurance legislation, he advised. To answer some common concerns:

Over-50s do get full credit for previous membership;

Insurers must take you on regardless of medical history;

You do not have to serve waiting periods for things you were already covered for under your old policy;

You will also be on cover immediately once you switch to a like-for-like plan.

As regards your young adult dependents, many people don’t bother claiming for reductions, so make sure you are. Savings of €500 to €1,000 could be had by claiming young-adult rates for those aged 18 to 20, and reduced savings are available for those aged 21 to 25.

If you’re paying more than €1,900 overall per adult, you should check your cover as a matter of urgency, according to Mr Goode. You can do this easily through the healthinsuranceauthority.ie website, where you can easily compare your plan with similar ones from all providers. Totalhealthcover.ie also has lots of useful tips.

If you’re not comfortable going online, call an insurer.

Go over every aspect of your cover to make sure you’re not losing out on anything – such as a key element that’s important for you.

If you go to a health insurance agent or advisers, ask how they are remunerated – i.e. which insurers pay them to bring in business.

It’s likely that you will only get fully impartial advice by paying a fee. Mr Goode, for example, as an independent adviser, charges €125 per hour to go through a family’s needs. There may be other fee-based advisers I am not aware of but most are remunerated on commission as an insurance agent.

But even agents of a single insurer can give you useful information if you phrase your queries carefully.

They must give you fair and accurate information. So, instead of asking: ‘Can you recommend a plan?’ which may lead to you being offered a plan that makes the most money for them, ask: ‘Is there a similar plan that can meet my needs for less money?’

QWe are interested in grants for improving the energy efficiency of our home. What is the difference between the Warmer Homes Scheme and Better Energy Homes scheme?

AThe Better Energy Homes scheme provides grants to homeowners who invest in solar panels, roof or wall insulation, the installation of a high efficiency (> 90%) gas or oil fired boilers, or heating control upgrades.

The scheme is not free and you will have to pay for part of the work. For more details, visit www.seai.ie/Grants/ Better_energy_homes/. The Warmer Homes Scheme is for owner-occupied nonlocal authority homes built before 2006. But you must be getting either Fuel Allowance, Jobseeker’s Allowance or Family Income Supplement. See www.seai.ie/Grants/ Warmer_Homes_Scheme/.

The upgrades are free to eligible homes and include: Attic insulation Cavity wall insulation Draught proofing Lagging jackets Low-energy light bulbs Energy advice.