TEN TIPS THAT COULD SAVE YOU €1K ON YOUR HEALTH COVER RIGHT NOW
GIVE UP THE PRIVATE ROOM
Private accommodation in private hospitals is rarely available. Paying extra for a plan to cover it can be expensive, as well as pointless.
SPLIT YOUR COVER
There’s no need to have everyone in the family on the same plan. I know it goes against the parental instinct not to buy the most expensive cover for your children, but they won’t need knee replacements any time soon and could be on less pricey cover than parents, especially those with health issues.
AVAIL OF YOUNG ADULT RATES
Not all plans have good discounted rates for students or young adults aged 18-25. If you’re getting good rates on your current plan, look at switching to a plan that offers a discount.
TAKE ON A POLICY EXCESS
You can cut your premium by up to 35% by accepting a small excess in private hospitals only. And you could save more by going for much higher excesses. But be careful, as one or two admissions could wipe out all your premium savings.
WATCH FOR SPECIAL OFFERS
You can miss out on savings if you don’t track special deals or discounts. For example, free cover for kids can be a major saving when available.
REVIEW YOUR COVER
Check what cover you have to avoid nasty shocks – like having to pay thousands towards a hip replacement. A sinister trend in health cover sees more extras are being added to attract younger customers – while cover for things like hip replacements are being eroded, penalising older people, who cost more but must be charged the same.
GET A CORPORATE PLAN
If you’re not on a corporate plan, you need to get one. You can review and compare all plans on the Health Insurance Authority’s website, www.hia.ie.
USE YOUR BENEFITS
There’s no point paying extra for a policy with lots of bells and whistles if you don’t use them. For example, many plans offer a number of free video visits to a doctor.
OLDER PEOPLE NEED TO SHOP AROUND MORE, NOT LESS
People who can save most by reviewing their health cover are, alas, least likely to do so. ‘Older members tend to be insured on the most dated schemes,’ said health insurance expert Dermot Goode. They could potentially save between €500 and €1,200 each if they shopped around. Many older people are failing to spot changes in cover that leave them liable for massive medical bills such as the trend towards ‘co-funding’ where insurers only cover 80% of costly eye and hip operations and expect you to stump up the rest – or else demand €2,000 towards such procedures. ‘We advise younger family members to assist their parents with the cover review to help them make an informed choice that still matches their cover requirements but that could save them hundreds on their annual cost,’ he said.
GET ADVICE
The best online resource is the Health Insurance Authority website – www.hia.ie – where you can get lots of info and advice or compare policies online. However, Mr Goode advises: ‘Bear in mind that the HIA is a high-level guide only, i.e. it’s a useful tool to show you what options may suit but you then have to engage with the insurers and your financial adviser to complete a suitability assessment.
‘You can only rely on the information provided by the insurers or your adviser on your preferred plan, as they are fully regulated to provide this advice.’ If using a financial adviser, ask how they are remunerated and if they are tied to any particular insurer.