How to save as much as €1,300 on health cover

Cheaper plans can sometimes give you more, expert explains

FAMILIES can save as much as €1,300 by shopping around for health insurance, the latest figures have revealed.

And according to broker Dermot Goode, it is possible to get the same level of benefits – or even more – for less money.

About 2.1 million Irish people have health insurance and almost half of these policies are due for renewal in the first three months of 2016 – and 400,000 consumers are due to renew their health insurance this month alone.

Most firms have already announced they are hiking their prices this year and, as a result, some customers will be paying as much as 15% more for the same policy they bought in 2015.

The average family health insurance plan costs about €2,200 and the main firms have introduced a number of price increases since this time last year.

The cumulative effect of the price increases could raise a family bill by anything from €100 to €500.

Mr Goode said: ‘With some health insurance companies you can get the same level of cover for less money but the policy is called a different name than the policy you have. All the companies have new deals and if you go online for an hour you put in your current plan and you will get comparisons with other products.

‘At least then you know the names of the plans to ask about when you phone the insurance companies.

‘People don’t need to be paying broker fees. When you ask the insurance company for a product by name – whether it is a nurse’s, corporate or teacher’s plan that is on the market, it’s the law they have to give it to you but you won’t get the 10% corporate discount.’

Also, by changing plans, consumers can sometimes increase their cover while saving money.

‘If you are on VHI’s One Plan Access Plus plan, for instance, this covers only public hospitals but if you change to VHI’s Company Plan Plus 1 you might think you’re only saving €80 but this plan will cover you for public and private hospitals. It’s the same with Laya and Aviva plans,’ he said.

The website of the Health Insurance Authority, hia.ie, consumers compare and contrast their policy benefits and costs with all alternatives on the market. Customers can also consult totalhealthcover.ie which is operated by Mr Goode.

He said: ‘If you are on the same policy for two years or more, or on

‘All the companies have new deals’ ‘The likelihood is that you’re overpaying’

the same corporate plan for a year or more and if all the family are on the same plan or policy, or if you are paying for extras such as a private room, then the likelihood is that you are overpaying.

Meanwhile, consumers have been warned if they wait until after the renewal date on their policies they risk leaving themselves without health insurance.

They could also be deemed an entirely new customer, preventing them from making claims.

Mr Goode added: ‘It’s not like your motor insurance where you have a month to renew.

‘With health insurance there is a 14-day cooling-off period and if you are not paying by direct debit and you don’t renew your policy within these 14 days, then the cover stops on the renewal date.’