If you are an employer providing health insurance, there is no escaping the fact that healthcare costs are rising and health insurance premiums are following suit.

In a recent article published in Business & Finance, Dermot Wells, Head of Health Insurance at Cornmarket, share key considerations for employers navigating Ireland's changing health insurance landscape.

  • The cost of standing still: Health insurance premiums have risen by more than 60% since 2019. For a business covering 500 employees, Cornmarket estimates this could man an additional 375,000 annually, highlighting the importance of reviewing existing schemes.
  • Don't assume your current plan is still the right one: If your company has been on the same health insurance plan for three years or more, Dermot recommends carrying our a detailed review to ensure it continues to meet your business and employee's needs.
  • Get more from the scheme you already have: Understanding your existing benefits and how employees use them can help business identify opportunities to improve value of their health insurance investment.
  • Use competition to your advantage: With more than 340 health insurance plans available in Ireland and new products entering the market, employers have more opportunities to compare cover, benefits and costs.
  • Manage your scheme, not just your renewals: Taking a proactive approach throughout the year can help businesses manage costs, avoid outdated benefit structures and ensure employees continue to receive valuable cover.

Dermot shares a practical health insurance checklist for employers, with key questions to help identify where an existing scheme may need attention.

Ultimately, a successful renewal is about more than negotiating a premium increase. It's about securing the right cover at a competitive cost, on favourable terms, while ensuring employees understand and make most of their benefits.

The full article includes a practical health insurance checklist for employers.

Read it here Navigating Ireland’s changing health insurance landscape | Business & Finance