We’re all aware of the cost of living crisis that we’re experiencing at the moment. The increase is noticeably different across a weekly shop, electricity, gas etc. and there’s all of a sudden an influx in knocks on the door from an array of companies encouraging a switch.
For example, according to the Central Statistics Office, prices on average (as measured by the Consumer Price Index) were 9.2% higher in October 2022 when compared with October 2021.*
It’s no secret that shopping around makes a difference and, for the last few years, a lot of us have put a switch on the back burner. Latest data released from the Central Statistics Office revealed inflation has reached its highest level since 1984.*
When it comes to health insurance and switching your provider or your plan to make a saving, there has been a misconception that this means less cover or a reduction in benefits but, in reality, that’s not always the case. If you’ve been on the same plan for more than 2 years, you’re more than likely overpaying.
Health Insurance will not be immune to inflationary pressures, and premiums are likely to increase throughout 2023 as a consequence of an increase in the cost of care in private hospitals, partly fuelled by the cost of living challenges and medical inflation. There has never been a better time to review your health insurance before you renew this year.
Examples of plans that should be reviewed include:
- VHI Health Plus Extra (€2,740)
- Irish Life Health Level 2 Hospital Excess (€2,657)
- Laya’s Essential Plus Excess (€3,084).
There are potential savings to be made of €700 to €1,200-plus per adult per annum by considering other options, such as:
- Irish Life Health’s 4D Health 5 (€1,823)
- Laya’s Momentum, (€1,825)
- VHI’s Advanced Care 50 Day to Day (€2,016).
...which could really make a difference in managing an overall household budget!
Some other top tips to help you save on your cover:
Splitting your cover – Adults can choose different plans. Kids don’t need the same level of cover as parents, they can be on a different plan yet remain on the same policy.
Kids’ offers - Some insurers provide kids’ offers on different plans throughout the year e.g. half price kids.
Young adult rates - Insurers offer a discount on specific plans if you or a dependant are aged between 18-25.
Take on an excess - The excess is the first part of the claim that you pay yourself, the insurer pays the rest. Most excesses range from €50-€300. Plans that offer a higher excess allow you the option of saving money on your premium.
Compare insurance costs against everyday medical expenses - Being able to claim for GP, physio, dentist and specialist consultant fees might seem a great idea for your health insurance, but is it actually costing you? Work out the maths first. Calculate what you can claim, versus the extra cost of your premium for this type of cover.
Cornmarket’s health insurance comparison service compares over 325** plans from all three insurers, Irish Life Health, Laya Healthcare and VHI. We help find a plan that meets your needs and budget. To speak to a member of our health insurance team, call (01) 408 6211 or click here for more information.
*Source: Central Statistics Office, Oct 2022.
Irish Life Health dac is regulated by the Central Bank of Ireland. Vhi Healthcare DAC trading as Vhi Healthcare is regulated by the Central Bank of Ireland. Laya Healthcare Limited trading as Laya Life is regulated by the Central Bank of Ireland.