You’ve probably noticed it in the supermarket. The chocolate bar that’s a little thinner than it used to be. The bag of crisps with more air than crisps. Same price, sometimes higher, but less in the packet. That’s shrinkflation.
Heath Insurance is no different. Rising costs, plans being removed, benefits reduced. According to the Health Insurance Authority (HIA) 2025 Consumer Survey, 82% of consumers did not shop around for health insurance in the previous 12 months.* When is the last time you reviewed your policy?
For a lot of consumers, the answer is “not for a long time or not since I took it out”. Frequently the renewal letter lands, the direct debit keeps going, and life gets in the way. That’s completely understandable. But with premiums going up, a few minutes spent on your renewal documents could make a real difference.
Premiums have been climbing
The Health Insurance Authority (HIA) reports that the average adult premium rose from €1,827 at the start of 2025 to €1,902 by the end of the year.* For individual in-patient plans on the open market, prices went up by an average of 10.6% during 2025, although some plans rose by a lot more than that and others by less.*
And price is only half the story. Plans change too. Insurers launch new plans, close old ones and adjust the benefits on existing ones. With so many plans on the market, it’s easy to lose track of what yours covers today.
“We talk to people every day who’ve been on the same plan for years without ever really looking at it. Whether it’s on the radio, at a member event or on the phone, the same thing comes up, people assume their cover hasn’t changed, or that switching is a hassle. Very often, neither is the case. Sit down with your renewal letter for ten minutes before you let it roll over. That’s all it takes.”
Dermot Wells, Head of Health Insurance, Cornmarket
Five things to check when your renewal arrives
1. Your hospital cover
This is the heart of your policy. It sets out which hospitals you’re covered in (public, private or high-tech) and whether you’ll have anything to pay yourself if you’re admitted. Don’t assume every plan works the same way. Check what applies to your policy, not health insurance in general.
2. Your day-to-day and out-patient benefits
Many plans contribute towards everyday healthcare like GP visits, consultant appointments and physiotherapy. These benefits can work very differently from one plan to the next, so look for:
• how much you can claim back each time (a set amount or a percentage)
• the most you can claim for a single visit
• how many visits are covered in a year
• any overall annual limit
• any excess you pay before the benefit kicks in
3. Your excesses
An excess is the amount you pay yourself before or as part of a claim. Your policy may have one excess for hospital treatment and a different one for out-patient care. A cheaper premium can sometimes come with a bigger excess, so know where you stand before you need to claim, not after.
4. What’s changed this year
This is the big one at renewal. Your renewal documents should set out any changes to your price and benefits. Most of us look for one thing: “Has my price gone up?” Ask a second question too: “Has my cover gone down?” Check whether any benefit that matters to you has been reduced, capped or removed, and whether your excesses or limits have moved.
5. What you actually need now
Reviewing your cover doesn’t mean you have to switch. It’s simply a chance to ask whether your plan still fits your life. Think back over the last year:
• Did you use your day-to-day benefits, or did they go unclaimed?
• Did anyone in the family need physio or a consultant appointment?
• Is there something you’d never want to be without?
Life moves on. A new baby, kids heading off to college, your own health changing as you get older. The plan that suited you five years ago might not suit you today. Or it might still be exactly right. Either way, you’ll know.
Most of us stay put without looking
Here’s the surprising part. Despite rising costs, the HIA’s 2025 Consumer Survey found that 82% of people had not shopped around for health insurance in the previous 12 months, and more than 70% had never switched provider.*
There are plenty of good reasons to stay with your current insurer or plan, and switching isn’t right for everyone. But there’s a big difference between choosing to stay and simply rolling over without checking.
Your quick renewal checklist
When your renewal letter arrives, look past the headline price and check:
• what hospital cover you have
• what excesses apply
• which day-to-day and out-patient benefits are included
• what limits apply to those benefits
• whether your price or benefits have changed
• whether your cover still suits you and your family