Blog Homepage > Health Insurance: Find the cover that’s right for you
With all of the announcements in the media about the Irish Life Health takeover of both GloHealth and Aviva Health, price increases, and the introduction of a number of new policies, it’s not surprising that consumers find it difficult to choose the health insurance plan that is right for them and their family. Whether you are buying your first policy or renewing your cover, the good news is that there are a number of ways to find the policy that best meets your needs and cut the cost of your premium.
We’ve put together some questions you can ask yourself to help you find ways to save money on your health insurance:
• Is private hospital room cover important to you?
You could make significant savings if you change from private to semi-private room cover (a semi-private room includes a maximum of five beds).
• Is a Network plan something you would consider?
These are plans that offer a limited selection of public or private hospitals.
• Are all family members on the same health insurance plan?
You may be able to save money by putting your children on a separate, lower cost plan that provides similar cover.
• Do you pay for your policy in instalments or in one lump sum payment?
Paying in instalments may be costing you more money in the long run. Calculate how much you may be saving by doing a comparison between paying upfront and your monthly cost.
• Have you asked about child/young adult discounts?
You may be entitled to child or young adult discounts, if you have young dependents on your policy. Your broker will be able to let you know of suitable health insurance plans which you and your family can avail of.
Potential health insurance savings can be made by switching to comparable plans with your existing provider or with an alternative provider. However, you need to be mindful when making savings on your health insurance. Downgrading your health insurance cover to make savings can result in higher excesses, the removal of certain hospitals and restricted access to high tech hospitals etc. It is also important to remember that if you downgrade cover and return to a higher level of cover at a later stage; then a two year upgrade rule for existing illnesses could apply. This is where it is important to get advice from a qualified health insurance expert who can talk you through the impact of any changes you are making to your cover.
Many people consider switching health insurance providers, but are fearful of the consequences of doing so. If you do switch insurers:
• You will not have to re-serve waiting periods
• You will not have a break in your cover
• Any Lifetime Community Rating Loading will not be affected by switching
• It is not time consuming
If you do decide to switch provider, you may be able to avail of new offers across plans such as child offers, young adult discounts, free multi trip travel insurance etc.
This is where Cornmarket’s Health Insurance Comparison Service can add real value. We will review the options from all the providers on your behalf and provide a documented comparison of your existing plan against any recommendation. This service compares all health plans on the market to help you choose the plan that suits you.