Blog Homepage > Health Insurance: Understanding the Market
Winter is a busy time for health insurance renewals and the four providers have responded to this by introducing a number of attractive new plans and special offers.
In the last 12 months, over a hundred new plans have been introduced into the market. While many of these offer substantial savings and value for customers, the sheer number of plans available now has exacerbated the confusion experienced by clients, when it comes to researching the best possible plan at renewal.
Here are some of the things you should consider when next reviewing your health insurance needs:
What should I ask for when shopping around?
As always, it’s crucial to shop around for your health insurance. Customers can save money on their health insurance by availing of one of the many offers, including half price for children or children going free. In May of this year, young adult discounts were introduced, so those between the ages of 21-25 may be able to avail of discounts when shopping around.
In general, if you have been on the same plan for 2 consecutive years, you may be overpaying so make sure you get some alternative quotations.
How can I save money on my health insurance?
Due to the variety of special offers available in the market, it often makes financial sense to split the family’s cover between two providers, in order to avail of the best possible price. Older adults can prioritise their own cover, while choosing a more basic level of cover for young adult dependents. There are a number of competitively-priced plans in the market that cover a network of public and private hospitals only. However, if you are satisfied with the network of hospitals covered, these plans may offer you a reasonable level of cover at a more affordable price.
Will I have to serve waiting periods if I change cover?
While all four providers will honour the waiting periods you have served with your previous provider, you may have to serve a waiting period if you upgrade your cover. Furthermore, if you downgrade your plan to save money this year and then upgrade it the following year, you may have to serve waiting periods if you develop an illness or condition in the meantime. It’s always best to seek advice from a qualified advisor who can explain if and how these waiting periods will affect you. Cornmarket’s trained Health Insurance Advisors can help you make sense of the many options available and find the best possible solution to suit your requirements and your budget.
What are the current best buys?
|Aviva: BeFit 2.1||GloHealth: Best Smart|
|Family (2ads & 2ch)||€2,975||€2,820|
|VHI: PMI 36 13||LAYA*: Simply Connect+|
|Family (2ads & 2ch)|
*Laya Healthcare charges an additional 3% for Direct Debit payments (not included above).
The above plans are all at a similar level of cover. i.e. level 2 or 3 cover, private hospital excess, full cardiac in hi-techs and money back on everyday medical expenses. The market is subject to constant changes and all four providers at different times can offer preferential rates for children across certain plans.
Our Health Insurance Tip… Don’t renew it until we review it!
Cornmarket has a dedicated team which is available to review your health insurance policy and see if we can save you money. For a Free Health Insurance Comparison, click here or call us on (01) 420 0999.
Dermot Wells is General Manager of the Healthcare Division of Cornmarket Group Financial Services Ltd.
Any plan benefits or rates quoted are from the Health Insurance Authority effective from 01/09/15 and are correct at the time of print. This information is intended only as a general guide and has no legal standing.