New research from the Health Insurance Authority caught my eye last week!
Seven out of ten people with a health insurance policy have never switched provider or plan, and 82% don’t even shop around at renewal. On average, people stay on the same plan for 20 years — which is remarkable when you consider that premiums rose by an average of 9% last year.
The most common reason people give for not switching is satisfaction with their current cover, followed by a belief that savings would be limited. In my experience, neither is usually true. Nearly half of those surveyed feel recent premium increases are unjustified — the highest level of dissatisfaction in a decade — yet only 4% actually switched provider last year.
What many people don’t realise is that there are four providers in the Irish market — VHI, Laya Healthcare, Irish Life Health and the newer Level Health — between them offering hundreds of plans. With that much choice, there is almost always a better option out there than the one you’re sitting on. If you haven’t reviewed your health insurance recently, it’s worth a conversation with your provider. You may be paying more than you need to!
Tips:
- Review annually like you would for your car or house insurance. ‘Ring your provider and ask them if they have something similar that gives you the same benefits, not identical and at a lower premium ?’ according to Dermot Goode of Health Insurance Ireland.
- Ask for a Corporate plan. These are often marketed towards employers but can be taken out by individuals. They may suit you requirements and save you up to €398 annually.
- Consider the excess on your plan. The larger the excess the more money you can save. Generally if you are healthy and don’t expect frequent hospital stays, this can be a smart trade-off.
- Visit the Health Insurance Authority website and use their comparison tool which offers free, impartial advice… hia.ie/health-insurance-comparison.
#HealthInsuranceIreland #Savemoney #moneysmart
