Most of us are looking for the best car insurance deals, but when it comes to health insurance, switching isn’t that quick.
Changing providers and plans isn’t easy, but it’s well worth the time each year to see your options.
With about 1 million people planning to update their policy between now and February, we asked experts how to get the best compensation and value for money. rice field.
How often do you need to check the cover?
The Health Insurance Authority (HIA) is a government agency that is the statutory regulatory body for the private health insurance market.
HIA CEO Laura O’Brien said he encourages people to review their policies each year.
“You may find that your medical needs are changing, maybe you may want to consider an extra heart or orthopedic cover, or if your financial situation changes you You may want to shop to understand all your options, “she said.
What is the most important thing to consider?
From comparing covers to discovering the best deals, HIA shares some important tips regarding cover reviews.
1 Make sure the cover level is correct.
If you are a person with high blood pressure, or if you have a particular heart disease, focus on what benefits different hospitals offer for heart treatment.
Check the hospitals covered by the policy.
Not all hospitals are covered by all plans and this can change from year to year.
2 Check the level of policy over or under
The excess amount is the amount you pay per bill or per night at the hospital if you make a bill.
Consumers need to see if their plans are overkill.
If you exceed 200 euros, you will pay the first 200 euros. This is more than the amount paid by the insurance company.
In general, plans with high overpayments are cheaper than plans with no or few overpayments.
Please note that some plans have an excess per bill and others have an excess per night at the hospital. Please read the fine print carefully.
3 Set a budget
The average cost of adult insurance is € 1,470 and is usually covered by semi-private insurance at a private hospital.
4 Move your child to another policy
If you have a family, the family plan is not always the best choice.
Everyone needs to see everyone’s needs as they are individually priced-your child may need a better GP cover while you may need a better heart cover Maybe.
Parents and children can use the same policy on different plans or serve different insurance companies better, so they have different policy numbers but the same renewal date.
5 Make sure your potential savings are worth it
If you mean losing access to a tech hospital, be aware that the policy will save you 100 euros. This is important to you and be aware of changes in excess and deficiency.
If you move from a complete orthopedic cover to a 20% deficiency (common in many plans), if you have osteoarthritis or rheumatoid arthritis, the total cost of out-of-pocket costs can increase. Orthopedic procedures are required.
It may not be worth saving first.
How many providers can I choose?
You can choose from three providers: VHI, Laya, and Irish Life Health.
But that doesn’t mean you have no choice when it comes to planning.
Daragh Cassidy of the price comparison website Bonkers.ie said that there are currently about 330 different health insurance plans on sale.
“It’s a huge number and can make it very difficult to choose the right plan,” he said.
Health insurance is a very complex product, and Cassidy said that proper planning for a particular individual depends on many different factors.
He also said that it can be very difficult for the average person to understand exactly what is covered by all policies.
“Treatment, consultant compensation, excess, and outpatient benefits can all vary significantly between plans.
“If you’re not careful, it’s very easy to overpay, or worse, to be underpaid and not covered by the treatment you need,” he said.
Cassidy said there is an independent health professional who can give you a detailed telephone consultation and recommend an appropriate plan.
“Unfortunately, Irish people don’t like to pay for financial advice,” he said.
“But for a relatively small fee of € 100 or € 150, you could save more than € 300 or € 400 a year on health insurance, and you’ll get a plan tailored to your specific needs. You can. “He added.
Alternatively, you can do your own research and use the free comparison tools on the HIA website.
How does the HIA comparison tool work?
This tool is available on the HIA website and you can compare all the plans available on the market.
You can use this tool to filter options based on various criteria.
It allows you to set your price range, choose the excess and choose the type of cover you want.
Setting a filter will provide all plans within the set range.
Are more expensive policies always better?
According to HIA’s Laura O’Brien, the level of daily benefits and coverage of private treatment in public hospitals is often comparable between different price plans.
But she says the biggest difference between expensive and more economical plans is the level of excess or deficiency that patients have to pay for treatment in private hospitals, especially for orthopedic or ophthalmic (eye) surgery. Said.
“For example, some high-end plans such as VHI Health Plus Premium (3860 euros), Laya Company Care Premium No Excess (3740 euros) and Irish Life Health Level 2 Hospital with Day to Day (3900 euros) are in limited circumstances. Except for treatment in private or semi-private rooms with no overpayment, “O’Brien explained.
With cheaper plans such as VHI One + Plan (1259 euros), Laya Simply Health Choice (1275 euros) and Irish Life Health Future Focus 500 (1272 euros), patients will be charged for all treatments per bill or per night. You have to pay the excess. It’s a private hospital and you often have to pay the patient an additional shortage or excess for certain orthopedic and ophthalmic treatments, “she added.
Ms. O’Brien said whether higher priced plans are worth it depends on the individual situation and the likelihood of requiring specific types of hospital treatment and access to specific hospitals.
“That’s why HIA always encourages customers to review before updating.
“Also note that low-cost plans have more generous coverage, such as maternity benefits,” she added.
Is it more expensive to adopt the first policy in my 30s?
If you are over 35 years old, it will be a burden for those who take out health insurance for the first time.
O’Brien explained that the first time you get health insurance under the age of 34, you only have to pay the premium.
“After the age of 35, you pay an additional 2% load on the plan you choose, and the load increases by 2% each year.
“That is, 2% for 35, 4% for 36, 6% for 37, etc. The load applies to the premium for 10 years and can run up to 70%,” she said.
O’Brien pointed out that if you allow insurance to expire for more than 13 weeks, you may also be eligible for a lifetime community rating (LCR) reading, but you will be credited for the previous coverage period.
Why is the health insurance premium going up?
Health insurance companies and private hospitals claim that premium increases are due to medical inflation caused by the adoption of new technologies and technologies, in addition to the use of more expensive consumables and drugs.
The Covid-19 pandemic has resulted in some increase due to lower throughput and higher PPE costs due to the effects of social distance.
At the same time, as O’Brien explained, there are factors that should limit the rise in premiums.
“The stamp duty on health insurance contracts is scheduled to drop from April 2022.
“Treatments that previously required an overnight stay are now being offered as day-trip treatments, reducing treatment costs.
“This has accelerated in the last 18 months thanks to Covid and we expect it to continue,” she said.
Ms. O’Brien said an increase in day-trip treatment should lead to lower health insurance claims.
Need more competition in the market?
With over 300 different health insurance plans available, HIA said it could benefit the market by reducing plan complexity and reducing plans rather than increasing them.
Ms. O’Brien said the average adult premium for a customer’s plan in September 2021 is € 1470.
“For adults with plans from € 1200 to € 1500, Vhi had 33 plans in this price range, Laya had 24 plans and Irish Life Health had 21 plans.
“In many cases, the difference between the benefits of the two can be small, and it works to confuse rather than help customers make the right plans for their situation,” she said. rice field.
Rather than constantly adding new products, O’Brien said HIA wants to intensify competition among insurers for the quality of services offered and the efficiency of claims, which will increase price competitiveness. Said.
“We also ask insurance companies to be more transparent about what procedures are covered at different hospitals and the cost of certain treatments that are subject to shortfalls,” she said. Added.
If I don’t check the policy every year, will I miss it?
Simply put, yes, you may have missed it.
Daragh Cassidy of Bonkers.ie said he didn’t want to be left behind in old-fashioned plans that couldn’t adequately cover modern medical needs due to the rapid changes in health care and technology.
“For example, the latest plans cover subjects such as HPV vaccines, online doctors, genetic testing, sports-related injuries, home delivery, sex reassignment surgery, psychiatric and mental health care.” Stated.
So it may not be the most exciting job, but you probably have to set aside some New Year’s time to make sure you and your family have the best possible plans. not.