Save some money on your health insurance
Almost half of Ireland’s population currently holds private health insurance according to a new report.
Carried out by the Health Insurance Authority (HIA), the Q1 Report on the Health Insurance Market 2022 showed that the market has grown from 2,365,332 people at the end of 2021 to 2,388,860 as of 31 March 2022. This represents 47.5% of Ireland’s population.
In light of the report, the HIA is offering some advice to consumers in Cork who are looking to save money on their private health insurance.
With costs rising, the organisation has set out 5 tips that consumers should be aware of when reviewing or considering purchasing a health insurance policy: • Set a budget. Once a budget is set, the buyer can then look into the costs per person. There are no family plans, so adults, young adults, and children can be on different plans. Adult policies will be more expensive than child policies and some plans have discounted rates for young adults aged 18-25. • Prioritise your needs. Decide if you want treatment in a public or private hospital. Do you want access to hi-tech hospitals, such as the Blackrock Clinic, the Mater Private, and the Beacon Hospital? • If you have used your policy, think of what you used it for. Routine treatments are usually fully covered in standard private hospitals. However, you may have to increase your premium to ensure full cover for certain treatments. Consider if you would like to pay a higher premium for outpatient benefits such as GP, physio, and consultant costs. • Consider switching. This could result in better benefits or a cheaper premium by either changing insurer or switching plans with your current insurer. There is no penalty for switching insurers at your renewal date. • Consider an excess. The average policy usually includes an excess which is the first part of any insurance claim which you must pay yourself. Increasing your excess will generally result in a lower premium.
Laura Brien, Chief Executive of the HIA said: “It has never been more important to ensure your health insurance meets your needs. Price is a huge factor and if you’re ready to commit to 30 minutes to an hour of analysis to review your needs and policy, your efforts can pay dividends.”