Making Cents: Here are the questions you need to ask if you're switching health insurance – Irish Examiner
We are in the peak period for renewals of private health insurance and Barbara Sheahan of HCC.ie warns that ‘while it might be tempting to take the easy option of auto-renewing your current plan, you may end up paying over the odds’.
“With all three of Ireland’s providers introducing regular changes to both their pricing and their plans, the policy that was right for you in the past – even as little as one year ago – might not still be the best plan available to suit your needs,” she says.
She recommends people take the time to review their cover and think about their needs from their health insurance.
“The Irish health insurance market is volatile, with providers regularly amending, adding and withdrawing plans,” Ms Sheahan explains. “So, even if your plan was perfect for you when you first took the policy out, there may now be a more suitable – and affordable – plan available to meet your personal health needs. Older plans are generally subject to annual price increases, while newer plans often have lower premiums – despite offering similar cover and benefits.
As a result, allowing your health insurance to auto-renew year-on-year can be extremely costly. With senior citizens generally being more likely to stay on the same plan for many years – either through fear of switching or lack of awareness of alternative options – many could be overpaying by as much as 50%, amounting to a massive €500-€1,000 a year in excess costs.” There is nothing to fear from changing providers.
As long as you don’t have a break in cover exceeding 13 weeks, you can directly change from one insurance provider to another without having to re-serve your waiting periods. Even if you’re in the middle of a longer waiting period for pre-existing conditions, your new insurer must honour the time you’ve already served, so you won’t have to reset the clock before being covered.
Barbara Sheahan. Pic: Paul Sherwood
Plan prices change and so do personal requirements.
“From young adult cover to maternity benefits, and from sports benefits to treatments needed later in life – such as cover for hip replacements – your needs will change throughout your lifetime,” Ms Sheahan says. “By regularly reviewing your needs and cover, and comparing all plans on the market, you can ensure you’re only paying for the cover you really need – helping to keep costs low.” For those buying cover for a family, it is worth remembering that while you may have multiple people covered under a single health insurance policy, that doesn’t mean you all need to be on the same plan.
“For example, if you’re interested in enhanced mental health benefits, but your partner needs extra cover for physiotherapy and sports injuries, you can split your cover into personalised plans,” Ms Sheahan says. “Likewise, if you have children on your insurance, you can tailor their cover depending on their needs.” Often, insurance providers will have special offers available for children, such as plans where premiums are only charged for one child while others are included in the policy for free.
“Generally, you should never have to pay more than 50% of your adult premiums to add a child to your policy, so be sure to compare what’s on offer across all plans before choosing the best one for your family.” Ms Sheahan also suggests ways to reduce premiums if needed.
“Once you’ve selected the right plan for you, you may be able to further reduce premiums by taking on a larger excess,” she says. “These excesses only apply to private hospitals and most plans offer excesses on a per stay basis, rather than per night – so be sure to confirm how your plan’s excess works to ensure you won’t have to pay for each night you’re in hospital.
“This means that, should you require treatment in a private hospital, you will have to pay a larger chunk of the cost yourself before receiving the insurance benefit.
“The right level of excess for you will heavily depend on your personal circumstances and budget. If you don’t have any existing conditions, and therefore feel unlikely to need much treatment, a larger excess may be the best way to keep costs low. However, if you don’t want to face a bigger bill in the event of sickness, a smaller excess with slightly higher premiums may be more suitable.
“You may also be able to reduce your costs by removing everyday cover if you’re unlikely to need regular GP, physiotherapist or dentist visits or would prefer to cover these costs yourself. If you do choose to continue with everyday cover, be sure you understand exactly what you’re entitled to and submit your claims within the allowed timeframe.”
If you are already struggling to keep young family members occupied while schools are closed this week, it is worth going to Argos in search of entertainment.
The retailer is offering a hefty 25% off selected outdoor toys and sports equipment (including cycles and wheeled toys) to help ‘keep the kids entertained this half-term’.
There is a whole range of items included in the offer, including a 10ft outdoor kids trampoline with enclosure – down from €240 to €180 using the code PLAY25.
“The Quad Lok style frame makes it easier to set up and take down your trampoline and the super-strong springs make for great bouncing. Sportspower has developed the galvanised steel Quad Lok style frame plus safety enclosure for quick, convenient storage and protection.”
See argos.ie for the full range and use PLAY25 to get 25% off the regular purchase price.