Health insurance premiums are still on the rise, and they don’t seem like slowing anytime soon.

In 2023, all three major insurance providers in Ireland increased premiums across the board, and unfortunately, this trend is expected to continue into 2024.

There are a variety of reasons for the premium increases.

Inflation within the healthcare and medical sector has seen costs soar, from the introduction of expensive new drugs and technologies to rising labour costs.

A surge in claims and the costs associated with them has also pushed up the price of cover.

How can I save money on my health insurance premium?

It’s not all bad news though, and in fact, by taking proactive steps you can even enhance the value of your plan while reducing its cost.

That’s why it’s so important to review your policy annually, before you renew it, because automatically renewing your plan could be costing you hundreds.

Outdated plans are the worst offenders. In fact, if you haven’t reviewed your plan recently, you could be facing increases of up to €400 per policy for an older plan.

The insurance landscape is constantly evolving, with new plans entering the market regularly.

If you don’t review your plan annually and compare it against what else is available and new to the market, you could be missing out on better coverage at a lower cost.

How can I get better value for money on my health insurance?

The good news is that reducing your premium doesn’t necessarily mean compromising on coverage.

Many newer plans offer excellent value for money without sacrificing benefits.

Irish Life Health’s Health Guide 2 policy is a good example. Priced at €1419.60 per year, it provides comparable coverage to Irish Life Health’s older 4DHealth 2 plan, which costs €1717.80 per year.

Not only does the Health Guide 2 offer savings, but it also includes additional benefits such as pre and postnatal care and fertility coverage.

This could be especially attractive to people planning to start or expand their family and access valuable maternity benefits that are not available on other plans.

With almost €300 a year in savings, it’s hard not to go past the newer, Health Guide 2 plan. 

How else can I save money on my health insurance premium?

Another money-saving tactic is to tailor plans for different family members based on their specific healthcare needs.

We recently helped a family in Galway to save hundreds on their annual premium by subscribing them to different health insurance plans that suited their individual needs.

Dad, who experiences occasional back pain as a result of long hours at the office, enjoys physiotherapy benefits, while Mum, who uses glasses, sought coverage for potential laser eye surgery.

Their sports-mad teenager benefited from a plan that provided cash-back on sports club membership, while their youngest subscribed to a plan that provided speech therapy benefits, allowing him to bypass public waiting lists and secure timely speech therapy to assist at a critical stage in his development.

By customising plans to each family member’s needs, they were able to secure the cover they needed at a price they were comfortable with.

Health insurance plans available on the Irish market

We know navigating health insurance options can be daunting, but with guidance from a health insurance specialist who has knowledge of the latest plans to market and how to optimise your benefits with an annual review of the market.

That way, you can make sure you’re getting the most value for your money without sacrificing the coverage you need.

Remember, when it comes to health insurance, proactive decision-making can make all the difference.

Get in touch with our health insurance specialists today on (091) 670 123 to find out how you can save money on your health insurance premium.