The recent announcements of increased health insurance premiums by all three major insurers in Ireland has intensified the financial pressure many policyholders are facing amidst the prevailing high cost of living.
Irish Life Health attributes the premium hikes to a significant upswing in both the number and size of claims, particularly in private and advanced medical facilities.
Likewise, VHI has encountered mounting pressure on its healthcare services, compounded by an €18.6 million loss in its investment portfolios.
While it may be tempting to forgo health insurance coverage, it’s essential to consider the plight of over 690,000 individuals currently on healthcare waiting lists in Ireland.
For public patients, this means enduring potentially lengthy waits, ranging from months to even years, for necessary medical treatment, consultations, or surgeries.
The Irish Cancer Society also highlights that extended waiting times and overcrowding within the healthcare system hinder the optimal chances of survival for public patients battling cancer.
Health insurance offers crucial alternatives that can significantly impact an individual’s quality of life.
However, despite the increasing premiums, there are strategies to avoid paying more.
The Health Insurance Authority (HIA) recently advised policyholders to review their policies and compare different plans to potentially save money on premiums.
This recommendation is particularly relevant for individuals aged 65 and above, as data reveals they may be overpaying for health insurance, with average costs up to 42% higher in 2022 compared to younger peers.
With three major health insurance providers in Ireland—Laya, VHI, and Irish Life Health—offering hundreds of plans, many of which may not be widely publicised, conducting a comprehensive analysis requires extensive time and market knowledge.
That’s where the Health Insurance Shop can help you. We can review the plans on the market that meet your needs and find the right plan that suits your healthcare requirements as well as your budget.
While some policyholders may be hesitant to switch their policy, keep in mind legislation protects policyholders from age-related premiums or increased charges based on prior claims history when switching providers.
Additionally, individuals with pre-existing medical conditions can switch without being subjected to additional waiting periods. The only potential waiting period arises when upgrading a plan, until the enhanced benefits become accessible.
In fact, with new plans being launched on the market all the time, you may find a new plan that is even better suited to what you need.
It pays to review your health insurance, especially before your renewal period comes up. The Health Insurance Shop can do all the hard work for you and find the plan that is right for you.
To find out more get in touch with a specialist health insurance advisor today.