Get your timing right for private health insurance
Published 23/02/2014 | 02:30
If you're about to buy private health insurance for the first time, do so by the end of this month to avoid getting hit with price hikes.
Most private health insurers are increasing the cost of their already expensive plans from the start of March.
VHI is pushing up the cost of most of its adult plans by between 2 and 7 per cent from March 1 while Laya Healthcare is increasing the cost of its plans by between 4 and 41 per cent. The cost of a number of Glo Health's adult plans will increase by between 3 and 5 per cent from March 1.
If your kids are over the age of five and you're thinking of getting them insured under Aviva's Family Focus plans, sign up before March 2 to pay €150 per child rather than €300. Aviva is pushing up the price of many of its plans from March 23 – with the average price rise being about 13 per cent.
If you're a nurse who is considering buying VHI's Nurses Plan Select, do so before March 9. Otherwise, you'll pay about €66 more for the plan that you would have had you bought it earlier. Teachers interested in VHI's Teachers Plan Select will also get a cheaper plan if they buy before March 9.
Remember, even if you avoid this March's price hikes, you will get hit when your plan comes up for renewal next year.
However, switch to another plan when your renewal comes up next year and you'll avoid the hike altogether.
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