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Wednesday 26 June 2019

How reviewing your health insurance could save you money

Rachael Taylor Fawsit

With a significant number of health insurance plans due for renewal at this time of year, how can you find the best price and plan for you?

For many people, the renewal of their health insurance policy is done on autopilot. Whether it’s down to a lack of time for research or the fear of losing out on the benefits of their current cover, they simply let their contract roll over into a new year without checking out all the options.

However, by actively reviewing your policy and shopping around, you could save money and keep the existing benefits that matter to you.

Here are our top tips for reviewing your personal health insurance policy this January.

1. Check your current cover

One of the key things to check before renewing is that you have the right cover on your existing plan. It is important to read through your policy or contact your health insurance provider to make sure you know exactly what’s covered.

By regularly reviewing your plan, consumers can choose the most appropriate plans for their circumstances and compare the benefits and prices of plans. So even if you’re not thinking of switching provider, it is worth investigating.

2. Use a comparison tool

Comparing insurance providers and plans doesn’t have to be complicated or time-consuming. Thanks to the Health Insurance Authority (HIA), lots of your questions have already been answered on their consumer advice website

The HIA also have a very useful comparison tool which allows you to compare providers. It even lets you compare the different price plans offered by a single insurer.

You simply select the plans you wish to compare, and all the information is laid out in a simple format, making it easier than ever to see what plans are giving you the best value. The tool also allows you to select your existing plan and compare it against similar ones on the market.

Alternatively, if you prefer to discuss these things in person, you can phone the HIA directly on 01-4060080 for more information.

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3. Ask the question

That age-old saying ‘You don’t ask, you don’t get’ springs to mind when it comes to renewing your insurance policy. Unless you actively check out your options, your plan will stay the same.

By simply asking your health insurance provider “Is there a new plan that gives me the same benefits for a cheaper price?” you could potentially save money. New plans come out each year, so it’s up to you to take the first step, get in touch and ask the question.

4. Making the right choice for you

Switching product or insurer can feel like a big step to take, especially if you’ve been on the same plan for several years. New figures from the HIA show that less than one in four (22%) have ever switched personal health insurance providers, meaning that many people may be missing out on savings without even realising.

If you decide that switching is the best option for you after doing your research and weighing up the pros and cons, then don’t be afraid to go for it. Your pocket might thank you for it.

However, remember that while saving money is great, it may not be worth it if you are losing out on important benefits as a result. Consideration should be given to retaining the benefits that are important to you as an individual, so be sure you take this into account when making your decision.

If you want to make significant savings on your health insurance, the HIA strongly recommends that you use their comparison tool to compare all the products and prices available to the Irish market, ensuring that you’ll only pay for the cover you need.

The details of every health insurance plan on the Irish market are available on the Health Insurance Authority website. It also includes their health insurance comparison site, an easy-to-use tool to help consumers select and compare health insurance plans and prices.

Sponsored by: HIA

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