Consumers could save hundreds of euro if they take the time to review their health insurance cover this year before they renew, according to Ireland’s largest health insurance broker.
Cornmarket Group Financial Services said many insurers have applied price increases ranging from at least 2-4 per cent per annum in recent years, which could lead to substantial increases in premiums when plans fall due for renewal.
With all three health insurers – VHI Healthcare, Laya Healthcare and Irish Life Health – launching new plans in the past six months, Cornmarket said it was “likely most customers will find a better value plan to meet their needs”.
“Information from Cornmarket shows that if a customer has been on the same plan for over two years, they are likely overpaying for cover,” the group said. “In 2021, Cornmarket customers have saved on average €404 on their health insurance.”
Cornmarket head of general insurance Dermot Wells said: “It’s important to review your cover each year to ensure that you’re not overpaying for your cover and your plan continues to meet your needs.
“Insurers can make changes to your existing plan and unless you review your cover or read through your documents in detail, you could be caught unawares.
“New plans are developed each year, some specifically for corporate companies, but you are entitled to access these – many of which may offer greater value and benefits. By reviewing your cover, you will have peace of mind knowing you are on the right plan to meet your needs and budget”.
He added that customer feedback has shown that many people find selecting a new health insurance plan “a minefield” while some may be worried about losing certain benefits.
