BY JOHN ELLIS, FINANCIAL ADVISOR
According to industry experts over half of us are paying way above the odd for our health insurance leading to mounting financial pressure for many. Every year individuals and families are facing the annual ritual of renewing their health insurance policies but the search for a deal this time around comes with added weight, as recent trends indicate a significant surge in health insurance costs.
The looming spectre of rising premiums has prompted concerns among consumers but, amidst the uncertainty, there may be a glimmer of hope on the horizon with Aviva announcing they will enter the market later this year.
The entry of new competitors into the market, such as Aviva promises increased competition, which hopefully will drive better value for all consumers and employers alike.
However, the true impact remains to be seen. For those grappling with the daunting task of navigating the complex landscape of health insurance, expert advice is invaluable. Dermot Goode, a consultant at Total Health Cover, emphasises the importance of research, especially as premiums continue to increase. He warns that failing to review cover can result in significant financial burdens, with potential price hikes of up to 20%.
One of the key strategies to ease escalating costs involves thorough research and comparison of available plans. Consumers should be proactive in seeking alternative cover, particularly if they find themselves paying more than €1,900 an adult or if they’re on “outdated corporate plans”. Use online resources such as the comparison tool provided by the Health Insurance Authority (HIA) but for best results engage directly with insurers to explore the options available.
Being flexible can yield substantial savings. For example, look to tailor plans for each of your family member and/or explore cash plans for outpatient expenses, which can enhance coverage while reducing your costs. Be strategic. Look for incentives, for example, Laya’s “second and subsequent children free” offer which will bring additional savings.
For many the idea that pre-existing conditions negate the ability to pick and chose cover with different providers should not deter you from exploring alternative options. Legislative safeguards are in place to ensure continuity of cover without penalty because of your medical history which should provide assurance if you are contemplating a switch.
The health insurance landscape is continually evolving and to the uninitiated it’s a minefield. For many its what stops then from switching but staying informed and being proactive remains paramount.
Yes of course, challenges persist, but informed decision-making hand in hand with expert guidance will help you and your family to navigate the complexities of health insurance, securing comprehensive coverage while mitigating financial strain.
As your annual renewal period approaches, take steps to review your health insurance plan, explore alternative options and seize opportunities to increase cover and minimise costs, a contradiction in terms you might say but with time and patience you can successfully steer through the maze of health insurance plans with confidence.
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