Health Insurance Costs Set to Rise Further

Strategic Insights -

As we enter peak renewal season, health insurance costs are expected to rise significantly, with insurers warning of further hikes even after the sharp increases seen this year. Dermot Goode, a health insurance expert, cautions that people need to be prepared for big increases, particularly those on older plans. Insurers are introducing new plans aimed at reducing costs, but with compromises in cover. It's essential for consumers to review their policies carefully and ask questions to ensure they get the best deals.

Key Takeaways:

  • People on older plans can expect significant increases in health insurance costs, with Dermot Goode warning of "big increases".
  • Insurers are introducing new plans with compromises in cover to reduce costs, such as Level Health and Irish Life Health launching new policies.
  • Consumers can switch plans within the same insurer's suite of options, even after renewal, as seen with Laya and Irish Life Health.
  • Calling the insurer to review cover and ask questions is crucial to avoid missing out on deals and understand benefit changes.
  • Families can split their cover by assigning different plans to each family member, especially those with young children, to get cheaper or free cover.
  • Legislation protects people over 65 with pre-existing conditions from losing out on similar cover by switching insurers.

Statistics:

  • 50% of customers with pre-existing conditions fear losing out on cover when switching insurers (as per Dermot Goode).
  • The VHI's Premium Care scheme is an old plan that has become expensive, with a new option, Premium Care Select, offering similar cover at €400 cheaper.
  • 10 months is the remaining duration for which families can move children from an older plan to a new, cheaper plan (as recommended by Dermot Goode).
  • 3 children under the age of 18 can get half-price policies, while children under 3 can get free cover under Laya's recent offer.

Sources:

  • Dermot Goode, health insurance expert
  • Laya, Irish Life Health, and Level Health, insurers
  • The VHI, health insurance provider
  • Irish News sources (no specific date mentioned)
  • August 1 ( Irish Life Health launched new plans)
  • September 1 (Laya's new offer for free cover for kids under 3 and half-price policies for under-18s)