How to Save Money on Health Insurance?
If you’ve been on the same health insurance plan for over five years or are paying more than 1,850 Euros, it’s time to update, or indeed upgrade, your plan. Health insurance is a crucial aspect of financial planning. However, reviewing your plan every few years to determine whether it’s financially viable is crucial.
If you’ve been on the same health insurance plan for over five years or are paying more than 1,850 Euros, it’s time to update, or indeed upgrade, your plan. Health insurance is a crucial aspect of financial planning. However, reviewing your plan every few years to determine whether it’s financially viable is crucial.Many studies testify that about 50% of the people in Ireland are on the wrong insurance plan.
If you’re insurance plan has taken a leap in cost here are some factors to take into consideration before you go shopping around:
- Medical Inflation & Costs: Many healthcare providers and businesses have faced higher overheads over recent years; from inflation that affects electricity and heating costs, medical cleaning and third-party supplier costs, to the likes of radiotherapy transformation services.
- Medical Advancements: An increase in cost that goes hand in hand with medical advancements – which is obviously a ‘Catch 22’ situation because we all want the best care.
- You the Customer: From your age to your overall health, previous claims to chronic illnesses. Insurance companies even acknowledge your postcode.
So, if your health insurance renewal date is just around the corner, here are some ways to save money and identify whether you are on the right plan.
How to Save Money on Health Insurance? Tip 1
Shop for Plans Before the Renewal Date
The most effective way to save on your health insurance is by shopping around during renewal. Staying on a dated plan may give you a sense of security, but it’s not always the wisest of choices, financially.
Studies suggest that the prices of the plans pre-existing 2019 have increased by 25%, while plans introduced recently offer similar coverage at a better price. So, if you have been on the same plan for more than five years, you should reconsider your decision. Switching to a plan offering better value and similar cover is the best route to save money. You can compare multiple options and find a plan that offers true value for your price.
How to Save Money on Health Insurance? Tip 2
Opt for Higher Excess
Excess is the amount you agree to pay towards a claim before your insurance coverage commences. In short, it is the amount you are liable to pay in the first part of the medical bill. Hence, choosing a plan with higher excess leads to lower monthly premiums. If you have a plan with no excess, you could consider adding a small amount to reduce the premium and save money.
Further Reading: Are there Real Reasons for Private Health Insurance in Ireland
How to Save Money on Health Insurance? Tip 3
Consider Corporate Plans
Corporate plans are generally available for large companies, but usually anyone can avail of the benefits. Corporate plans offer better value than other plans and have more cohesive coverage, including better maternity benefits and fertility treatment. Therefore, if your health insurance renewal date is approaching, consider switching to a corporate plan. By choosing the right insurance plan, you could possibly save up to 1000 Euros a year.
How to Save Money on Health Insurance? Tip 4
Drop out of Private Accommodation
Health insurance plans that provide private accommodations in hospitals are usually more expensive. If private accommodation is not critical for you, see if your plan allows you to drop out to save some money.
The take-away: Opt for a health insurance plan with similar coverage minus private accommodation in order to enjoy a lesser premium.
How to Save Money on Health Insurance? Tip 5
Split your Coverage
Don’t put your entire family under the same plan. Depending on their age and stage of life, every family member will have different requirements. Putting the entire family under the same coverage will only mean you are paying more than necessary.
Children and young adults between 18-25 have special discounts. Therefore, use these incentives to save on your health insurance premium.
Further Reading: How to Feel Good about Your Health in 6 Manageable Steps
How to Save Money on Health Insurance? Tip 6
Keep an Eye Out for Special Offers
Even though all the special offers are usually widely advertised, it’s best to keep a keen eye on them. You can sign up for email alerts that will notify you about the offers or check the official websites of the best insurance providers before your renewal date to see if they have any ongoing discounts and special offers.
Saving money on health insurance involves a combination of careful considerations and homework. You can make a wise decision by comparing different plans before the renewal date of your current plan, and staying updated about the discounts and offers by the top insurance providers in Ireland.
However, always remember that before you sign up for a plan, always read the terms and conditions of your chosen plan to ensure it aligns with your requirements.
Feature photos by Marek Studzinski
PIN: 6 Top Tips – How to Save Money on Health Insurance
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