Health Insurance – Save money by reviewing your cover regularly

In an article first posted in November last year, Value Ireland proposed some possible insurance products that you might not necessarily need depending on your circumstances. The article is available to read here.

One of the more controversial comments was on the possibility that some people do not need to take out health insurance. The particular section of the article is quoted here:

Health Insurance – As per the comments of Brendan Burgess in the article above, “you should not take out health insurance if you’re healthy – a young, fit non-smoker, for example. If you’re an older person, and a smoker with a medical history, you should probably take out health insurance, because it’s the same price.” Mr. Burgess added “There’s also this stupid element where the health insurer pays your doctors’ bills. You shouldn’t insure for routine expenses that might be €50 to €250 in a year, but are unlikely to be above that.” The insurance premium may quite likely be more than the benefit you receive.

Whether or not you agree with such a statement, one thing you should do regularly is review the level of health insurance cover that you currently have.

Ring your health insurance provider, or check their website, and confirm that you are on the correct cover plan for your needs. Ask, or find out, what you’d miss out on if you went from your current plan to the next lower/cheaper plan. If the differences are acceptable to you, change plans and save yourself some money.

In speaking to some people in the last couple of weeks, they did exactly this and moved from Plan D to Plan C with Options and saved themselves upwards on €1000 in premiums per year.

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3 Responses to Health Insurance – Save money by reviewing your cover regularly

  1. Anonymous January 20, 2008 at 23:28 #

    Have the Irish Independent been at it again?

    Article today about health insurance – no copy and paste job.

    Maybe just inspiration 🙂

    http://www.independent.ie/business/personal-finance/health-plans-can-cost-an-arm-and-leg-1269748.html

  2. Coursework January 31, 2008 at 05:43 #

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  3. Mick January 29, 2009 at 23:08 #

    You might think that saving €1,000 by switching from Plan D to Plan C Options is great but not really. Plan C is no man’s land and Options is virtually impossible to claim on. Plan D gives a semi private room in Mater & BlackRock and the beacon whereas Plan C doesn’t. They would have saved far more from going down to Plan B which gives semi private room in those hospitals. But of course had they moved to Hibernian Aviva or even Quinn on their equivalent plans, they would have saved 2 grand in that example. VHI is the ripoff in fact one wonders should we have to pay for health insurance at all!

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