After our fantastic Commercial Insurance blog post recently (available here), we want to share this insightful Health Insurance advice which will reduce your spend within this category.
Thousands of businesses across the country have begun the process of renewing their private health insurance. The market now has over 260 plans with more to come next month. So how to ensure you are getting the best value for your money?
When starting to review your cover, it is important to reacquaint yourself with the benefits of your existing policy. Without being aware of the benefits you’re paying for, how can you properly compare and contrast with other options?
Start by asking yourself a number of questions, or working through them with a professional broker.
Don’t be afraid of waiting periods, find out how they affect you from an independent professional adviser or the Health Insurance Authority; have your healthcare needs changed recently and if so, how; does everyone on the policy require the same level of cover; what level of hospital accommodation is important to you?
Health Insurance Savings Advice
- Cover for private accommodation in public hospitals, in most cases does not guarantee fast access to treatment. Make sure you have a plan with some access to private hospitals.
- Check that hospitals local to you are not excluded and that you are happy with the level of excess applied to accommodation. Some newer plans now have excesses of up to €500 per claim.
- Check for shortfalls on specific treatments or procedures such as radiotherapy, chemotherapy, orthopaedic, cardiac and ophthalmic.
- Check that you have full cover for day case treatment such as chemotherapy, radiotherapy and colonoscopies in private hospitals – these procedures account for 60 -70% of all health insurance claims.
- Try to ensure you have cover for direct settlement MRI and CT scan centres which are local to you. This means you won’t have to wait to get access and you don’t need to pay if they are classified as ‘direct settlement’ centres.
- Try to ensure you have cover for major cardiac procedures in the Blackrock Clinic, Mater Private & Beacon Hospitals.
- What level of excess applies? Look for a low outpatient excess, this will ensure you get more money back from your outpatient expenses.
- If you want cover for day-to-day benefits such as GP, Physiotherapist and dentist ensure that you are getting long term value for money – check the cover for each benefit & how many visits are covered per benefit
- Check for any other benefits that may be of interest to you – health screening, maternity benefits, kids benefits etc.
- Consider the health insurance needs of all the family individually – consider different plans & levels of cover for each.
Feel free to contact us to discuss savings for your Health Insurance (or any other costs which you would like to reduce)