Tips for choosing a health insurance plan in 2024
Did you know that almost 40% of people with health insurance renew their plan in December or January?
There can be a lot happening at this time of year, so it’s easy to forget about health insurance and end up auto-renewing on the same plan for another year. Our research shows that over 60% of people have never switched health insurance plan, but if you’ve been on the same plan for a few years, you might be overpaying or you might not be on the best plan for your current needs.
If you renew your health insurance in the next few weeks, make sure to give yourself enough time to review before you renew, and remember that you have a 14-day cooling off period where you can switch or cancel your plan.
Tips for choosing a health insurance plan:
- Figure out what benefits matter most to you.
We all have different lifestyles and health needs – take these into account when you’re choosing a plan. For example, if you play a lot of sports, look for a plan where you get money back for day-to-day costs like the GP or physiotherapist. If you travel a lot, consider a plan with good overseas cover. Because of upgrade waiting periods, it’s worth thinking ahead – you might want to increase your cover in your local private hospital if you know you’ll need a procedure in the next two years, or if you’re planning to start a family, you may want to look for a plan with good maternity and fertility cover.
- Consider what room type you want.
Health insurance plans generally provide cover for either a semi-private room or a private room in hospital. Plans that cover private rooms in hospital are more expensive. If you wouldn’t mind sharing a room if you were admitted to hospital, a plan that covers a semi-private room is a more affordable choice. But, if you really want privacy, it might be worth paying more to have cover for a private room. Bear in mind that room types are always subject to availability.
- Think about how much risk you’re willing to take on.
All insurance involves a certain amount of risk, and health insurance is no exception. You can find a cheaper plan if you’re willing to take on some of the risk yourself by choosing a plan with lower outpatient cover or with higher excesses. If you pick a plan with lower outpatient cover, you’re taking the risk that you may have to pay a lot for services like the GP or consultant if you end up using these services frequently during your policy year. You can also save quite a lot by choosing a plan with higher excesses, but you run the risk of having to pay a lot out of pocket if you need to go into hospital. When you’re trying to decide, it’s worth considering your current health status and what level of risk you’re comfortable with, as well as how easily you could pay a bigger hospital bill if you fell ill unexpectedly.
The HIA is here to give you free, impartial information about health insurance, and there are lots of ways that we can help you shop around. Use our free comparison tool, or contact us at info@hia.ie or (01) 406 0080 to speak to one of our experienced staff members about your needs.