Here's something nobody tells you about health insurance: you're probably paying for a hospital in Dublin you'll never use, a physio benefit you've claimed once in three years, and a level of cover your kids don't actually need.
Sound familiar?
With most family policies now costing upwards of €3,000 a year - and rising - health insurance has become one of those expenses that just... happens. The renewal notice arrives, you wince at the price increase, maybe you ring your insurer to complain, they knock off €50, and you accept it because the whole thing feels too complicated to tackle.
According to Dermot Wells, Head of Health & General Insurance at Cornmarket, Ireland's largest health insurance broker, staying with the same plan could be costing you. “If you have had the same cover for more than two years, it’s highly likely you are missing out on better value or more suitable benefits. It pays to review your options every year and ensure you find the best plan to suit your family’s changing needs. In a lot of cases, you will get a better deal by either switching provider or engaging with your existing insurer. Some simple ways to save include moving to a plan with a higher excess or reducing benefits that you are no longer using.”
Translation? You're probably overpaying. Possibly by hundreds of euros.
The Quick Wins
Some changes take five minutes and cost you nothing:
- Your kids don't need adult-level cover. Crumlin and Temple Street are public hospitals. Your eight-year-old doesn't need access to the Beacon. Some insurers do half-price kids' policies - worth checking if you're not on one already.
- You're probably paying for hospitals you'd never use. Live in Cork? Why are you paying premium rates for full access to every private hospital in Dublin? Cutting out hospitals you'd realistically never attend can reduce premiums significantly.
- That €0 excess might be costing you more than it's worth. Adding a small excess - say €100 per admission - can knock a decent chunk off your premium. Unless you're in and out of hospital constantly, you'll likely come out ahead.
The Slightly Bigger Effort (But Potentially Bigger Savings)
- Not everyone in your family needs the same plan. Your teenager doesn't need the same cover as your 50-year-old partner. You can mix and match plans within the same policy. It's more fiddly, but it works.
- That day-to-day expenses cover might be a false economy. Before you pay extra to cover GP visits and physio, do the maths. If you're making fewer than four visits a year, you're probably paying more in premium than you're claiming back.
- 18-25? There are cheaper rates. Young adult discounts exist, but not on every plan. You have to specifically look for them.
The Thing Nobody Mentions
Corporate plans - the ones designed for big company schemes - are actually available to anyone. They're often cheaper and offer better cover than the plans marketed to individuals. Most people have no idea. Just ask.
Should You Actually Bother?
Look, switching health insurance isn't anyone's idea of a fun afternoon. But if you haven't reviewed your cover in two or three years, there's a decent chance you could save €300-€500 annually. For an hour or two of admin, that's not terrible.
The real question is whether your current plan actually matches what your family needs now - not what you needed when you first signed up. Kids get older. Health needs change. Jobs change. But somehow the health insurance just... stays the same.
At least until you decide it shouldn't.
Cornmarket’s health insurance comparison service provides expert analysis of all health insurance plans from all four providers in Ireland. For further information, visit www.cornmarket.ie
