The rising cost of health insurance - East Coast FM

Image The rising cost of health insurance - East Coast FM

As the quality of healthcare treatment increases, so too unfortunately does the cost of health insurance.

And while there are a number of other related factors for health insurance costs going up, it doesn't diminish its importance and the role it plays in helping to protect you and yours should the worst happen.

Our Head of Communications at bonkers.ie, Daragh Cassidy spoke with Declan Meehan on East Coast FM recently to discuss how consumers can negotiate getting health insurance cover in place without paying out of pocket.

Here’s an outline of the main points discussed by Daragh in the interview.

Health insurance considerations

There are over 300 possible policies for health insurance, so it’s not as easy to shop around for them as it is for other products, such as gas or electricity. The right health insurance policy for you is going to depend on so many different things. 

It’s important to consider the following:

  • Your excess: This is the amount that you offer to pay yourself before the insurance company steps in. This could be €250 or €500.
  • Treatments: Your own health will need to be taken into account as well. Consider whether you need access to certain treatments or hospitals. There’s no point paying for access to private treatment in a hospital in Dublin if you live in Galway.
  • Your family: If you have children or a partner, you should consider if they‘re going to be on the policy too.

When deciding on a health insurance policy, it’s often worth paying for financial advice. A professional can go through the policies and see what one is right for you and your needs. Even though health insurance is going up, you can save some big money on some of the newer plans if you get onto the right plan.

How do you predict what treatments you’ll need? 

You don’t know what treatments you might need over the next year. If you talk to an expert, they’ll be able to guide you on this. 

It’s important that you’re not undercovered on insurance, as well. But equally, it’s important that you’re not overcovered and that you’re not paying for insurance you don’t need. So with health insurance, don’t pay for access to hospitals that you don’t want, or that you’re not paying for a private room when a semi-private room would be fine.

Children can be covered on your policy, but they can access healthcare for free under the public system. There’s no private health hospital for children at the moment. That’s not to say that in some cases paying separately for private cover for quick access to some treatments isn't worthwhile, but there’s no fully private hospital dedicated to children. 

Policy access

Under Irish law, you’re allowed access to every policy that’s available on the market, and that includes corporate policies. 

For example, if you have a friend that works in Google and they have an amazing policy, you’re allowed access to that policy too. It’s illegal not to get access to those. Health insurance companies won’t market those policies to the general public but if you go and specifically ask for them, they have to offer them to you. 

Compare insurance with bonkers.ie

Are you struggling to find the right health insurance policy for you? It’s important to speak to a professional when it comes to health insurance. You can book a consultation with an expert adviser and receive tailored recommendations for just €125 on bonkers.ie.

As well as health insurance, you can easily compare life insurance, mortgage protection insurance and serious illness insurance with our easy-to-use comparison tool. You can even be covered in under an hour in some cases, providing you with peace of mind!

Take a look at our guide on simple ways to reduce your insurance costs if you’re looking for ways to save money across a range of insurance premiums.

If you have any questions on health insurance questions, feel free to reach out to us on social media. We’re on Facebook, Twitter and Instagram.