How to save money on your family’s health insurance

According to Cornmarket, the one area where families could make a saving is on their health insurance, without necessarily having to compromise on their cover. Cornmarket, Ireland’s largest health insurance broker, saved their customers, on average, €404* on their health insurance.

Here is some great advice to help save money on your family’s health insurance:

Splitting your cover

It often doesn’t make financial sense for all family members to be insured on the same health insurance plan. Did you know that each member can be insured on different plans yet remain on the same policy? This allows you to choose separate plans depending on each family member’s individual needs and their life stage, which could help to reduce your costs.

Kids’ offers

It is important to remember that young children will not be treated in some hi-tech hospitals. Therefore, a plan which offers cover for these hospitals may not be suitable for a child. However, by putting children on a different plan which is relevant to their needs, you may be able to reduce your costs. Also, it is worthwhile shopping around as some of the insurers provide kids’ offers on different plans throughout the year.

Take on an excess

The excess is the first part of the claim you pay yourself, the insurer pays the rest. Most excesses range from €50 to €300. Plans that offer a higher excess allow you the option of saving money on your premium.

Young adult rates

Young adult rates have replaced student discounts and the good news is that the individual no longer has to be in full-time or part-time education to avail of this offer. You can avail of a young adult rate if you are aged between 18 to 25 years of age or if you have a dependent that fits within this age category. However, it is important to note that not all health insurance plans offer these discounted rates for young adults. Therefore, you should ask your insurer/broker for the best value plan for young adults that matches their needs.

Compare insurance costs against everyday medical expenses

Being able to claim for GP, physio, dentist and specialist consultant fees might seem a great idea for your health insurance, but is it actually costing you? Work out the maths first. Calculate what you can claim versus the extra cost of your premium for this type of cover.

Review your cover every year

If you’ve had the same health insurance plan for years, it’s worth reviewing. Automatically renewing your current plan can result in you paying more than you should. As new plans are released by insurers annually, Cornmarket’s Health Insurance Comparison Service can help you find a new policy that gives your family great cover for less!

Dermot Wells, head of general insurance at Cornmarket, comments: “It’s important to review your cover each year to ensure that you’re not overpaying for your cover and your plan continues to meet your needs. Insurers can make changes to your existing plan and unless you review your cover or read through your documents in detail, you could be caught unawares. Also, there are new plans developed each year, some specifically for corporate companies, but you are entitled to access these, many of which may offer greater value and benefits. By reviewing your cover, you will have peace of mind knowing you are on the right plan to meet your needs and budget.”

Cornmarket has a one-of-a-kind online health insurance comparison tool that makes finding the right health insurance policy as simple as possible. It searches all health insurance plans on the market and identifies any savings you can make.

[ visit their health insurance page ]

*Average saving based on 2,061 customers who reviewed & switched their cover through Cornmarket between October 2020 & October 2021. Source, Cornmarket November 2021.

Cornmarket Group Financial Services Ltd. is regulated by the Central Bank of Ireland. A member of the Irish Life Group Ltd. which is part of the Great-West Lifeco Group of companies. Telephone calls may be recorded for quality control and training purposes.