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Chapter 1: What is the main topic discussed in this episode?
The Clare Byrne Show on Newstalk. With Aviva Insurance.
Dermot Good is here of healthinsuranceireland.ie. If your health insurance hasn't increased already this year, the chances are you could be facing a hike next month. So we've asked Dermot in for a bit of advice on all of that and Dermot will take questions. So keep them coming. We've lots of them, but keep them coming in to 087 1400 106. Hello, Dermot. How are you?
Good morning. The lovely topic of health insurance.
Plenty of questions coming in for you. So listen, will we get straight into it now?
Chapter 2: What should you know about potential health insurance hikes?
Yeah.
A question, please, for your health insurance expert. My 92 year old mother is in poor health. The plan she's on is PMI 2912 with VHI. She's in a nursing home. The question is, do you think it will be more appropriate to switch to a plan with lower cover? I presume she's not going to be a candidate for any major surgery unless, God forbid, she was to have a fall. What do you think of that?
Okay, so what I would say, first of all, and we get this question all the time. So, you know, elderly family members, they're now in nursing care and like that, the likelihood of very serious surgery being necessary is getting, I suppose, it's less likely. So what I would say is the plan they're on, they've actually reduced the cover very well.
That's one of EHI's best value schemes in terms of corporate plans. I think it's €1,519. like here's the thing they could go down to like enhanced care 350 which is 1208 they'll save 300 euro but there is a big reduction in the cover And what can happen even for elderly people, they might need an MRI scan. They might need a scope. They might need to get just a minor day case procedure.
So I'd still hold on to the cover. But if they need to reduce it further, check out Enhanced Care 350. I wouldn't go below that unless, let's just say, that parent gets to a stage where they will not be going into any private hospital, that anything they need would be in a public hospital. But they've already structured it well.
Better off staying on what you're on. And listen, when it comes to increases, what are we expecting over the summer?
So here's the thing, we get a bit of a reprieve over the summer months, okay? So I know I always have negative news, no real negative news at the moment, except we're always expecting them, the next round of increases will be October. But even in saying that, every month there's minor adjustments. Like on the 1st of June, VHI will increase four corporate plans by about 7%.
Now, they didn't go up in March, but there's always this creeping effect. There's incremental increases right across the board. In fairness, Leia have had a lot of increases, but Leia are launching three new plans on the 1st of June, and they're reducing the cost of two plans. So there is still some good news.
And look, what I would say to all of your listeners is that they're not going to contact you with these details. So you need to check out.
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Chapter 3: How can you assess if switching health insurance plans is necessary?
You have to chase them down. You have to engage with them by phone online. Otherwise, you'll miss these deals. And before I forget it, Claire, anybody now who has any families, there's still fantastic deals in the market for young children. So I was talking to somebody just this morning on the way in, three young children, their policy's up for renewal.
Leia Healthcare will insure two of those children for free. And even Level Health, the new provider, will give discounts. So even if you're with the insurance company with the deal, if you don't phone them up, you may not be offered the deal if you're on the wrong plan. So you must engage.
Well, maybe that's the advice you give to our next listener, who is a family of four. They have two adults and five and six-year-old boys. They're paying €390 a month currently. They have renewal date of the 31st of July. They're on PM 3814. That's for themselves, so one of the adults, because that's what the previous employer paid, but it's far too expensive and unnecessary.
So what should they do and where should they go? Is that insurance policy, PM 3814?
That's VHI, is it? That's VHI. So VHI now have 70 of those PMI corporate plans. So what I'd say to that person, €2,048 is the cost of that plan. That is a good private room corporate plan that is connected to a company group scheme. Now, they can keep that plan if they wish, but it is expensive. So, for example, let's just say they need to cut their costs back.
Now, they need to engage with VHI. So, for example, there's a plan with VHI PMI 4316, which is €1,778. So, if they don't need the private room... they need to look at those semi-private plans and they might be able to save €300, €400. But what I would say to anybody now like that who's under a little bit of cost pressure and finds the plans too expensive, decide on your budget.
So I think that's going to work out around €4,800 for the year for them. So let's just say their budget is €3,500. You simply phone up the insurance companies and tell them what your budget is. But right now, VHI, they will get the kids insured on Enhanced Care 350 for about €160 each. Or if they want, they can go to Leia and get the second child insured for free.
And they can also split their cover. So the insurance companies want us all to think we have to have everybody on the same plan because it's easier for them. But you don't. Absolutely not. Everybody can be on different plans. And just think about it. Young children should not have the same plans as their 40, 50 year old parents. You know, they are in a different league.
They have different requirements. So you make sure you split your cover and structure it in such a way that everybody has a plan to suit their needs. And if you do that, you're going to save a lot of money and avoid overpaying. So I would suggest they start with VHI, tell them their budget. And if they're not happy with that, then right now, two young children, they should talk to Leah.
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Chapter 4: What are the expected health insurance increases over the summer?
And that loading will apply to them for the next 10 years. So, yes, they can join any plan. Yes, they have the same waiting periods, but they're going to be penalised because of their age.
So, sorry, just that plan that was, you mentioned it was €1,600, you've got to add on 52% onto that?
Exactly, because, see, this changed in 2015 that when the market was hemorrhaging members and they brought in this age loadings, which they... To get everybody to sign up when they were younger. Exactly, before you got older, they wanted you in. Now, in fairness, if that person had previous cover, They need to dig out the details of that because they'll get credit for that.
But if they've never had any previous cover, and look, I know every trick in the book, there's no way around those loadings. They will have to pay them. So look, that's why I'd nearly suggest if they do want to join, check out a mid-level plan. The two probably best value mid-level plans right now, Level Health, Plan B 300, 1,089. or the Leia, actually, sorry, it's €1,113.
Leia have a plan called Access Health, which is €1,089. So at least when you factor in the loading, that'll bring it up to around €1,600. So go in at a low level, pay your loading, they can always increase their cover in the future.
Good idea. Family of four next. The company has stopped covering the kids because they're adults and they've completed their education. The cover is excellent, including a temporary upgrade option for certain procedures. But what plan would be good for the adult children living at home?
Okay, so normally what companies will do is once the kids turn 21, 22, they won't cover them, but you can still keep them on your policy. So that's the key thing now. Just because the employer doesn't pay for them anymore, they can still keep them on the same policy that they have. But you're coughing up for them, right? You're going to have to pay for them, absolutely, yeah.
It doesn't get any cheaper as they get older, right? So, but here's the thing. They need to check out plans with good young adult rates. So, for example, the Enhanced Care 350 scheme with VHI, that Access Health scheme with Leia Healthcare, They tend to have, VHI and LEIA and even the newer plans, they tend to have really good rates for young adults.
Now here's the thing, there's a specific rate for an 18 to 20 year old and then it goes up, it gets dearer for 21, 22 and 23. But they should check out VHI probably first of all because VHI's rates tend to be that little bit better for young adults. And they can take out a separate policy for them if they wish in their name.
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Chapter 5: How can families save on health insurance for young children?
So what I would say to that person right now, they need to shop around. For example... There's a new plan. Well, just check out the VHI PMI 4316. It's the exact same price. OK, but now they're going to get full cardiac cover, which they don't really get on that plan. And they're going to get money back on all their routine expenses.
And they still have the 20% shortfall on the hips, knees and shoulders and so on. So I would definitely shop around if they if they're not too concerned about hips, knees and shoulders in terms of needing a full replacement. There is another plan with Leia right now called Simply Health Plus. It's the exact same price as their plan, but it's a full corporate plan.
they'll get 50% back on every consultant, every GP, every x-ray. They don't get that on their current plan. And they'll also have really good limited cover in the high-tech hospitals. So I have to say the Essential Health 300, there are certain plans now for me, Clare, that are just, you really don't need to stay on those plans anymore. That's one of them. So definitely Leia Simply Health Plus.
Or they should also maybe talk to VHI about the PMI 43.16. Can I just say one other small thing before we forget this? People don't realise this. There's new deals coming on stream all the time. Irish Life Health have just launched a new plan into the market, which for us, when we look at it, it's unbelievable pricing because they've just won a big scheme.
That plan is called Health Action Plus, but anybody can join that plan. It's €1,734. And this goes back to what we were discussing at the start. If you don't phone up and check out, you'll miss those deals.
And does that give you all the replacement bits and spots?
It does.
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Chapter 6: What options are available for a family of four seeking health insurance?
It has a private room on it. It has unbelievable day-to-day cover, like for GP and consultants in 25 physiotherapy visits. But the pricing of that plan at 1734, there's nothing else in the market right now at that price. So sometimes your renewal can coincide with these new schemes.
Well, Dermot, it's good to be reminded about that reduced cover, because I know that's an issue with many of the plans. The questions are still coming in. We have to leave it there, though, Dermot, and we'll have you back again. We'll go through all of this again.
And in the meantime, Dermot's website is healthinsuranceireland.ie.