Irish health insurance expert, Dermot Goode, has today warned that consumers could soon be facing massive price hikes.
With 400,000 health insurance consumers due to receive renewal notices from December for policies renewing in January 2017 and 45% of all policies in the market due for renewal in the first half of 2017, the advice from the expert is “act now and review before you renew”.
Totalhealthcover.ie says 2016 saw a raft of premium increases and that insurers may not be finished yet. VHI and Laya both had two main increases over the year with cumulative increase on some plans exceeding 10%.
In the past few weeks, further increases have been outlined with Laya announcing another hike in January 2017 (average 5%), GloHealth increasing many of their plans from December 2016 (average 5.9%), and Irish Life Health announcing an increase to their rates from 1st Jan 2017 (average 6.3%).
The experts warn that consumers need to be very wary of these ‘average’ figures, as some plans may see increases far in excess of them.
Earlier this month, Totalhealthcover.ie drew attention to the fact that public hospitals were charging new higher rates to public patients who hold private health insurance cover. The health insurance experts contend that 2017 could see rates increase by a further 6% - 8% in 2017 if this issue is not addressed.
TotalHealthCover.ie say that over the course of December and right into the first quarter 2017, approximately 45% of all private health insurance members will receive renewal notices.
Founder of www.totalhealthcover.ie, Dermot Goode says, "2016 hasn’t been kind on health insurance members, who, by year end, will have borne the brunt of premium increases of up to 13% and higher. Approximately 400,000 policies fall due for renewal in January alone, and so we are issuing this warning to consumers to get organised and start reviewing policies now."
He added, "If they take steps now to review their cover, they could save themselves hundreds and even thousands on their cover for next year depending on the plan held. Older members who switch from dated plans stand to make the biggest savings. A pretty good reason to plan ahead!"
Source: www.businessworld.ie
