Should I Consider Upgrading My Health Insurance Cover?
Health insurance should not necessarily remain unchanged throughout your life. The cover that suited you five or ten years ago may no longer reflect your circumstances, priorities or expectations today. For some people, reducing unnecessary benefits can make sense. For others, renewal is an opportunity to consider whether stronger cover is now appropriate.
Is your existing policy still fit for purpose?
Start by looking beyond the name of your plan.
Ask what it actually provides.
You may want to consider:
- Which hospitals you can access
- Your level of private hospital cover
- Your hospital excesses
- Whether there are treatment restrictions
- Your outpatient benefits
- Your access to consultants and specialists
- Any areas where you could face a significant shortfall
A policy can continue renewing every year even though your needs have changed substantially.
Your circumstances change as you get older
Different benefits naturally become more important at different stages of life.
Someone buying health insurance in their twenties may prioritise very different things from someone reviewing their policy in their fifties or sixties.
Family circumstances can change too.
You might start a family, see children grow into young adults or become more conscious of access to particular hospitals, specialists or forms of treatment.
Your policy should evolve alongside those changes.
Think about whether your cover is future-proof
People often review health insurance based only on what they needed during the previous year.
It can also be useful to think ahead.
If stronger hospital access, reduced excesses or enhanced benefits are becoming more important to you, it may be worth investigating the cost of upgrading before you actually need those benefits.
There is an important reason for doing this.
Upgrading can involve waiting periods
If you move to a policy offering higher benefits, waiting periods may apply to the additional level of cover.
The HIA states that a maximum waiting period of two years can apply to higher benefits when upgrading, while a 52-week waiting period can apply to higher maternity benefits. During an upgrade waiting period, you remain covered at the level provided by your previous policy for the relevant treatment.
Insurers do not necessarily apply the maximum period in every circumstance, so you should always confirm the rules applying to your proposed new policy.
This is another reason why it can make sense to review your cover before a healthcare need arises rather than waiting until afterwards.
Upgrading doesn't always mean buying the most expensive plan
Better cover and higher price do not always mean the same thing.
There are hundreds of plans available in the Irish market, and different plans allocate benefits in very different ways.
You may find that changing to a more suitable modern plan gives you stronger cover in areas you value without dramatically increasing your premium.
Equally, paying significantly more is pointless if the additional benefits are not relevant to you.
The key is suitability rather than price alone.
Ask yourself these questions at renewal
Before renewing, consider:
- Am I happy with my hospital access?
- Could I comfortably afford the excesses on my current policy?
- Are there important treatments where my cover is restricted?
- Have my health or family priorities changed?
- Do I want stronger benefits for the years ahead?
- Have I compared my existing plan against newer alternatives?
If the answers raise concerns, it may be time for a more detailed review.
Considering upgrading your health insurance?
Health Insurance Ireland can help you understand your existing benefits, identify any gaps and compare your options before making changes.
A health insurance policy should be fit for purpose today — and appropriate for where your needs may be heading tomorrow.
