What to Do If Your Health Insurance Plan Is Being Retired

Many health insurance companies in Ireland are retiring a number of older plans. While this might sound concerning, it can actually be good news. Many of these older plans, although they may offer solid cover, are not considered good value for money. In fact, some of these plans have not been recommended for five to ten years because of their high cost relative to the benefits they provide.

Understanding Your Options

If your plan is being retired, your insurer will automatically offer you an alternative plan. However, this replacement plan is often more expensive than your current cover. This is why it is important not to simply accept the new plan without reviewing your options carefully.

Take Action and Review Your Cover

The best approach is to pick up the phone and call your insurance company. When you do, challenge them to find a plan similar to the one being retired that fits your budget. Be clear about the amount you are willing to pay and make sure they explain how the new plan compares to your existing one. This comparison should include what benefits are being gained, what may be lost, and what remains the same.

It is crucial not to take the first alternative they suggest. By actively reviewing your cover and asking the right questions, you could secure a plan that provides similar benefits at a lower cost.

Don’t Leave It to Chance

If you do nothing and allow the insurer to automatically map you to a new plan, you may end up with cover that is more expensive than necessary. Taking the initiative to review and negotiate your health insurance ensures that you continue to have suitable cover without paying more than you need to.

By following these steps, you can make the most of the changes in the market and ensure your health insurance remains both comprehensive and cost-effective.