Private Health Insurance
Market Update
Dermot Goode – Cornmarket Healthcare Division
Cornmarket Group Financial Services Ltd. is regulated by the Central Bank of Ireland. A member of the
Irish Life Group Ltd. Telephone calls may be recorded for quality control and training purposes.
Market Overview
• Soaring Costs
• Confusion – approx. 275 plans on the market
• Complexity – changing contracts / new rules
• Special Offers
• New Network Plans
• Re-Designation of Public Beds
Our Free Comparison Service
• Largest Health Insurance broker in Ireland
• Unique comparison tool covering all four insurers
• Agencies in place with Aviva Health & GloHealth
• Expert staff who deal in health insurance only
• No obligation to accept our advice
• No fees or charges
Cost Drivers – Irish Market
• Health Insurance Levies
• Public Hospital Charges
• Normal ‘Medical Inflation’
• Increasing Claims Costs
• Age Profile of ‘Leavers’
Membership Statistics (HIA)
50.9%
51.2%
51.7%
50.6%
49.8%
47.2%
45.8%
44.6%
Source:
www.hia.ie
Dec 2013
Common Myths….
• Public treatment is free
• I can only join certain plans
• They won’t take me on….
• I can cancel my cover at anytime
• I have a medical card – don’t need health insurance
• I have to use my health insurance
Questions for you…….
• Are you over insured?
• Are you on a dated plan?
• Will you get the accommodation you’re paying for?
• When was the last time you reviewed your cover?
• Do I need to have everyone on the same plan?
Over-Insured….. ?
• Health Plus Choice (Plan C)
• Health Plus Extra (B Options) / Health Plus Access (B)
• Forward Plan
• Company Plan Extra Level 1, 2 or 3
• Parent & Kids Options
• Family or First Plan Plus Level 2
Over-Insured….. ?
• Essential Plus
• Essential Plus Starter / Health Manager Starter
• Health Manager
• Family Care / Complete Care / Personal Care
• Credit Union Family
• Company Health Plus / Company Care Premium
Over-Insured…… ?
• Level 2 Hospital
• Level 2 Family Health
• Level 2 Complete Health
• We or I Plan Level 3
• Level 1 Everyday / Level 2 Hospital with Day to Day
• Business Plans (Extra, Select, Choice, Hospital)
Savings vs Benefits…be careful!
• VHI Healthcare - Teachers Plan Select
• Laya Healthcare - Essential Connect Saver
• Aviva Health – Family Value
• GloHealth – Better Saver
New Network Plans
• VHI Healthcare - Health Plus Select
€1,618 per adult
• Laya Healthcare - Essential Value
€1,003 per adult
• Aviva Health – First Focus
€798 per adult
Prices correct at 1st March 2014 – Source HIA
Special Offers
• VHI
-
½ price kids on 3 plans
(P&K Excess/ NP Select / OP Family)
• Laya -
€195 per child on Essential Connect Family
• Aviva –
€199 per child (5-17) on Family Value
•
- Free cover on Better Plan or higher for
all children under 3
- ½ price cover for 3 year olds on Better Plan
or higher
Prices correct at 1st March 2014 – Source HIA
Tax Relief Changes
• Effective 15th Oct 2013
• Relief capped at €1,000 - adult & €500 - child gross, i.e.
- €200 tax relief for adult
- €100
“
for child
• Only lowest plans will escape the net
• Affects all new business and renewals
• Be careful re full-time students who pay adult rate
For More Cost Savings…
• Split your cover or provider
• Claim your student rates
• Drop your day-to-day cover
• Seek the corporate plan equivalent
• Be sensible with your accommodation cover
• Watch for ‘special offers’
• Annual review is essential
Impact of Policy Amendments
• Annual contracts
• Restricted illnesses
• Upgrade rules
• Policy excesses
• New procedures……selected hospitals covered
• Foreign cover……….watch the small print
• Hospital Network Plans
Our Comparison Service
Contact Details
Our Approach
• 01 4708091
• Expert & Confidential
• On-line enquiry
• Covers all providers
• 1:1 consultation
• No cost to you
www.cornmarket.ie
www.healthinsurancesavings.ie
Questions?
Awards
for our partnership with
for our Breast Cancer Initative
Cornmarket Group Financial Services Ltd. is regulated by the Central Bank of Ireland. A member of the Irish Life Group Ltd.