Health insurance is a significant expense for most households – we talk to Robert from Rockwell on how to get the best deal & price. Having renewed recently i got the feeling it was deliberately overly complex.

 

 

– Good afternoon. Justin from Talent Force. We are all about flexible professional jobs. We’re here today with Robert from Rockwell and we’re gonna talk about health insurance. Robert.

– Yes.

– I went to renew my health insurance recently.

– Best of luck.

– AndI got my renewal notice and I went to the website to understand how it compared.

– Mhmm.

– There was 50 other choices and I couldn’t find my plan.

– Yeah, that’s kind of the idea First and foremost, if you have an existing health insurance policy, call. Don’t go online.

– Really?

– Absolutely. Because they’re obligated to give you some level of advice. The minute you go online, you’re complete delegating that away from them. So call them up and don’t be afraid to ask.

– Really?

– That’s all I’m gonna say. And don’t fall into the trap either of asking for the corporate plan because all of the health insurers now have pretty much figured out, We’ll just invent the plan called the corporate plan, and when people ring up and ask for it, we give them that. So, the reason why health insurance is a quagmire is simply because there are currently 438 different plans on the market.

– Really?

– Yeah, and that’s with three providers. It’s insane.

– So they’re averaging 150.

– It’s just madness and it grows every year. And the reason is because every time the likes of VHI or Irish Life Health are pitching for a large corporate scheme, nine times out of 10, they will put together a brand new plan bespoke to that particular employer. Irish health insurance regulation stipulates that they must offer that same plan to everybody, to the market.

– So the same deal is available for me or you

– Same plan. Price wise you mightn’t get the corporate rate.

– And you mightn’t get the 10 percent discount.

– The same plan is available.

– The same plan is available. As if I was an employee of Google, or Facebook, or one of the banks.

– Yeah, absolutely. And so what you do is you, it’s almost like a secret code. When you’re calling them up to renew, you say to them what is the most recently launched plan that you have that meets my needs? And the person at the end of the phone is obligated to tell you what the most recently launched plan they have that meets your needs. They may say, well looking in our database, this is the plan we think meets your needs, but the most recently launched, by definition, 99 times out of 100, is gonna be the best plan, simply because if it wasn’t, why would they go to the bother of creating it in the first place? So just always ask for that. And again, don’t ever be afraid to shop around, and when you’re shopping around, don’t just look at the premium, like with all insurances, be it your car insurance, your home insurance, the one area that’s driving down premium is they’re increasing the excess.

– So the excess is the amount that you have to pay–

– Yeah, it’s the first amount that you’ll have to pay of any claim, so whilst it may appear cheap, that you’re getting this brilliant health insurance plan for like, 900 euros, your excess could mean that you’re responsible for the first 500 euros of any claim.

– ‘Cause when I was shopping around, there was, I think one with 250 excess.

– Yeah, that’s good.

– And they were offering 150 excess, which seemed very low.

– Listen, the lower your excess, the better. But it’s like when you shop around for your car insurance, they’ll say if you want to reduce your premium, you can increase your excess. The health insurance is no different, just beware of that.

– So health insurance is a significant expense to anybody who’s in work, maybe looking to return to work. It’s in the order of a couple of thousand euros.

– For a family, definitely, you’re looking at a typical bill of about 3000 euros.

– 3000 euros if you have it. So it sounds like, Robert, pick up the phone.

– Pick up the phone and ask, and don’t be afraid to shop around.

– Don’t be afraid to shop around. Robert from Rockwell. Appreciate your time and advice. Thank you very much. Justin from Talent Force. We’re all about flexible professional roles. Send an email, hello@talentforce.ie