How can you save money on your health insurance premium?

Total Health Cover’s Dermot Goode joined Lunchtime Live today to answer listeners' questions on finding a deal that best suits them.

It comes as thousands of health insurance customers have been hit with increases to their premiums this month.

One caller sought advice on behalf of their mother who is over 100 years old and was paying €180 a month for private insurance while also holding a medical card.

Mr Goode said there was “no straightforward answer,” but advised her to take advantage more advantage of the public system.

“As people get much older and the likelihood of them getting admitted to private hospitals decreases then they’re better off tapering their cover back,” he said.

“They should hold minimum cover for private hospitals when they are fully covered for public hospitals.

“Because your mother has the medical card there will be no charge in public hospitals.”

Handy

Mr Goode said private cover can still come in handy.

“The only reason I say that is because if someone needs a very simple day procedure, even with a medical card, you could be waiting months in the system,” he said.

“But if it’s a routine day case procedure with private insurance, you can still go to a private hospital – I hope that’s some help to you.”

Another caller was a 58-year-old woman who was considering upgrading her policy, from Irish Life's HealthGuide 2 plan, as she approaches 60.

Health Insurance expert Dermot Goode. Image: supplied

Mr Goode said her current plan was “excellent” at an annual cost of €1,420.

“What I would suggest here is looking at the risk factors,” he said.

“You’re not fully covered for things like hips, knees, shoulders and cataracts.

“What I would say to you right now, if none of those things are of concern to you and there were no impending surgeries, I would suggest staying where you are.”

The insurance expert said it's something “to be considered every year” for people approaching old age.

“The worst-case scenario is if you need to upgrade your cover - if you have no existing conditions - you get the higher cover straight away.

“If you have an existing condition, it will take two years before the extra cover kicks in but right now, you still have a good plan.

“To go on to the higher plan with full orthopaedic cover, you could be spending an extra €500 to €1,000 so I’d probably stay where you are right now but check every year.”

Best Value

One caller was searching for the best value policy for a 65-year-old male in reasonable health who is a VHI Health Access customer.

“His current plan is going to cost about €2,117," said Mr Goode.

"The issue with VHI is there is no other lower plan really with VHI where he will keep the full orthopaedic cover.

“My suggestion to you is to contact Laya Healthcare and ask about a plan called Simply Connect Plus - it’s €1,722 and if you like it, it’s going to save you €400.

“It’s a brilliant cover plan and he can keep his full orthopaedic cover while also getting guaranteed refunds on outpatient expenses”

Mr Goode added that over 50,000 people in Ireland are believed to be overpaying for health insurance.

Main image: The entrance to St Vincent's Hospital in Dublin. Image: Noel Bennett / Alamy Stock Photo