The price of health insurance cover has continued to grow over the past year – so how do you get a good deal?

Health insurance premiums are now up 11% compared to 2023 but there is a new provider in the mix - could this see a change in insurance prices?

On The Pat Kenny Show, insurance expert Dermot Goode said it is the “worst time for consumers” as about half a million people will have received insurance renewal notices over the last week.

“Literally half the market will be renewing between December and the end of February,” he said.

“The rate increases are quite staggering.

“If you're lucky, you'll get away with 6%, most people are facing 15% and some people on the older plans are facing 19% to 25%.”

Mr Goode said consumers need to “brace themselves” when opening insurance renewal notices.

“A lot of plans are being retired, so people are going to have to shop around for replacement cover,” he said.

“Benefits are being cut as well.

“So everything negative that could potentially hit consumers just before Christmas, that's exactly what's happening.”

New provider

The “light at the end of the tunnel” is new provider Level Health who launched about three weeks ago, Mr Goode said.

“It looks like they're already making an impact, and their rates are very, very competitive,” he said.

“At least now, people who are struggling to pay those renewal premiums, and if they can't find an option that suits them from their existing provider now there's another alternative there that definitely is worth considering.”

"No such thing as loyalty"

Mr Goode said that people need to switch up their health insurance more frequently.

“People need to think of this like car and home insurance - if in 12 months’ time they're not happy, they can always switch back to [their original provider],” he said.

“People need to realise there's no such thing as loyalty in health insurance.

“You really should check out the best deals, see if you can get a better deal from the current provider.

“The best question that [you] can put to any health insurance company is, ‘Do you have a lower cost, similar plan to what I currently have?’

Budget

Don't be afraid to tell insurance providers your budget, Mr Goode said.

"To be fair to the insurance companies, that will focus their attention, they'll have to find you a plan that fits that budget, and if you don't like what they offer you then they you simply repeat the process with the other insurance companies," he said.

“The biggest mistake that people will make is not picking up the phone and not engaging.”

Mr Goode said if consumers stay on the same plan consistently, they might end up “paying 25% more for less cover” because benefits are being reduced.

It is “too important” to let it “roll over”, he said.

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Doctor writing prescriptions. Image: Wavebreak Media ltd / Alamy Stock Photo