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Renewing your health insurance? Read this first!

If you are among the majority that renew their health insurance in the first three months of the year, now is the time to review your plan. While there are no scheduled increases in the health insurance levy in 2018, your plan may still be liable for the 2017 increase if your last renewal fell prior to April 2017. There are a number of ways you can reduce your health insurance premium without significant impacts to your cover.

Don’t auto-renew

The first is to make sure you don’t automatically renew your health plan. If you reach your renewal date and haven’t advised your health insurer of your intention to alter or cancel your cover, your plan will automatically roll over for another 12 month period without consideration for any changes in your health needs or any savings you could make. If you’re keen to bring down your premium or gain better value for money, start reviewing your options a good eight weeks out from your renewal date to give yourself enough time to weigh up all your options.

Excess to avoid excess

While it may seem counter intuitive to incur hospital fees when you’re already paying for health insurance, bearing the brunt of a small excess has the potential to save you hundreds on your annual premium. In the event you need to pay a small excess, it is unlikely to break the bank and is preferable to reducing the quality of your health cover in an effort to make savings. Health insurers offer various excess options so it pays to consider which one is right for you.

Consider your needs

At each renewal it is essential you take the time to review your health and what needs you may have for the coming 12 months. Is your current plan working for you? Have your health needs changed? How might they change in the next year?

You can make savings on your health insurance premium not only based on what you need, but on your preferences. For example, do you really need a private room or would a semi private room suffice?

It is estimated that up to 80% of people may be paying for health insurance that no longer meets their needs, so it pays to consider your total health picture and adjust your cover accordingly.

Say no to the waiver

Among the forces driving up the cost of health insurance is the public hospital tendency to have patients sign a waiver that bills their health insurer for their stay as a private patient. Health insurers advise their customers don’t sign the waiver unless they are receiving private patient benefits such as a private consultant and single room, else they will still be treated as a public patient while bearing the cost of rising premiums down the track.

Talk to a health insurance specialist

If you’re confused by the sheer volume of health insurance options, are time poor or would like help to review your cover, get in touch with Hennelly Finance to discuss your needs. We are one of Ireland’s leading health insurance experts and offer comprehensive knowledge of the health insurance landscape and how to match health plans that best suit your needs. If your renewal is looming get in touch with us today to determine if your plan is the right one for you.

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Where we are

Insurance Brokers & Financial Consultants,
Unit 3B, Tí Phuirséil,
Barna, Co. Galway.
H91 AF1W

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Friday: 9am - 4pm
Appointments available outside normal working hours upon request.


Hennelly Financial Services Ltd. t/a Hennelly Finance & Health Insurance Shop is regulated by the Central Bank of Ireland. Directors H. Hennelly, R. Hennelly. Registered in Ireland, Company Reg No: 32727.
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