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Review your health insurance policy to save money on your premium

News that all three of Ireland’s health insurers have increased their premiums in 2023 is likely to add even more pressure to policyholders amidst the cost-of-living crisis.

According to Irish Life Health, premium increases have resulted from a sharp increase in the volume and size of claims, particularly in private and hi-tech hospitals.

Similarly, VHI has experienced increased pressure on its healthcare services, alongside taking an €18.6 million hit on its investment portfolios.

While it may be tempting to let your health insurance lapse, consider the more than 690,000 people in Ireland that are currently on healthcare waiting lists.

As a public patient, that means if you get sick, or need treatment for a condition that requires a consultant or surgery, you may have to wait – for months, and potentially even years.

Further, according to the Irish Cancer Society, public patients are not being given the best chance of surviving cancer due to long wait times and overcrowding in the health system.

Health insurance provides vital options that can have a life-changing impact.

However, even though premiums are on the increase, that doesn’t mean you have to pay more.

The Health Insurance Authority (HIA) recently encouraged policyholders to review their policies to compare plans and find out whether they can save money on their premiums.

They particularly encouraged over 65s citing data that shows they may be paying too much for health insurance, up to 42% more on average for cover in 2022 than their younger peers.

In Ireland, health insurance is offered by three providers, Laya, VHI and Irish Life Health. However, together they offer hundreds of plans and many of which are not always promoted to the public.

Reviewing each provider’s plans to ensure they deliver the benefits you need at the right price takes an incredible amount of time and an in-depth understanding of the market.

Hennelly Finance makes the process easy by reviewing the market for you and providing a recommendation for health insurance based on your needs and your budget.

Don’t be afraid to switch your plan; if you already have a health insurance policy, government legislation protects you from being penalised by health insurers on the basis of your age and state of health.

You cannot be charged a new age loading if you switch providers, nor can an insurer charge more based on your previous claims.

Furthermore, if you have a pre-existing medical condition, you don’t have to serve any additional waiting periods.

The only waiting period that may apply is if you are upgrading your plan; you may have a waiting period until those upgraded benefits become available.

As the west of Ireland’s leading health insurance advisor, let us do the hard work for you and find an option that suits your needs and budget.

Don’t pay more for health insurance when you don’t have to. To find out more, call us on 091 586 500 today to review before you renew.


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Where we are

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

Opening Hours

Monday - Thursday: 9am -5pm
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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