Trying to cut costs? Make sure to review your health insurance!

We are all aware of the cost of living crisis that we are experiencing at the moment. The increase is noticeably different across a weekly shop, electricity, gas, and utilities, and there is all of a sudden an influx of knocks on the door from an array of companies encouraging a switch.

For example, according to the Central Statistics Office (CSO) prices on average, as measured by the Consumer Price Index (CPI), were 9.2 per cent higher in October 2022 when compared with October 2021.*

It is no secret shopping around makes a difference and for the last few years, a lot of us have put a switch on the back burner. Latest data released from the Central Statistics Office revealed inflation has reached its highest level since 1984.*

When it comes to health insurance and switching provider or plan to make a saving, there has been a misconception that this means less cover or a reduction in benefits but in reality, that’s not always the case. If you’ve been on the same plan for more than two years, you’re more than likely overpaying.

Health insurance will not be immune to inflationary pressures and premiums are likely to increase throughout 2023 as a consequence of an increase in the cost of care in private hospitals, partly fuelled by the cost of living challenges and medical inflation.

As we head into the busy period for health insurance, with circa one million health insurance customers due to renew their cover from December**, there has never been a better time to review your health insurance before you renew this year.

Some examples of plans that should be reviewed include:

VHI Health Plus Extra (€2,740)

Irish Life Health Level 2 Hospital Excess (€2,657) and

Laya’s Essential Plus Excess (€3,084).

Consumers could potentially save between €700 to €1,200-plus per adult per annum by considering other options, such as:

Irish Life Health’s 4D Health 5 (€1,823)

Laya’s Momentum, (€1,825) and

VHI’s Advanced Care 50 Day to Day (€2,016).

These potential savings could really make a difference in managing an overall household budget.

Cornmarket’s health insurance comparison service compares over 320** plans from all three insurers, Irish Life Health, Laya Healthcare and VHI. They help find a plan that meets your needs and budget.

Save up to €392*** by reviewing your health insurance with Cornmarket. To speak to a member of the health insurance team, call (01) 416 0280.

*Source: Central Statistics Office, Oct 2022,

** The Health Insurance Authority, Oct 2022.

*** Average saving based on 4,254 customers who reviewed & switched their cover between Oct 2021 & Oct 2022, Cornmarket, 2022.