An insurance expert has said people could save thousands of euro if they change their health insurance plans - all with minimal impact on the coverage available to them. 

The country’s three main health insurance providers, VHI, Laya Healthcare and Irish Life Health, all previously announced price hikes that kick in on October 1st this year, piling yet more financial pressure on their customers. 

A spokesperson for VHI described the increase as necessary because of the “dual challenges of an increase in demand for healthcare and an increase in the cost of delivering that healthcare”.

On The Pat Kenny Show, insurance expert Dermot Goode said the increases are well above the general rate of inflation in the economy. 

 “The average with Irish Life and VHI is about 3%, the average with Laya Healthcare is 4.5%,” he explained. 

“Straight away, your listeners need to be very careful with these averages; my analysis already shows that a lot of the plans - particularly the older plans - will increase by multiples of those averages. 

“The other thing that people are forgetting about is that they think, ‘I can handle 3% or 4%’ - forgetting there were other increases in January, March, April and also in August as well.” 

A doctor and patient. Picture by: Alamy.com.

Mr Goode added that consumers should treat the increase as a “wakeup call” and consider what alternatives are available to them. 

“When I look at some of the Laya plans, some of the Laya schemes, the increases are up to 27%,” he said. 

“These are the older plans with Laya Healthcare where people want to keep full cover for hip replacements, for knee replacements and so on - which a lot of people still want to keep.

“You really have to pick up the phone, the days of autorenewing on your plan are just gone now,” he said. 

“The good thing is Laya has other alternatives, but if you don’t engage with them, you’re going to miss it.” 

Mr Goode continued that he has “huge sympathy” with elderly people who feel daunted about the consequences of switching their plan and suggested they get a younger relative to help them. 

“I would say to everybody listening now, your parents, your grandparents, any older relatives, neighbours - they need your help,” he said. 

“They genuinely could knock thousands off their cover and nearly 60, 70% of people will get a good deal with the same insurance company. 

“So, they don’t necessarily have to change.”

Main image: A doctor talking to a young patient. Picture by: Alamy.com