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Those who have private health insurance in Ireland are being warned that as they enter their renewal period in the coming months, they can expect to see a steep increase in their policy rate, a hard pill to swallow as people continue to struggle with the ongoing cost of living crisis . With almost 500,000 people across the country due to renew their policies in the New Year, they will receive renewal notices over the coming weeks. However, one expert has issued his advice on what policy holders should do when they do get those notices and realise that their policies are costing far more than they should to renew. READ MORE: Cost of living Ireland: Little-known government schemes that could give your income a boost READ MORE: Cost of living Ireland: Increases and extra social welfare payments coming in a matter of weeks Dermot Goode, Director of Health Insurance Ireland, told Drivetime's Cormac Ó hEadhra that this can be "the worst time of the year" for health insurance customers. He said: "In two weeks time half a million people who are due to renew on the first of January are going to get those notices, and they're not going to be happy." He went on to explain that health insurance customers will be subject to huge hikes in the cost of their premiums, with some facing increases of over 25%. Dermot said: "If they're [health insurance customers] lucky, they'll get away with ten percent of an increase, most are going to average around fifteen percent," "And people on the most expensive, the older plans, what we would call the 'dated' schemes, they're facing increases of up to maybe twenty-seven percent." Issuing advice on how customers can tackle these huge price increases, Dermot said the best thing to do is take immediate action. He noted: "Our first advice to people is, don't wait until you get those renewal notices, you know it's coming." "The problem is, if you start doing your research in three weeks times you're going to struggle to get through to the insurance companies, just simply due to the sheer volume of people." "We would suggest to people to start the process now, you don't necessarily need to wait until the renewal notice lands." He continued: "What we would say to everybody is, look, the first port of call is phoning your existing insurance company, be prepared for a huge increase... simply tell them you can't afford the renewal and you challenge them to find you a similar plan, with similar benefits, that obviously is lower cost. "Don't be afraid to disclose your exact budget to them," he added. "Change the focus of the conversation, let the insurance company go through their plans to find you a more suitable scheme." Dermot then said: "If they do propose something that sounds promising, your next question is, 'great, tell me, how does that compare to my current plan? What am I losing and what am I gaining and what stays the same?' " He notes that the people who take the time to thoroughly research their options and engage with their insurance providers are the ones who find great deals, and may not be hit with the same huge price hikes that others will face in the New Year.
