Health Insurance Daughter moving from child to adult and looking for policy change

T

Temple

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Hi,
We have been a 2 adult, 2 children family on Laya's Control 300 Create.
However, my daughter turned 18 during the year, and her premium has gone from €278.04 last year to €1,251.06 for renewal this year.
I chose this policy because it included cover for day-to-day expenses without an excess.
Trying to find policy(s) that offer similar, which might have a cheaper premium, if anyone can direct me to any?
Thanks
 
Last edited:
Temple said:
Trying to find policy(s) that offer similar, which might have a cheaper premium, if anyone can direct me to any?
Click to expand...

Why does an 18 year old need health insurance?

If she is a healthy non-smoker with no pre-existing conditions, it's very bad value.

She should review it if she takes up smoking, develops an illness sometime before she hits 34.

Brendan
 
Temple said:
Hi,
We have been a 2 adult, 2 children family on Laya's Control 300 Create.
However, my daughter turned 18 during the year, and her premium has gone from €278.04 last year to €1,251.06 for renewal this year.
I chose this policy because it included cover for day-to-day expenses without an excess.
Trying to find policy(s) that offer similar, which might have a cheaper premium, if anyone can direct me to any?
Thanks
Click to expand...

Hi Temple,

Laya's Inspire plan is worthy of consideration as the price for a young adult(18-20) is €582 per annum.

Remember all the family do not have to be on the same plan. You can have the young adult on a separate plan.

Inspire's day-to day excess is €1 and it is capped at €1000 return per member.

It also covers up to a semi-private room in private hospitals. However, the inpatient excess for The Mater private and Blackrock is very steep at €500 per night. There is also a 20% shortfall for orthopaedics.

If a private room in a private hospital and Orthopaedic surgery are not issues for you then Inspire is worth considering.

I hope this is helpful.
 
Brendan Burgess said:
Hi Riomhaire

In general, would you recommend health insurance for a healthy non-smoker under 30?

Brendan
Click to expand...

Depends on their circumstances/income, but most of us assume we are healthy until suddenly something bad happens or is discovered. While this is less likely under 30, life changing health conditions can happen at any age to people who were always previously perfectly healthy. Whatever about in normal times, I wouldn't fancy facing into the pending enormous public waiting lists for critical treatments after all the delays and cancellations of electives etc due to Covid.
 
Brendan Burgess said:
Hi Riomhaire

In general, would you recommend health insurance for a healthy non-smoker under 30?

Brendan
Click to expand...
Brendan,
It depends on the circumstances, parents like to have a "safety net" for their kids/young adults.
It's like all insurances , we pay them and hope we never have to use them. Unfortunately we have one young adult who has used health insurance more times that all the rest of us
 
Riomhaire said:
Hi Temple,

Laya's Inspire plan is worthy of consideration as the price for a young adult(18-20) is €582 per annum.

Remember all the family do not have to be on the same plan. You can have the young adult on a separate plan.

Inspire's day-to day excess is €1 and it is capped at €1000 return per member.

It also covers up to a semi-private room in private hospitals. However, the inpatient excess for The Mater private and Blackrock is very steep at €500 per night. There is also a 20% shortfall for orthopaedics.

If a private room in a private hospital and Orthopaedic surgery are not issues for you then Inspire is worth considering.

I hope this is helpful.
Click to expand...
Thank you so much
 
Chelseablue, I never knew there was a 'young' adult category. Thank you for this.
 
Chelseablue said:
It's like all insurances , we pay them and hope we never have to use them.
Click to expand...

But it's not at all.

I pay a price for my car insurance which matches my risk - older and no claims for years.
An 18 year old driver pays a much higher price because they are a much higher risk.

With Community Rating a healthy , non-smoking 18 year old pays the same price as an elderly obese diabetic who has been smoking 40 cigarettes a day. (Unless there is now some discount for younger adults?)

The young person is hugely subsidising the older person.

I am not subsidising her motor insurance so I don't see why she should subsidise my health insurance.

Much better to put the "premium" into a savings account and use that account to pay for any health expenses.

Brendan
 
I see that insurance companies are allowed to give discounts to younger people but they apply only to some products.

Joe.ie



Total Health Cover's Dermot Goode explained: “Under current legislation, insurers are allowed to charge a reduced rate for young adults aged 18-20 and then a tiered discounted rate for those young adults aged 21–25.

"So, for example, a 21-year-old may get a discounted rate of nearly 50%, whereas the discount for a 23-year-old will be in the region of 30%.
 
Cancel the entire policy and put the premiums into a savings account/prize bonds or similar and create your own health insurance fund then pay cash (and haggle hard) for any private healthcare. You could even travel to continental Europe for excellent affordable private healthcare.

In the balance of probabilities, you'll have a surplus in your own fund unlike paying premiums for the insurance company to profit on.
 
Hi ATC

I would have agreed with that some years ago.

But now with lifetime community rating, you are forced to buy health insurance from age 34 or else it will be too expensive when you really need it in your sixties.

Brendan
 
Hi Brendan, the health insurance companies still receive more in premiums than they pay out.

If a person aged 34 put the amount of a health insurance premium into an account for 30 years, at which stage they might arguably need to significantly draw on it, I still believe on balance they would have a surplus over buying health insurance for the same period.

I would have spent about €60000 on health insurance premiums since returning to Ireland in the mid-nineties. I have spent circa €3000 in that time.
 
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