Laya Health Insurance: cheapest in market?

gaiscioch

I have another 5 days before I have to get private health insurance and I've already started writing to my local TDs asking them to consider introducing legislation to reduce the number of health insurance plans from the existing "over 360 health insurance plans" to five or ten.

Anyway, the strong impression I'm getting is Laya is considerably cheaper than the other three health insurance companies in the Irish market: VHI Healthcare, GloHealth and Aviva Health. Is this perception correct, and if so what are the downsides/snags of Laya as an insurer that people are paying significantly more for similar plans with other companies?

To Elland Back

It is shocking the number of different plans and the stupid names they give them. Too much smoke and mirrors to make an informed choice

Ogham

gaiscioch wrote: »

I have another 5 days before I have to get private health insurance and I've already started writing to my local TDs asking them to consider introducing legislation to reduce the number of health insurance plans from the existing "over 360 health insurance plans" to five or ten.

Anyway, the strong impression I'm getting is Laya is considerably cheaper than the other three health insurance companies in the Irish market: VHI Healthcare, GloHealth and Aviva Health. Is this perception correct, and if so what are the downsides/snags of Laya as an insurer that people are paying significantly more for similar plans with other companies?

You don't "have" to get insurance.

gaiscioch

Ogham wrote: »

You don't "have" to get insurance.

True. But the 2% levy added on to each year after May 1 amounts to a substantial annual premium in the future.

From this RTÉ News report on 4 March 2015:

It will mean people over the age of 34 who take out health insurance for the first time, or after a long break, will face a 2% per year penalty on their health insurance.

For a 50-year-old, that represents a 32% increase.

Ogham

gaiscioch wrote: »

True. But the 2% levy added on to each year after May 1 amounts to a substantial annual premium in the future.

From this RTÉ News report on 4 March 2015:

Just scaremongering by insurance companies trying to drum uo customers in a declining market. (Aided by the Govt) .
No one "needs" health insurance in Ireland. People are fooled into thinking they must have it. I see it as a luxury item that is just a profit generator for insurance companies.

slig17

Ogham wrote: »

Just scaremongering by insurance companies trying to drum uo customers in a declining market. (Aided by the Govt) .
No one "needs" health insurance in Ireland. People are fooled into thinking they must have it. I see it as a luxury item that is just a profit generator for insurance companies.

Do you really believe this? seriously like if you got a dodgy heart or something similar would you not worry that you would be better with than without as im seriously thinking of joining back up - the levy doesnt effect me as i have it previously and am covered but i would really like to hear you reasoning behind this because it would tight monthly if i had to go back?

gaiscioch

Back needing to renew and it seems from the HIA website not only has the price of my health insurance (Laya Flex 250) rocketed from €694.02 in April 2015 to €945.26 in April 2016 - a 36% increase - but what is available in the same plan now is significantly inferior.

Edit: When I actually went to renew with Laya today, they said I was getting exactly the same offering as I got last year except that the day excess for private hospitals is reduced from €250 to €100. The net cost of this year's premium was €830.73. Furthermore, the €694.02 premium last year was for 11 months (until the end of March) as Laya's year begins on 1 April each year. So a 12-month subscription last year would have cost €63.09 x 12 = €757 net. My premium therefore went up by €73.73 net, or 10.26%, in one year.

More importantly, the HIA website needs to be updated on what that plan offers as it wasn't reliable.

LostArt

Flex 250 Explore is €854.20 according to the HIA website, that's a decent alternative if you don't use the day to day benefits. You'll get a 10% discount if you purchase online.

The cover on the plan hasn't changed btw, the central bank has just forced all the insurers to display the table of benefits differently. The excesses applied last year too.