When your health insurance renewal arrives be prepared for a massive increase in premiums this year. Aviva became the latest provider to announce a hike in its premiums. They will go up by between 4pc and 7pc on October 15, in a move that will cost families an extra €100 a year. Across the market, premiums have risen by around 50pc in the past 18 months. It now costs a family around €2,000 for health cover. Another change has been the restriction of benefits, higher excesses and only covering certain private hospitals.
The Health Insurance Authority is a statutory regulator of the private health market. They have an excellent website to compare all the health insurance plans available on the market and a direct comparison of your own plan even if you don’t know the name of the plan(s). The website is www.hia.ie Check this out before you renew.
Employees whose medical insurance premiums are paid on their behalf, by their employer, as a Benefit-in-Kind, will not have been allowed tax relief at source on the premiums. To claim the relief due you can contact Lorraine on 087 2608988 or lorraine@jigsawfinancialsolutions for the credit to be applied. The relief can be backdated for 4 years if applicable.