Nee Nah, Nee Nah...Level Health gives CPR to health cover

A new health insurer has slashed premium costs by up to thousands of euros and will likely trigger a price war with a range of simple and competitive plans with lots of extra goodies on offer.

On all plans, including the cheapest deals, it offers free travel insurance,  a 10% discount, unlimited virtual GP visits plus big discounts on Aviva insurance products.

Ireland’s leading market expert reckons that potential savings range from hundreds of euros on mid-range plans

to €2700 per person on the most pricey policies.

“Competition like this is exactly what the market needs,” says Dermot Goode,Head of Healthcare Division with Lockton Insurance Brokers Ireland.

Health insurers collectively confuse customers with hundreds of plans but the new entrant has just four  - A, B, C, and D.  

“On the Plan B 300 scheme, the potential savings are from €100 - €300 per adult or €200 - €600 for a family,” Mr Goode estimates.

“On the Plan C scheme, the potential savings are from €15 - €300 per adult or €110 - €480 for a family.”“On the top scheme which is Plan D, the potential savings are up to €2,700 per adult (we don’t see young children being added to this plan).”

There may not be substantial savings on the Plan A scheme compared to other insurers, but “there are extras on this plan which may be of interest (listed below),” Mr Goode says.

“Also, Laya members could save up to €100 per adult or €200 per family on this plan,” he says.

  Other goodies from Level Health include:

• Free cover for all children under 3 years old

• A potential €500 cash payment for those who ‘go public’ for maternity services

• Cash benefit for cancer, cardiac, children’s surgery & fertility in-patients

• Unlimited virtual GP, physiotherapy and mental health consultations

Health insurance consumers have been hit hard by rising premiums, reduced benefits, and the retirement of popular plans. 

And so, according to Mr Goode, the arrival of Level Health “couldn’t come at a better time, especially as nearly 50% of the market—or about 1.25 million people—prepare to renew their policies. This new offering is sure to shake up the market, and we may even see a price war”.

“We advise consumers not to auto-renew their policies, as doing so could cost up to 25% more for less cover. Shop around, disclose your budget and specific requirements, and challenge insurers to match or improve your current plan.”  

Mr Goode rates Level Health’s Plan B as “excellent value” plan covering public and private hospitals at €936 per adult and €218 per child (family cost of €2,308)

Health insurers have increasingly shied away from providing full cover for not only cardiac care but also joint and eye procedures that become almost routine for most people as they age and surgery options improve. 

People who can’t afford to pay thousands for health cover every year have had to fork out many thousands in costly co-payments and excesses instead. 

Level Health hasn’t entirely done away with these on its cheaper plans.

However, the co-payments for joint and eye procedures in private hospitals are lower than other providers for this level of cover on the Level Health plans B & C, (i.e. €2,000 on orthopaedic and €400 on ophthalmic procedures.)

“And for those who want private hospital cover for major cardiac surgeries in the high-tech hospitals (Blackrock Clinic and Mater Private Dublin), they should consider the new Plan C,” he says.

This “is priced at €1,220 per adult and €265 per child (family cost of €2,970). This plan has a very low excess of €75 per claim.”

If you want private cover in all hospitals with no excesses to pay and no co-payments on restricted procedures, then the new Plan D (€2,262) could be the one for you.

“Many other plans in the market that cover private accommodation in the likes of Blackrock Clinic & Mater Private Dublin are priced in excess of €4,900 per adult,”  he says.

The simplicity of Level Health’s offerings is refreshing in a market  complicated by hundreds of plans, most outdated and uncompetitive.

Insurers constantly churn out new plans with ‘all the bells and whistles’ to appeal to corporate buyers and a minority of savvy switchers. 

Meanwhile, they reduce benefits and increase prices on the majority of older plans that most people still overpay for.

Also simplying things is the fact that there are no restricted hospital networks with Level Health and all their plans cover most of the usual benefits.

One downside spotted by Mr Goode is that “their out-patient or day-to-day cover (for routine expenses) may not be as comprehensive as other market offerings but this is not a requirement for all consumers.” 

Irish Life Health, for example, has pioneered an ever-wider range of items you can claim for such as fitbits and  gym membership.

He advises: “For those who want extra day-to-day, they can purchase this as an optional extra at €190 per adult or €76 per child (only available on Plans B and C). Day-to-day cover is included as standard on the Plan D scheme.”

Level Health is offering a 10% discount to new members up to December 2.