There have been a string of price rises from health insurance providers. Photo: Getty
Two-thirds of adults who have health insurance have never switched insurer, despite providers unveiling a slew of price hikes, with more price increases expected in the months ahead.
The reluctance to move provider was uncovered by a Red C poll of 500 insured adults carried out for Cornmarket, a health insurance broker.
The firm – best known for providing financial services and insurance to public sector unions – runs a health insurance comparison service that analyses plans from all four providers.
Customer loyalty is “largely because they trust their existing insurer and fear losing benefits or waiting periods they have built up over time”, says Dermot Wells, head of health insurance at Cornmarket.
“A big part of the problem is fear driven by misinformation.
“The reality is that many households could significantly lower their premium without materially reducing their level of cover, simply by reviewing their plan annually to ensure it still reflects their current needs.
“Families that shop around and switch can save as much as €700 per year on comparable benefits,” he said.
The findings come after VHI Healthcare, which has 1.2million policyholders, last week announced yet another price hike. Premiums will rise by an average 3pc on March 1, which will affect those renewing policies or taking out new policies.
Its competitors have also unveiled a series of price increases over the last 12 months.
The Cornmarket study found that 56pc of insured adults believe premium increases in recent years are not justified, with more than half of respondents believing the increases are rarely or never clearly explained by the provider.
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