Research shows Irish people spend huge sums on health insurance due to excessive anxiety
DUBLIN: Health is everyone’s concern, but it is not good to waste money on health insurance. A recent survey report reveals that the vast majority of people who spend huge sums on health insurance due to excessive anxiety do not have a clear idea of its terms or the package they receive.
Many people think that if they have insurance, the company will bear everything. Many of the terms are in dispute when it is finally claimed. Many people spend more on insurance than they need. Three out of five insurance policyholders are like this. Therefore, they are not able to review their health care every year and take out insurance only when they need it.
Based on a policy review of 1,000 people, research conducted by a consultancy shows that people spend more than €500 a year unnecessarily. Research shows that 60% of policyholders choose the wrong plan.
The study says that with the increased focus on this area, inappropriate coverage in the insurance sector is emerging. They can pay the insurance premium for their vehicle or home with the amount they unnecessarily pay for their health insurance. Consultancy therefore calls for action to be taken now to avoid overpaying.
The consultancy says that many seniors, especially those over the age of 60, are still reluctant to change policies for fear of losing their benefits.
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