The public health service in Ireland is very good in providing support to those suffering from illness, in an emergency, or for specialist treatments that require expensive medication. However, as a public service there are limitations to the service that mean that it may not always be the best option which therefore makes having health insurance quite beneficial in certain circumstances.

Benefits of Having Health Insurance

Health insurance can be utilised to cover costs for time spent in private healthcare and to compensate private health professionals who provide your treatment in their practise. Other benefits of having health insurance include the following:

Priority/Faster Access to Healthcare

Through the use of a private hospital or healthcare facility, those covered by health insurance can receive faster access to treatment, especially for non-emergency medical situations. As opposed to enduring long waiting periods or queues at a public hospital, health policyholders can choose to go private and receive treatment at their convenience and from a provider of their choice.

Specialist Care

Certain hospitals are well known as specialists in their field and sufferers of specific ailments such as cardiac related illness and others may wish to be treated for their condition at a specific healthcare location. Healthcare insurance ensures that you have enough financial cover for the costs of your chosen private healthcare provider should you chose to use them.

Securing Your Finances

As noted above, private healthcare and unexpected health issues can end up becoming very costly. Having health insurance is also an ideal way to protect your future financial stability as it negates the need for you to dip into your savings should the need unexpectedly arise.

Peace of Mind

Although it is fourth on this list, having peace of mind regarding health matters is by no means less important than financial or priority reasons, especially for those with young dependants or elderly family members. Knowing that you have health insurance cover means you can rest easy in the knowledge that any unplanned financial burdens you may come across due to healthcare will be covered.

Improved Health

With the benefit of cover from health insurance, policyholders can in theory gain from receiving specialist care and treatment. In addition, priority access also means that any issues are treated faster, thereby preventing further complications and prolonging your health. Health insurance coverage also makes it easier to have regular health check-ups that may otherwise be avoided or ignored due to extra costs. Regular health checks increase the likelihood of the early detection of any issues that may otherwise go undetected making them extremely beneficial to your overall health.

When you consider that the lack of health insurance can mean not only the loss of a significant amount of finances, but also life, then its importance becomes abundantly clear. From receiving priority or specialist care to safeguarding your personal finances, considering taking out health insurance is important even with the benefit of a great public heath system such as the one that’s available in Ireland.

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A health insurance broker’s job is to provide clients with the best health insurance policy for them. They know the intricate details for specific insurance policies, and they’re able to navigate the client through all their options and they should be able to choose the best policy for their client after taking all of their specific circumstances into account.

Brokers normally work on a commission only basis, and health insurance brokers make an average of 15% per sale. Rates between broker and health insurance companies are the same, because both parties make commission (if not the broker, then the salesman who takes the call at the company).

How to Become a Broker

To become a licensed health insurance broker, there are a few courses to take and one mandatory exam. It’s important for brokers to keep abreast of current laws and guidelines as they can change quite often. Most of the time, people who become health insurance brokers have transferred from another health related career, where they were able to build up a lot of knowledge about the industry.If a broker gets enough clients, he/she can hire admin assistance, but as with all stand-alone companies, he/she will have to pay for them out of the company earnings. Therefore, it’s common for multiple brokers to work together and form a partnership, and share office/admin costs.

Technology is Changing.

The Internet is changing the brokerage industry though, as more and more people can just search online to find the same information they’d learn from a broker. On the other hand, there’s a lot of information online and it can sometimes be confusing, misleading or overwhelming. That’s where a broker could help you.

One thing to note is that brokers don’t necessarily have access to all insurance companies and policies. So if you know what you want, they may not offer it and you have to find someone else who does. Then again, if you knew what you wanted you probably wouldn’t go to a broker in the first place, you would most likely go straight to the company.

Specialisation is the Key for Brokers

One thing brokers have started doing to combat this is to specialise in a specific niche or industry, something targeted, so they know more than other brokers about that one subject and are the number one resource on it. If you’re looking for a particular kind of health insurance, or getting insured for something specific, there’ll be a broker out there who will know the policies and details inside out.

Private health insurance brokers are different than others, because they’re not tied to any specific insurers and can give you a different perspective on whom to choose. While private healthcare insurance can cost a lot more than anything else, being covered by private healthcare has a lot of benefits.

If you’re looking for a health insurance broker, as with anything, make sure you do your research. It’s important you trust whom you work with, and that they do the obligatory research on your pre-existing medical conditions and other variables. Your health is your wealth, so make sure you choose your broker and health insurance policy wisely.

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If you’re over the age of 35, you may have felt a bit of panic when the new Lifetime Community Ratings on health insurance policies in Ireland was announced earlier this year. The introduction of the Lifetime Community Rating has led to a lot of confusion amongst both health insurance policy holders and non-policy holders. It also saw people scramble to sign up for health insurance ahead of the May 1st 2015 deadline in fear of having to pay high premiums in the future for health insurance.

Post deadline, a cloud of confusion still remains around the current state of purchasing health insurance for over 35’s. On that note, let’s delve into the subject a little further by exploring what it means and what its implications are.

What are lifetime community ratings & why were they introduced?

Lifetime community ratings are loadings applied to the premiums of those who do not take out their first health insurance policy until they are over the age of 35. To put it quite simply, if you take out and retain health insurance earlier in life, you will pay a lesser premium once you reach the age of 35 than someone who hasn’t taken out health insurance before the age of 35. The loadings were introduced to try to encourage young people to take out health insurance earlier in life.

If people actively begin to take out health insurance policies before the age of 35, it essentially helps to spread the cost of premiums more, meaning that cheaper premiums can be offered to all. It is being introduced for people aged 35 years and over as this is the age considered to be appropriate enough to allow people finish their education and enter steady employment and therefore be in a place where they can readily afford health insurance.

Do the new lifetime community ratings apply to me?

If you’re aged 35 or over and have never taken out health insurance before, you will face a loading on account of this when you do take out health insurance. If you have previously had health insurance but cancelled the policy before you turned 35, provisions will be applied and the level of loading will be reduced. How much the loading is reduced by will depend on the number of years that you were previously covered for.

How much extra will I have to pay?

If you’re over the age of 35 when you take out your first health insurance policy, a 2% per year loading will be applied on top of your premium for each year past the age of 35 that has passed without you having health insurance. The total loading fee may vary from person to person as credits can be applied for periods of unemployment and prior cover and the age of entry is also a big factor.

For example, a 65-year-old man who has never had health insurance before would face a loading of 31 x 2% = 62%. A 45-year-old man who had been covered for 7 years by health insurance until 2008 would have their “loading age” deemed at 38 (45-7) and therefore pay only a 4 x 2% (8%) loading.

We hope this guide helps you to better understand the impact of lifetime community rating on your potential insurance premium. The loading makes it even more important to ensure that you shop around before signing a health insurance policy.

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Do you have a life insurance policy? Would you be able to assertively tell someone exactly what you are covered for under your insurance policy? You would be surprised how many people are not entirely sure or are under false pretences about what their life insurance policy covers them for. Unfortunately, in many cases, it is only in the event of death or injury to the insured party that the various terms and clauses of the insured persons policy is highlighted.

When it comes to life insurance, there are many different types with each providing very different types of cover. Maybe it’s time to review your policy to ensure it is not missing any of the vital types of cover below:

Mortgage Protection

Mortgage protection insurance clears your mortgage in the event of your death meaning that your family do not have to fear being left without a roof over their heads. Most banks will require that you take out mortgage protection insurance as a condition of their mortgage agreement. No lump sum will be made to your family in the event of your death as this type of cover simply means that your mortgage will be taken care of.

Income Protection

Income protection is typically offered as an additional add-on to a life insurance policy. This type of cover ensures that you’ll still receive up to 75% of your annual income when you are out of work due to injury or illness. A common misconception is that this type of cover is included as standard in typical life insurance policies but this is unlikely to be true so be sure to double check your policy if you feel that this is something you require cover for.

Whole of Life

Whole of life insurance cover means that as long as you keep paying insurance premiums, you can enjoy insurance cover. By continuing life insurance cover right up to whenever you pass away, you can ensure that you build up a sizeable lump sum to be paid out to your family. There is a very common misconception that every life insurance policy means that you are covered for life and that your family will receive a pay-out should you pass away at any stage. However, a lot of life insurance policies are actually agreed for a fixed lump sum, which can only be paid after an agreed fixed period of time. Not sure which type of insurance policy you have? There is no better time to review your policy documents than right now.

Critical Illness

Critical illness cover, similar to income protection cover, is also traditionally offered as an add-on to whole of life cover. Critical illness cover allows you to request a life insurance pay-out while you’re still alive to cover your medical expenses so you can get better without worrying about being a financial burden on your friends and family. Typically speaking, an insurance company will offer critical illness cover for a list of specified illnesses. Again, you would be surprised how many people assume that their life insurance policy includes critical illness cover only to realise when they are knee deep in medical bills that no such cover exists.

We hope you better understand the various different types of life insurance. If you’re anyway unsure about the cover included in your life insurance policy, we would urge you to review the policy in full and amend as required.

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Think health insurance is just for people with families who are most susceptible to frequent visits to the hospital for broken bones, bruises and the like? If so, think again. Anyone of us is liable to have a reason to visit the doctor or even the ER at any stage of our lives. Anyone is liable to need to have a medical scan and everyone should be scheduling regular visits to their dentist. A good health insurance plan provides rebates or financial covers for such medical costs.

Should a medical or dental emergency occur, by having adequate health insurance cover, you will have no need to panic or avoid seeking treatment simply because of the potential financial burden that may follow. You can rest assured that your health insurance provider will cover these costs. Health insurance, in turn, can encourage you to ensure that you look after yourself better by seeking the right treatment as and when it’s needed. There are several different health insurance plans available for single people and they typically offer cover for the following 3 areas:

In-Patient Cover

The in-patient cover offered will vary from plan to plan but there are certain elements that you should ensure are included in your premium. A & E cover, general hospital costs and day care surgery are likely to be the in-patient services that you are most likely to require at some stage in your life so these are probably the most important cover options to ensure are included in your plan.

Outpatient Cover

The best health insurance plan for single people should include out-patient cover or at least percentage rebates for optical and dental visits, GP visits, physio or specialist treatments, health screening and scans. Other additional add-on outpatient cover options include cover for prescription fees, birth or adoptions, 24-hour nurse services or surgical appliances.

Personal Accident Cover

Standard health insurance policies will not typically provide cover for any personal accidents or injuries such as broken or fractured bones, disabilities, accidental death or facial disfigurements. Because of this, to ensure total peace of mind, the best insurance cover for you should include some level of personal accidents cover. Be prepared to pay in excess of €500 per year however to enjoy such a level of insurance cover. Always be sure to check your life insurance policy if you have one before asking for your health insurer for personal accident cover as many life insurance companies include personal injury cover in their premiums.

Health insurance has become a very competitive insurance market so be sure to shop around when looking for a premium. A typical health insurance plan covering the majority of the recommended in and out patient services mentioned above will typically cost about €150-€250 per year. Decide on the services that are most important to you before enquiring about cover or risk getting sold cover for medical services you are unlikely to ever need! We hope this guide helps you to better decipher the best insurance plan for you as a single person.

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When it comes to choosing and purchasing a health care plan that covers both you and your family, you don’t want to pick a policy that will stretch your family’s budget further than what’s comfortable for it to do so. Having said this, not having adequate health insurance cover can be a serious drain on your family’s savings, in the event of an unexpected injury or sudden illness. On that note, it makes sense to carry out what research is necessary and put in the effort that’s required to get the best policy for your specific requirements.

Our aim in this post is to help you to do just that so keep reading for an insight on the best way to save money on your health insurance policy.

How to pick the best plan
When the time comes to choose a health insurance plan, be sure to shop around and don’t just pick the first policy you come across with the lowest monthly premium. When you decide on which policy to take, make sure that you are covered for doctors visits, routine check ups, visits to the dentist and the purchasing of prescription medications.

Manage your deductibles
Most people are not aware that if one increases their deductibles, it makes them eligible for a lower annual premium. A deductible is the amount of money that you need to pay from your pocket before your health care policy is activated. So remember, the higher the deductible fee is, the lower the premium will be.

Understand your plan
Before taking out an insurance plan for your health or anything else for that matter, you need to read it and fully understand it. Many people that do not do this make mistakes such as using the wrong care facilities or practitioners. This can be a very costly error so always be sure to thoroughly read your insurance policy or consult with a patient advocate.

Preventive care
Often, one of the most overlooked pieces of simple advice in saving money on health insurance is to stay healthy so that you do not need a doctor in the first place. Practising preventive care is fairly simple and everyone can do it. Stay healthy by living an active lifestyle, remembering to exercise, eat healthy food and if you need to, take your prescribed medications.

Always ask questions
This is an important tip to remember and it can help you save a lot of money on your health insurance plan. Before you get any medical tests done, be sure to ask your doctor or health care professional if that test is truly necessary. Eliminating expensive and unnecessary tests is important, as well as always choosing generic versions of medications if they are available. Lastly, before signing your health insurance contract, be sure to ask lots of questions if there’s something in it that you do not understand or are not entirely happy with. A simple thing like so could save you a lot of money down the road.
Although health insurance is absolutely necessary, cheap cover that’s adequate for your needs can be hard to find. We hope that the above guide will help you to find something that’s suitable for both your budget and the status of your health.

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Private health insurance is a type of insurance that can help you to reimburse a portion of your medical costs. The cost of health insurance can vary significantly between various health insurance providers in the market and as we become more price-conscious, more and more people are shopping around when the time comes to renew their health insurance policy with their current provider. If you feel that you can get the same or similar level of health insurance cover with another health insurance provider, then you may be considering switching to that provider.

If this is something that you are considering doing but don’t know how to go about it, here is a brief guide to keep in mind when switching from your current health insurance provider:

Make sure you are getting the same cover.

The first and most important thing to do when switching your health insurance provider is to make sure that you will be receiving the very same or very similar coverage to that of what you’re receiving from your current provider. Also, make sure that you will be receiving this cover at a price that is less than your current premium and ensure that there are no hidden administration costs or excesses that will drive up the cost of your premium. After all, you need to be saving money if you are going to make that switch.

Make your application.

Almost all health insurance providers will allow you to make a switching application either online or over the telephone. For this, you’ll have to submit your details that will include the number of years that you’ve been with your previous insurer and a detailed summary of your medical history. Most companies will also deal with any paperwork as well as contacting your previous insurance provider on your behalf, which makes the process even easier for you.

Cancel your direct debit.

When your application is accepted, there are one or two things that you need to look after. First of all, make sure you remember to cancel the direct debit to your current health insurance provider and put a new one in place for your new provider. All direct debits must be cancelled in writing to your local bank branch. The last thing you want to happen is to end up paying two premiums for two different health insurance policies so don’t forget to schedule this in to your agenda.

Read your new policy documents.

When you receive your new policy documents from your new health insurance provider, make sure you read them carefully, making notes of anything that you need clarification on. Also, ensure that any special offers are taken account of in the policy document. As with any of your insurance and other important documents, be careful to store them safely and conveniently, as you never know when you might need to refer to them.

Switching your health insurance provider can save you a lot of money in the long run and so reviewing your cover and comparing it to other providers in the market makes good economical sense. We hope that the above guide will assist you through this sometimes-confusing process.

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Choosing the right level of health insurance cover can be a difficult thing to do. There are so many different plans, and each one comes with a different level of coverage, with some including health and wellness resources, others that don’t and some that include day-to-day medical expenses and of course, those that don’t. Basically, the level of health insurance cover you need depends on your stage of life and you should choose a level that adequately covers what is important to you at this stage. If you are completely at a loss as to how much health insurance cover you need, read on and everything should become that little bit clearer.

Single person, no children

If you’re a single person with no young children you should choose a level of health insurance that provides accommodation in a semi-private room in a public hospital at the very least. If you would prefer a little more privacy, you can opt for a plan that provides you with a private room and depending on your lifestyle and general health, you may want to choose a plan with a level of out-patient services as well as GP services.

Family with young children

As above, you should choose a level of coverage that provides you and your family with accommodation in a semi-private room in a public hospital at a minimum. Again, you can opt for private rooms or private hospital cover if that is what you would prefer. With a young family, you can be sure that there will be many trips to your local GP so a level of cover against the cost of such visits is recommended. Maternity cover will also be a consideration for you at this stage and you may like to choose a plan that covers you towards the cost of your consultant, antenatal scans and the likes.

Family with older children

The main difference between the level of cover that’s required by a younger family and one with older children is that the latter may not need cover towards day-to-day medical expenses and maternity cover won’t be as big of a consideration either. At this stage, as a family with older children, more emphasis should be placed on coverage for outpatient procedures such as MRI scans and other consultants’ services.

Older person

An older person who is looking for health insurance has different requirements again. At this stage of life, one may be most interested in getting a high level of care in a private hospital for a range of illnesses as well as cover against GP visits and other day-to-day medical expenses. Cover for orthopaedic procedures may also be important.

Don’t be confused by the sheer number of health insurance plans out there. With a little careful thought about your needs and expectations at your particular stage in life, you can choose a level of health insurance cover that perfectly suits your needs, for now and well into the future too.

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If you live in Ireland and have recently turned on the TV or radio or have picked up any newspaper, then you will definitely have heard a lot of talk about the Lifetime Community Rating. From the 1st May 2015, anyone who is over 34 years of age and is taking out health insurance for the first time or has had a break of more than 13 weeks from a previous health insurance plan, will have to pay more for health cover due to additional loadings called Lifetime Community Rating loadings. Depending on your age, you will have an extra percentage to pay, and the rating currently stands at 2% for every year over 34 years you are and this goes up to a maximum of 70%. This means that the older you are, the more you will have to pay for health insurance cover.

A Quick Calculation

To illustrate to you how the Lifetime Community Rating will affect you if you are taking out health insurance cover for the first time, here are some quick calculations:

1. If you are 52 years old and are taking out your first health insurance cover, you will be subject to an additional 36% loading on top of your premium.
2. If you are 39 years old and are taking out your first health insurance cover, you will be subject to an additional 10% loading on top of your premium.

Why has it been introduced?

The Lifetime Community Rating has been introduced in order to encourage younger people to take out health insurance sooner. In recent years, the age profile of those with health insurance has become increasingly older and this has had the effect of a significant increase in health insurance premiums. This has turned many people against taking out health insurance, and this is especially true when it comes to the younger segment of the market.

Concessions

There are some concessions available on the loadings that apply under the Lifetime Community Rating. For example, if you are 45 years of age and previously held health insurance for 5 years, your loading will be reduced by those 5 years. Therefore, your loading will be 12% instead of 22% (11 years less 5 years previous coverage = 6 years x 2%).

A concession will also apply to those who are coming to or returning to Ireland, and a nine-month grace period will apply in both of these scenarios. This means that if you take out health insurance within that nine-month period, you will not have a loading applied. Outside of that period, the Lifetime Community Rating will apply.

Current Health Insurance Holders

The Lifetime Community Rating will not affect those of you who currently have health insurance cover in place prior to 1st May 2015 but, having said this, you must not take a ‘no-cover’ break of more than 13 weeks in the future.

The Lifetime Community Rating will make it more attractive for younger people to take out health insurance cover earlier as they will pay lower premiums than those who choose to take out cover later in life. The result of which we hope will have a positive effect on the health insurance market as a whole.

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We never know when we will fall ill and it’s this unpredictability that can leave a person vulnerable to unexpected and costly medical bills. For that reason alone, the importance of health insurance cannot be underestimated. Not only can it save your life but it can also protect your financial well being and when you have a family to look after, health insurance is not only important, it is vital. The choice that’s out there when it comes to policies and companies is enough to make anyone feel sick but don’t worry; here is a brief guide to show you how to pick the best health insurance plan for your family:

Coverage

In terms of coverage, your priorities will vary according to your family’s requirements. However, having said this, all families will want to ensure that their health insurance plan has a high level of hospital cover that provides a semi-private room at the very least. For younger families, coverage for day-to-day medical costs such as GP visits, dentists and physiotherapists is very important and coverage for maternity and child benefits is also something that a young family may need to be included.

Cost

Cost will play a major deciding factor when it comes to choosing the right health insurance plan for your family. After all, if your plan is not affordable, you will not be able to keep up with the monthly repayments and may lose out on your health insurance coverage altogether. To prevent this from happening, make sure to compare all family health insurance plans that are available to you. Also, ensure that you pay close attention to what excess is applicable to each plan. The excess is the amount of money that you’ll have to pay towards any claims you make in a calendar year. Remember, a higher excess amount may result in a lower annual premium for your health insurance.

Access to health and wellness resources

Another important factor in choosing the right health insurance plan for your family is the access it provides to health and wellness resources. Health insurance coverage is not just restricted to physical health, as it can also provide the opportunity to look after the mental and emotional health of your family members. Some family health insurance plans can give you coverage for visits to psychotherapists, counselling services and dietitians so keep this in mind.

Free child health coverage

Many health insurance providers are beginning to offer free child health coverage to children under a certain age. This can be an especially attractive offer to young families as it can make their health insurance premiums a lot more affordable. If this is something that will help sway your decision, make sure to check the fine print associated with the offer.

Whether you are a young family just starting out or if you are an older family whose children are heading off to college or university, you need to know that you have chosen the right health insurance plan that will suit the needs of your family. It is an important decision to make considering the options that are available, but with the above guide and plenty of research, you will be sure to make the right choice.

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