Your personal financial questions – I paid €900 for four visits to an advisor. Is there better health insurance for me?
Q I have been fortunate to have had health insurance since my 20s and have not had to apply. However, I find that I have to go to consultants regularly. So far this year I’ve had to spend €900 for four visits. I see that I can only get €240 back if I make a claim next year. My policy is called Select Plus with Irish Life. I was wondering if there is a better policy I could avail that would give a better return but would not cost a huge additional premium as I am now in my golden years and funds are quite limited? I find it quite daunting to want to do health insurance comparisons.
A That query is a bit tricky, says broker Dermot Goode of TotalHealthCover.ie, part of the Lockton Ireland group. He said the existing Select Plus program is competitively priced and also covers private accommodation in private hospitals. However, it has a high deductible on a daily basis. Mr Goode said the plan does not cover all hospitals.
It doesn’t include high-tech heart coverage, and, he said, it doesn’t include guaranteed refunds for eligible outpatient deductibles.
In order to improve your coverage, you need to increase the spend a bit. Mr. Goode suggests considering the following semi-private business plans. Health Guide 2 from Irish Life Health for €1,332; Laya Inspire Plus for €1,346; or the VHI PMI 3513 for €1,300.
If you want to keep private room protection, you could consider the Laya Connect Simplicity program for €1,447, the health insurance broker suggested. Oh, and you’re certainly not the only one who finds comparing health insurance plans in this market off-putting.
With around 320 different plans on the market, choosing an appropriate health insurance plan is incredibly complex.
Q I am fortunate to be mortgage free and have no plans to have children. Since I don’t want children, would I be better off than standard life insurance with special critical illness coverage?
A Without knowing your specific situation, it’s difficult to assess which of these policies best suits your needs, says Barry McCutcheon, Proposition Lead at Royal London Ireland.
There are also alternative insurance policies such as B. Additional Damage Protection and Income Protection that you may not have considered. Mr. McCutcheon recommends that you consult a financial broker before deciding on an insurance policy.
Life insurance, also known as term life insurance, pays out a lump sum when you die and helps provide financial security for your loved ones. While it’s true that having children is a common motivation for taking out term life insurance to help with mortgage payments, household bills and childcare costs, it’s not the only reason, the Royal London executive said.
People without children can take out term life insurance to pay for their funeral expenses so their loved ones don’t have to pay the bills, or they might have an elderly parent or relative who is dependent on them that they want to protect financially in case they do die.
Those without children can take out term life insurance to help pay for their funeral expenses
Certain Critical Illness (SSI) coverage is different in that it pays a lump sum if you are diagnosed with one of the critical illnesses covered by the policy. It generally covers the most common serious illnesses, such as heart failure, stroke and cancer, and full coverage is paid out when diagnosed, Mr McCutcheon said.
The payout from this insurance can help support and maintain your current standard of living, pay for medical bills, and help you manage your time of illness and recovery.
Q I am currently a member of Laya’s ConnectCare 100 health plan. This gives me 50% coverage of consultant fees and also gives me full coverage for angiography and stent placement. Is there a cheaper rate? Any help you can give me to get another plan that would work for me would be greatly appreciated.
A This is still a good semi-private business plan, costing €1,519 per year according to Mr. Goode.
There are other plans with Laya that could be considered, he said. This includes the Simply Connect plan for €1,361 per year. However, the maximum outpatient reimbursement is reduced to €500 per year, compared to €7,650 in the current plan.
Both plans continue to provide full coverage for major orthopedic and ophthalmic procedures, Mr Goode said.
https://www.independent.ie/business/personal-finance/your-personal-finance-questions-i-paid-900-for-four-visits-to-a-consultant-is-there-a-better-health-insurance-plan-for-me-42327273.html Your personal financial questions – I paid €900 for four visits to an advisor. Is there better health insurance for me?