Health Insurance

health insurance

Did you know that over 80% of people in Ireland are paying more than they should for Health Insurance?

Alpha Health provide simple professional advice on the 4 providers (VHI, LAYA, GLO & AVIVA) in the Private Health Insurance market.

Why choose health insurance?

Understanding the building blocks of Health Insurance can help you avoid confusing, even misleading, lingo, which will ultimately end up saving you money. Health insurance gives peace of mind that you will receive medical treatment quickly and where you want to without having to face lengthy HSE queues or bureaucracy. While the HSE will usually provide treatment, patients may not know how long they will be on waiting lists for and therefore opt for private medical insurance to aid a swift recovery.

Different types of cover

Health insurance can take several different forms. With most private medical insurance policies, you pay a monthly premium and the policy will then pay out, up to specified cover limits, for any treatment you might need. It is possible to reduce the cost of cover by demonstrating you lead a healthy lifestyle, for example, by going to the gym regularly.

There are also health cash plans. These will contribute towards your routine healthcare costs. They work by paying out a cash sum whenever you visit a dentist or other medical practitioner, such as a chiropodist or optician, which you can spend on what you want. Always remember that your health is your wealth.

 Lifetime community rating

Lifetime community rating is a system whereby the premium that individuals pay for health insurance rises with the age they enter the private health insurance market, but does not vary in relation to their current age. Under this system, a 50 year old who has held insurance since he or she was 30 would pay the same as a 30 year old, but a 50 year old who purchases insurance for the first time would pay more than a 30 year old.

Example

I am 45 year old and I am taking out health insurance for the first time on or after 1 May 2015. My community rating premium (after tax relief) is @1,000 per annum. What premium shall I pay including the lifetime community rating loading?

The annual premium is €1,000 plus €200 tax relief                                    €1,200
The loading is 22% of the gross premium of €1,200                                  €264
Gross premium including Lifetime Community Rating loading         €1,464
Tax relief of 20% gross premium limited to €200                                       €200
Amount Payable                                                                                                        €1,264

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