Health Insurance Health Insurance Excess

[trojan]

While speaking to my Health Insurance provider i was told my annual premium could be reduced by approx 400 euro if i agreed to an 150 euro excess. I was wondering how this makes financial sense to the provider in that i had no claim for past 40 years

 

[snowyb]

Hi trojan,

What plan are you on at the moment and what plan is your provider suggesting?

Snowyb

 

[trojan]

Hi trojan,

What plan are you on at the moment and what plan is your provider suggesting?

Stuallytuallynowyb

Health Plus Access. I had rung VHI about a general query and when finished the person mentioned that my policy would be due for renewal end of year. Basically i said (like many aged vhi members) that i was happy to renew in due course but the person said why now review now. There was a lengthy recital of the present benefits of which i was aware and eventually i was told about the excess and saving in premium. The person was extremely helpful and mentioned the cooling off period etc. Perhaps they are obliged to go through all this in detail.

 

[snowyb]

trojan,

Health Plus Access (old plan B) priced 2045pa, has no excess to pay on admission to any private or hi-tech hospital for a stay or day-case.

If you don't mind taking out a similar plan but with an inpatient excess to pay for each admission for a stay or day case, there is a reduction
in the premium price. You are taking a risk in the sense that while the overall savings are 400 per year, if you have more than 4 day case treatments or admissions for surgery etc, you will lose the savings made and will pay more than the cost of Health Plus Access 2045.

It depends on your health issues, if any, whether a plan including an excess will work to your advantage or not.
It is not recommended for people with long term illnesses or conditions that may require several admissions to private hospital per year.
But for a lot of people, it is a safe bet as they would have one or two admissions or day case treatments per year on average.

Note; there is no excess payable in any public hospital - just private or hi-tech hospitals.

The following 2 VHI plans are identical cover wise to Health Plus Access except they both have an inpatient excess to pay if you are admitted to a
private or hi-tech hospital for a stay or day case; Details as follows;

1. Health Plus Excess; price 1799pa; same hospital cover as Plan B, inpatient excess 75 per stay or per day case in a private/hi-tech hospital.
2. Health Access; price 1645pa; same hospital cover as Plan B, inpatient excess 125 per stay or day case in a private/hi-tech hospital.

[broken link removed]

Hope this explains things more clearly.

Regards, Snowyb