# 'Chancing' high inpatient Excess to save money?



## sadie (19 Nov 2014)

What does anyone think of trying to save money by taking a policy with very good cover/access, but high excess like €500 for a hospital stay or day case? 
I could get cover for 2 adults for around €846 each instead of €1189 say....saving us around 600 euros, hoping that because both of us are healthy we would not be hospitalised or have a day case procedure needed.


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## SoylentGreen (19 Nov 2014)

You could always put the €300 saving away in a separate account and on year one you have saved €600 between you. On year two if something did happen you have the excess already saved.


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## Janet (19 Nov 2014)

The main thing to take into consideration, I think, is that if you take a policy with a high excess, you need to make sure that you have access to the amount of that excess in case of emergencies. So, if your excess is 500 (is that per day of hospital stay or in total per visit or total per year?) then for the first few months that you make the €600 saving, you should put that much into a relatively easily accessible account for a few months, so that in the event of anything happening, you have money available to cover the excess. The last thing you need if you were to get sick, is to have to worry about where to find €500 if you don't have it.

I used to be a you-could-sell-me-anything kind of a person when it came to insurance but I'm slowly learning. I remember discussions on here years ago about whether or not it was better to have VHI or just save/invest x amount of money. That was a real eye-opener for me.


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## Thirsty (21 Nov 2014)

Be aware that some procedures which either diagnostic tests or treatment are run as 'in-patient' procedures, even though you don't stay over night.  

Also check that it's an annual excess that is once you've paid the excess you don't have to pay it again that year.

This wasn't the case for me and I've had the experience, in spite of having VHI and a medical card (on serious illness grounds) of having to pay out over €5,000 in the last 12 months for medical tests and treatment.


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## Brendan Burgess (21 Nov 2014)

sadie said:


> I could get cover for 2 adults for around €846 each instead of €1189 say....saving us around 600 euros, hoping that because both of us are healthy we would not be hospitalised or have a day case procedure needed.



That seems like a small saving for such a large excess.

I saved almost €3,000 by going for the €500 excess. http://www.askaboutmoney.com/showpost.php?p=1370390&postcount=6

I did a calculation somewhere, but can't find it now.  With a €200 excess per night, I would lose only if I spent more than 10 nights in the Beacon.  Mind you if I had 6 separate day care procedures, this would also use up the €500 excess.

The excess is per claim.  So if you have a procedure which costs €2,000 on Day 1 and €400 for the follow up a week later, you will pay €500 on day 1 and €400 for the follow up. (I think) 

Brendan


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## 44brendan (21 Nov 2014)

> The excess is per claim. So if you have a procedure which costs €2,000 on Day 1 and €400 for the follow up a week later, you will pay €500 on day 1 and €400 for the follow up. (I think


I'm still trying to work my way around the vagueness of what is covered and what exactly I would be liable to pay under a limited excess scheme. I can get no clarity on these from the insurers and looking at small print does not clarify the issue. I am not normally a worrier but I feel that the whole health insurance industry is designed to force people into taking out gold plated policies at high cost in order to give them assurance that a claim would be met. Surely there is someone who can for a small fee clear the muddiness on the issue and advise on the appropraite policy for individual circumstances and budget!!


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## Monbretia (21 Nov 2014)

I am worn out from trying to compare policies for 3 different people this past week, all on different plans which of course have increased.  I would pay someone good money to give me clear advice on this.  I am very able to do tax returns, financial stuff etc but comparing this is a nightmare.


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## michaelm (21 Nov 2014)

On a tight budget I'd be inclined to downgrade accommodation type, private to semi, or maybe hospital type, technical -> private -> public, rather than select a sizable excess.


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## Brendan Burgess (21 Nov 2014)

Monbretia said:


> I am worn out from trying to compare policies for 3 different people this past week, all on different plans which of course have increased.  I would pay someone good money to give me clear advice on this.



Unfortunately, only one health insurance company pays commission, so there is a problem with going to a broker as they get nothing if they recommend the VHI policy as best for you.

However, you could try Dermot Goode of Cornmarket, and ask to pay on a fee only basis.

Brendan


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## 44brendan (21 Nov 2014)

Brendan B's Laya "We Plan 4" looks interesting. Seems to cover all requirements and excess appears reasonable!


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## huskerdu (21 Nov 2014)

michaelm said:


> On a tight budget I'd be inclined to downgrade accommodation type, private to semi, or maybe hospital type, technical -> private -> public, rather than select a sizable excess.


 

I would agree. 
Think about why you want health insurance.

If it is to ensure that you, or your child gets access to an operation quickly, then accessing this in a private or semi-private room in a public hospital with no excess payments  should be your priority.


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## sadie (25 Nov 2014)

If I opt for a public hospital only, my operation (even if arranged privately) may end up being cancelled due to the public list needing priority (and rightly so).
If I downgrade my insurance to exclude some private and hi-tech hospitals, a waiting period will apply if I wanted to upgrade next year (as far as I know). 

My way of thinking is...if I was to pay the highest excess of 500 euros even twice in 3 years, that would still be a significant saving over the 3 years of payments.

We do have savings, so what I am trying to do is to spend less now...for the same access and good day to day benefits for kids going to GP and dentist etc. 

Then if a situation arose where someone got an illness requiring more care, we could reduce excess in coming years, without having to wait to get access to hi-tech hospitals or Dublin hospitals.


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## michaelm (25 Nov 2014)

Looks like you've provided the 'best answer' for you to your own question.  Personally, I prefer to go to a public hospital which is why my health insurance is affordable (for me).


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