What size fund are you targeting?b) to just save up for the eventuality of needing elective surgery/radiography etc.
No particular fund size, just out of whatever savings I have. Both scenarios have opportunity costs but on average people will be better off & have more choice paying themselves (in total insurance companies pay out less than they take in). Private health insurance is basically a queue-jumping ticket.What size fund are you targeting?
Have you thought about the opportunity cost?
You could argue the same about any insurance, When the time comes, and I shuffle off into oblivion, between car, home, travel and health insurance, I'll probably have paid upwards of €100k in my life time to insurance companies and probably never seen the benefit. But its still the right thing to be insured properly.I guess the question is whether it's more cost efficient (a) to buy private health insurance or (b) to just save up for the eventuality of needing elective surgery/radiography etc.
Yes and no. Insurance makes the most sense for low probability/devastating cost risks (such as the house burning down). Healthcare costs are more predictable as you get older. But it's also a question of whether one is willing to tolerate the inconveniences of a substandard public health system until it becomes a matter of life and death at which point it makes sense to start paying directly wherever private treatment is fastest/best (which isn't necessarily going to be in Ireland).You could argue the same about any insurance
Is the question about limerick or private health insurance generally?
If a general question - yes it is worth it. Twice had infant see consultants months ahead of public service waiting list. Indeed in one case the referring doctor put a private and public referral letter in at same time, to same hospital, and the public appointment arrived not far off 1 year later.
That said, we are moving at pace towards the American model of meaningful private cover becoming so expensive that most will only achieve it via their employer. I am not sure what happens at the point of retirement - I certainly will not be able to pay for the health cover I currently enjoy. The top package prices now are several thousand euro per annum. I do worry about our direction towards America on numerous issues combined. Two tier health care, two-tier housing, increased mental illness/social media driven expectations. Anyone who has been to San Francisco in the past 3 or 4 years will likely have had a glimpse of how messed up a wealthy western city can become. Broken health care is central
So how do you know it’ll be enough?No particular fund size, just out of whatever savings I have.
I can't be sure (that's a risk I have to accept) but I roughly know the private costs of some of the most time-critical diagnostics for which there are long waiting lists in the public system.So how do you know it’ll be enough?
From my own experience I walked in a private A&E in Dublin and got a rare cancer diagnosis in less than 24hrs. Speaking to someone now in support groups a similar age to me they were 2.5 years seeing different GP's and waiting on outpatient appointments and begging for referrals . The cancer for this person had spread severely. My only symptom was lower pain back, public hospital A&E would most likely have sent me home with pain killers.
I had a MRI, 2 CT scans and met with 2 consultants day 1, I was admitted overnight had a biopsy the next day and confirmed diagnosis. At best public A&E would have sent me for scans as an outpatient on a long waiting list.Is this because you could see a consultant within 24hrs of arrival in the private hosp?
Whereas in a public hosp you might see a SHO/Registrar?
That's my thinking aswell, obviously you run the risk that you could have truly devastating health problems but the public health system is there for that aswell, this isn't the US where they look for money or insurance first before treatment. But for this strategy to work you need to truly disciplined and actually properly have a health fund built up, not to be used for kitchen renovations etc .Yes and no. Insurance makes the most sense for low probability/devastating cost risks (such as the house burning down). Healthcare costs are more predictable as you get older. But it's also a question of whether one is willing to tolerate the inconveniences of a substandard public health system until it becomes a matter of life and death at which point it makes sense to start paying directly wherever private treatment is fastest/best (which isn't necessarily going to be in Ireland).