Health insurance advice from Cornmarket, Ireland’s largest health insurance broker
In 2015 the government introduced Lifetime Community Rating legislation which led to approximately 75,000 adults taking out a new health insurance plan. At that time, the health insurers developed a range of plans which were mainly entry level plans, and some of these only provide cover in certain public hospitals or have reduced benefits / limited cover.
If you took out a health insurance plan to beat the Lifetime Community Rating loading, without fully reviewing the cover afforded to you, now is the time to review your cover. While the basic cover may be suitable for your budget and is priced competitively, some of these plans give access to private treatment in public hospitals, but will not cover you for treatment in private hospitals or allow you to claim back on everyday medical expenses such as visits to GP, physiotherapist or dentist.
Many people do not realise that any member of the public can avail of any corporate plan on the market when buying health insurance. Corporate plans vary in price but provide cover for public, private and hi-tech (for listed procedures) as well as, money back on everyday medical expenses.
The Upgrade Rule for Pre-existing Conditions
Another area you should also be aware of the upgrade rule in health insurance which places a waiting period on members increasing their cover in relation to pre-existing conditions? If you opted for the most basic plan 2 years ago, you should review your options and consider upgrading to a plan providing access to more hospital and treatment centres. If you currently have a pre-existing condition and you upgrade to improve your level of cover, you won’t be covered for the higher rate of benefits on your plan in relation to pre-existing conditions for the first 2 years after the upgrade.
Changing your Health Insurance Plan
All health insurers have 12 month contracts in place, which place financial penalties on their clients if they cancel their policy before the end of their contract. If you pay your premium by direct debit, your policy will automatically renew if you take no action. It’s also worth remembering that health insurance contracts have a 14 day cooling off period, so members can switch or cancel their policy without penalty during this 14 day window.
Cornmarket’s Top Tip
If you have a health insurance plan it’s a good idea to set up a reminder in your phone calendar to ensure that you do not renew before you review. Cornmarket’s Health Insurance Comparison Service compares all plans from all providers.To find the Plan that’s right for you call us today on (01) 420 0999.