D-day looms for health insurance cover – May 1st

With only days to go to the May 1st deadline, it’s not too late to call your broker if you want to arrange private health cover. Call Future Insurance today on 1890 549549 to speak to an insurance expert.

The clock is ticking for those over 34 years without private medical cover, because they risk being priced out of the market for life if they do not take out a policy before May 1st.

After May 1st, those aged over 34 buying health insurance for the first time will pay a 2% lifetime penalty for each year they are over 34yrs. If you buy insurance for the first time at 45yrs, for example the loading will be 22% – 11 years at 2%. Once you get hit with this penalty it will be forever loaded on your premium.

After May 1st, there is no going back, if you wait to take out cover until you are older, you could find yourself permanently priced out of the health insurance market.

Contrary to popular opinion, a trip to a public hospital is not free, if you are not the holder of a medical card. A stay in a public hospital for those without medical cards currently costs €75 per day, to a maximum of €750 per annum. Public patients face long waiting lists to see a medical specialist while those with insurance can jump these queues because their health insurance cover pays for them to see a consultant as private patient.

You may think that you are willing to rely on the public health system, but you will probably feel differently when you actually have to use it.

Contact Future for a health insurance quote before May 1st to ensure you are not penalised by the new system of Lifetime Community Rating (LCR).

Read our comprehensive FAQ on Lifetime Community Rating.

Call us on 1890 549549 or email info@futureinsurance.ie