Health Insurance – 1st May deadline!

Now is the right time to take out Private Medical Insurance

From May 1st a major change will come into effect that with the introduction of Lifetime Community Rating. The aim of this is to encourage people to take out insurance ‘at a younger age, thereby helping to control premium inflation that we have seen in recent years in the health insurance market’.

What this means for you:

Under this rating system, from May 1 of this year, anyone aged 35 or older who wishes to take out private health insurance for the first time will be charged extra for doing so. From that time, insurers will be allowed to load premiums by 2% per annum from the age of 35. What this means if you wait until you are 40 years and decide to take out a policy you will be paying an extra 10% on your premium for the rest of your life.

Anyone aged 35 or older who wishes to take out private health insurance, without being loaded has until May 1 to do so.

For those already insured or those who join before May 2015, this measure will have no impact. For those who had health insurance previously, or those who had to cancel their cover due to unemployment, there will be credits available to reduce the age loading. In essence, this means that all those who have been ‘sitting on the fence’ regarding health insurance will have to get in before May next year to avoid these loadings.

Future is an intermediary for Aviva Health Insurance and our advisors will source a plan that is suitable for your needs and budget with Aviva Health.

Contact Future Insurance today on 1890 549549 for your health insurance needs.

Read our comprehensive FAQ on Lifetime Community Rating.