Is Private Health Insurance Worth It?

Lemlin

My health insurance renewal is up next month. It's costing me €993 to renew for next year.
It's costing €1253 for my wife and 2 year old son to renew. We were previously advised that we were just as well off with separate policies as with a family policy so that is why renewals are separate (in case anyone wonders).
That's €2246 for the year or €187 a month.

It seems an awful lot to be honest for something we've never used. While I plan to keep it for my wife and son, I'm debating whether I should renew for myself.
I'm rarely sick (touch wood!) and have never been in a hospital for any condition. I've now been paying health insurance since I was 18 and reckon over the ten years I have paid between €6000 and €8000 with absolutely no return.

I also know a nurse who says she has never taken out private health insurance and states its a waste of money - If you are so ill that you need attention urgently, the public health system has to care for you is her argument.

I'm just wondering what are the pros and cons do people feel of private health insurance. Am I mad to be thinking about cancelling it?

coylemj

Your friend the nurse will probably get free treatment from any of the consultants in her hospital if she ever needs it and she'll have no problem with public health waiting lists, what she is saying does not apply to you.

There are lots of non-emergency conditions that can arise where you will have to sit on a public waiting list potentially for years before getting seen to and in many cases you will never see the same consultant twice on consecutive visits. There is a world of difference in the treatment you will get (and when you get it) between public and private for non-emergency treatment.

You say 'It seems an awful lot to be honest for something we've never used', do you ask yourself the same question about your fire insurance, leaving aside the issue that your bank insists that you have it?

chris85

I agree for urgent attention the public health system will look after you but if its not urgent but you need to get seen by a consultant you will be waiting.

NuMarvel

The HSE released a report today that says 158,000 people have been waiting nearly 18 months to see a consultant. Another 60,000 people are waiting for hospital treatment, but the news report doesn't say how long those people have been waiting. (RTE report here) In that context, I think that most people will feel that health insurance is still a necessity.

OP, your nurse friend is right that people who need treatment urgently will get that treatment, but as coylemj says, it's for the non-emergency treatment that the benefits of private health care usually kick in. And those benefits are usually much quicker access, which can make the world of difference if someone is in discomfort or pain.

If you haven't done so already, have a look at the Health Insurance Authority's website, www.hia.ie, to see if you can get cheaper alternatives. They have a product comparison tool that will help you to make a little sense of what else is out there. Also have a think about your own cover, to see if there's any benefit you could reduce to get a lower priced plan. But make sure that, at the very least, your plan gives you full cover in public hospitals, and substantial if not full cover in private hospitals (if there are any if your region).

digzy

it's a toughie! like all insurance, it seems a waste of time when you're not using it. personally i can afford it if i want but i dont have it. i'm in my early thirties in good health, dont engage in anything too active so i'm taking a 'calculated risk'. however my wife has it and given her age-babies etc-i feel the peace of mind is worth it.
as regards your son, it's pointless paying for him. there's no private paediatric hospitals so therefore if there's an issue he'll be treated the same whether you're private/public.
when i hear conor pope on radio he's always spouting about corporate plans. perhaps this might be an option?

aujopimur

I toyed with the idea of cancelling my health insurance, on wednesday my GP applied for an app. with a specialist, I'm seeing him next thurs.

NuMarvel

digzy wrote: »

as regards your son, it's pointless paying for him. there's no private paediatric hospitals so therefore if there's an issue he'll be treated the same whether you're private/public.

Not quite. For the children's hospitals (Crumlin, Tallaght, Temple Street), health insurance probably makes no difference. But a child can still be admitted to a private hospital, or as a private patient in a public hospital, for more routine operations like gromits, adenoids, tonsils, etc.

RATM

I heard on Pat Kenny's radio show recently that the discounted policies that large companies negotiate on behalf of their employees must be offered to the general public, but only if they specifically request them. The radio commentator was say that savings of 20-30% are possible over the amount you are being quoted as an individual. He said the differences in the cover of the policy are negligible overall.

The main stumbling block is that you have to know the number/name of the corporate policy to actually get it. So for example if you knew from a friend who worked for AIB that their policy is called BX1234 then you simplt ring up and ask for policy BX1234 and they (under the rules) have to give it to you. But if you ring up and say that you want AIB's corporate policy then they won't be obligated to give it to you. Bizarre but true.

Perhaps other posters here might be able to elaborate as it could save the OP a bit of money. If there is any interest it might be an idea to get a thread together of the various corporate schemes and their benefits and costs so others can ring up and save a few quid. For many it might be a viable option rather than giving up their insurance entirely.