Self-insurance?

maria_81

I'm a single woman in my 30s, don't own my own house and earn a good wage and have saved alot.

I keep hearing people at me to buy health insurance, from friends to medical professionals.

I've toyed with the idea for years but anytime I look at the options it doesn't seem to make sense.

My medical bills have varied from €200-€400 p.a. I haven't had a single operation in my life. The most basic plan offered by VHI costs approx €960 p.a. and it doesn't seem to offer much benefits.

I understand the concept of health insurance is to insure against worst possible scenarios, to give peace of mind and for some other perks. And I realise I've been very lucky with my health.
However, I am quite financially secure so I'm wondering if its for me, at this point in my life.

My question is theoretical really: if a person was very very wealthy (say a millionaire) - is there any point in buying health insurance - wouldn't that person be able to bail themselves out of any conceivable medical issue?

bluestrattos

While, Health Insurance is useful for GP/dental, prescriptions, maybe sports massages or alternative medicines, if, unfortunately you get something serious, they may or may not pay. Sure as hell, they'll do their best to avoid the bill. The trick is always in the teeny tiny letters that usually nobody reads until is too late.

Also, it's when you become old that healthcare starts to get more expensive, with more visits to GP for instance.
If you don't visit GP's that often, and you keep spending less that €500 per year, and you've common sense, you can skip Health Insurance a few more years, and save that money when and if you ever need assistance.

ps: I believe millionaires have access to Elysium

MugMugs

bluestrattos wrote: »

While, Health Insurance is useful for GP/dental, prescriptions, maybe sports massages or alternative medicines, if, unfortunately you get something serious, they may or may not pay. Sure as hell, they'll do their best to avoid the bill. The trick is always in the teeny tiny letters that usually nobody reads until is too late.

Also, it's when you become old that healthcare starts to get more expensive, with more visits to GP for instance.
If you don't visit GP's that often, and you keep spending less that €500 per year, and you've common sense, you can skip Health Insurance a few more years, and save that money when and if you ever need assistance.

ps: I believe millionaires have access to Elysium

I thought that health insurers were prohibited from increasing premiums based on age?

peteb2

bluestrattos wrote: »

While, Health Insurance is useful for GP/dental, prescriptions, maybe sports massages or alternative medicines, if, unfortunately you get something serious, they may or may not pay. Sure as hell, they'll do their best to avoid the bill. The trick is always in the teeny tiny letters that usually nobody reads until is too late.

Also, it's when you become old that healthcare starts to get more expensive, with more visits to GP for instance.
If you don't visit GP's that often, and you keep spending less that €500 per year, and you've common sense, you can skip Health Insurance a few more years, and save that money when and if you ever need assistance.

ps: I believe millionaires have access to Elysium

Seriously? What are you talking about?! In most cases of serious illness it tends to be covered. Except for the quite clearly pointed out excesses or co-payments.

Health insurance doesnt get more expensive as you get older.

bluestrattos

when i say healthcare gets expensive, i'm not referring to insurance premiums, but to the fact that as you get older, you're not as strong as you used to be, hence you do more GP visits and stuff like that, which becomes expensive, and in that case if you've insurance it help to ease the bill.

Kennie1

bluestrattos wrote: »

While, Health Insurance is useful for GP/dental, prescriptions, maybe sports massages or alternative medicines, if, unfortunately you get something serious, they may or may not pay. Sure as hell, they'll do their best to avoid the bill. The trick is always in the teeny tiny letters that usually nobody reads until is too late.

Also, it's when you become old that healthcare starts to get more expensive, with more visits to GP for instance.
If you don't visit GP's that often, and you keep spending less that €500 per year, and you've common sense, you can skip Health Insurance a few more years, and save that money when and if you ever need assistance.

Basic private medical insurance does not cover GP costs and even the most comprehensive PMI only covers part of the cost of going to a doctor. PMI does not cover the cost of prescriptions.

PMI does exactly what it says on the tin and does not try and refute claims. However I would concede that it is very confusing with all the different cover options that there is available on the market, it would be wise to at least consult with a broker before purchasing a product.


OP while you may have enjoyed very good health to date it is impossible to say what your health maybe in the future as you get older.