Health Insurance is an insurance product that provides an insured person with compensation for all or part of their health care bills as defined within the policy document.
Health Insurance may be purchased by an individual on a stand alone basis or alternatively by employers who may arrange Health Insurance on behalf of their employees on a group basis. There are a limited number of providers of Health Insurance within the Irish market however considerable savings can be achieve by carefully evaluating Health Insurance options from these providers.
The purpose of Health Insurance is to provide an Insured person with compensation towards their health care costs. Health care costs include doctor visits, hospital stays, surgery, procedures, tests, home care, and other treatments and services defined within the policy document.
Pre-existing Conditions are a concern when choosing Health Insurance. If a person received medical advice or treatment for a medical problem within a specified period after arranging Health Insurance, this condition may be regarded as pre-existing, and may be excluded from the new policy. However this may only apply to enhanced benefits under the new policy and may not apply to the benefits that were covered on a previous Health Insurance policy. A defined period before a person has arranged a new health insurance policy is also of importance. If a person received medical advice, recommendations, prescription drugs, diagnosis, or treatment for a health problem during this prior period, he or she may also be considered as having a pre-existing condition to which specific conditions may apply.
Clients should be carefully to check the terms and conditions of their policy to ensure they clearly understand how pre-existing conditions and waiting periods are addressed before purchasing.
Some people who contract a diseases or illness after arranging Health Insurance once the corresponding pre-existing condition or waiting period has expired worry about how their disease or illness may impact on the renewal of their Health Insurance policy. This is an important consideration when purchasing Health Insurance and should be clearly understood. Normally as long as the person meets the plan's eligibility requirements coverage should continue to be offered, typically coverage cannot be cancelled for health reasons.
Complementary therapies are another coverage consideration. An Insured person should check with his or her insurance policy to establish the level of cover in relation to complementary therapies.
The level of cover for Health screening may differ between providers and is another important consideration when purchasing Health Insurance and should to be clearly understood before purchase.
Trying to compare the merit of one Health Insurance policy against another can be extremely confusing which is why we would recommend any Private Client seek specific consultation with one of our advisers before committing to purchase Health Insurance.
At Advance Financial Services our team of experienced advisers will take time to understand our Private Clients specific requirements providing them with competitive solutions to ensure they get exactly what they're looking for at the best possible price.
Further more we are there after the point of sale to advise you on changes or alterations you may require during the year or to provide you with advice and support in the event of a claim.
Liam Cullen, Nigel McConnell and John Butterly trading as Advance Financial Services is regulated by the Central Bank of Ireland.
