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Chapter 1: What is the main topic discussed in this episode?
I'm joined now in studio by Dermot Good, health insurance expert with Health Insurance Ireland.ie. Dermot, we have been, as always, inundated with listener questions, so let's go to a few. First off, any point paying health insurance for a 94-year-old with a medical card?
I would say it depends. Right. So so here's what I would say. The medical card only gives them access to public hospital treatment where they won't have to pay. We always advise people as they get older to reduce the level of cover down to match their needs. So like they still may need to go into a private hospital for minor day case procedures and even for scans or things like that.
If they're on a very old plan and they're paying, let's just say, premium in excess of ā¬2,500, ā¬3,500, that sounds like over-insurance. They should check out plans in around ā¬1,500 to ā¬1,800. Unfortunately, we don't know what plan they currently have and the provider.
Chapter 2: Is health insurance necessary for a 94-year-old with a medical card?
So if they did text that in, we could give them more specific advice. But the general advice to anybody as they get older... is to make sure you're on a plan that reflects your exact needs at this point in time. So which hospitals might you be going to? As you get older, the likelihood of going into some of the top private hospitals into a private room, that diminishes.
So it's really a case of matching the cover to their exact needs. But I would definitely keep some level of cover in place.
OK. A lot of people are asking the next question. My husband and I are both in our 60s and have health insurance which is going up every year. When I attempt to review our cover to possibly reduce the cost, I am always threatened with the prospect of having to serve the waiting times if we ever needed to review the cover up again and the lack of any cover during these periods.
Is there any way to reduce the cost without having to forfeit cover? We both have pre-existing conditions, so this threat is real for both of us. Currently paying Ā£3,500 per annum and the plan is 4D Health 1. Could Dermot advise if there's another plan that would be suitable at a lower cost? There are so many plans that I get bamboozled with all the options. So two points there.
The one about the waiting period, I think, is great for a lot of people.
And David, this is hugely confusing for people. So let me try and clarify this. If you reduce your cover down, and then at some stage in the future, if you look to upgrade your cover, there is a two-year upgrade rule.
Even with the same insurer?
Even with the same insurer. It's actually enshrined in the legislation. Now, this rule, by the way, this rule is there to catch people who deliberately take out lower plans. and try and jump onto the highest plan as soon as they're about to go into hospital. So that's why that rule is there.
But all the rules state, so if Dermagood reduces his cover, and in two years' time, if I win the lotto and I want to take out the most expensive plan, and I want to upgrade my cover, can I do it? Yes. If I'm perfectly healthy, I get the extra cover immediately. If I have any existing conditions, the extra cover that I'm adding on, I won't be able to access that extra cover for two years.
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Chapter 3: How can couples in their 60s reduce health insurance costs without losing coverage?
Up until the 1st of April, that plan fully covered orthopaedic. There was limited cardiac cover. So based on what she has just said, she was on the right plan. But Leah have cut the benefits on 32 plans and that's one of them. So right now on that plan, they will have a 20% shortfall on hip, knee and shoulder replacements. Unfortunately, David, for that premium plan,
There is no real plan in the market, no equivalent plan now that will fully cover those procedures. To have full cover now for orthopaedic procedures, that person would have to probably pay an extra nearly ā¬900. They'd have to go on a plan with Leah called Control 300 Create. So no good news for them.
I would say, by the way, in terms of value for money, rather than staying on that plan, check out a plan with VHI PMI 4316. It's the exact same premium. It's a better overall plan. Or even with Laird, they could check out a different plan called Total Health Plus, which is the exact same price. But none of these plans will fully cover the hips, knees and shoulders anymore.
And can I just say something just for all of your listeners? There's a sea change going on in health insurance now. The days of staying on the same plan three or four years indefinitely are gone. And the days of auto-renewing are gone because even if you auto-renew on the same plan like that person, you could end up paying more for less cover.
But the other thing now, people now have to basically take on more risk. They have to take on risk for things like orthopaedic procedures and so on. So really, if anybody's in doubt on that, they need to get advice. But no, there isn't a cheaper equivalent plan that gives that person the same cover at a lower premium.
OK, sorry, mate. Now, young family of four, two adults, toddler, baby. We're on VHI First Care 500 day to day. Finding it so expensive, even though we downgraded to this policy last year. Any alternatives, please? Currently building house and need to save all we can.
OK, so here's the thing. They've actually picked probably one of the lowest level plans they can pick. That plan is ā¬1,070 per adult and they're paying a very low premium per child. The only thing is, two options for them, David. They mentioned they have a toddler in the policy. Level Health will give free cover for the youngest child under three.
So there might be no harm talking to Level Health. They check out a plan with them called Plan B300. And then Level Health will then talk to them about the free cover, but they will get the youngest child for free. Also, to the end of this month, Leia Healthcare has a deal right now where basically you pay for the first child under 18 and the second child under 18 is free.
But that deal expires at the end of this month. So any listener... who's thinking of joining and has a young family, two, three, four children under 18. Those deals disappear on the 1st of July. So, you know, you have two weeks to act. I would suggest that person just checks out those options.
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Chapter 4: What are the implications of reducing health insurance coverage?
But to be honest, the savings will be minimal. They've actually cut their cover down. Apart from cutting their cover completely, there's not a lot of, let's just say, wriggle room left in that, I'm afraid.
OK, and they could do with the money when they're building the house.
OK.
Right. My daughter, age 21, has VHI travel insurance. She's going on holidays to Canada for four weeks. What top up insurance should she have for Canadian health system?
So here's the thing, and actually travel covered just even generally about this, because it's really topical at the moment. If they have the VHI travel insurance policy, that is a very good policy. Now, they're all very good, but like the VHI one is very popular. And if the trip is four weeks or more, most of those policies cover up to 45 to 60 days.
So it sounds like they actually have good cover. My advice to that person now before they hop on that plane is you phone VHI, you tell them exactly where you're going, how long you'll be there for. tell them what kind of activities you may be planning because you'd be shocked at some of the things that are deemed hazardous activities may not be covered. And this catches people out all the time.
Like, for example, if I digress for a second, you know when you're on holidays and you go bungee jumping and you go on those jet skis and you sign a piece of paper? Usually that means you're signing away. You're basically saying, I waive all my rights to make any claim against any insurance.
So for any parents listening to this now, if your kids are going abroad and J1s or things like that, you need to sit them down and they should be on that call with the travel insurer so they know exactly what the limitations are.
One other pitfall as well, David, anybody who's got kids who are travelling maybe for three, six, nine months, those off-the-shelf travel insurance policies, they don't work. They have a limit of 45 to 60 days. So you either extend the policy to cover the full duration of the trip or if you're going for more than six months, definitely talk to VHI International.
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