NY_Resident
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Hi all
My family's health insurance is up for renewal shortly and I've been doing some research on different plans. We are two adults and 3 kids (ages between 4 and 8). We're all very healthy but still manage to consistently clock up over €2,000p.a. in GP, dental, consultants, physio etc. We're currently insured under VHI's One Plan Family. This is mainly an in-patient plan, with very limited outpatient (not unless someone gets very sick given the high excess and the low reimbursement per visit limits under the plan). Our thinking in selecting this plan a few years ago was that we don't really need insurance for day to day expenses (we can afford it), and it's really the big in-patient stuff that we need insurance against.
Now, re-evaluating 3 years later, our thinking has changed. I am thinking, based on the premium pricing of different plans, that we would be better off with a plan that gives us access to the right hospitals (incl. Hi-Tech, though i'm not convinced why) in the event of the lower probability events, but also a plan which gives us better reimbursement on the high frequency events (everyday medical expenses). We would be comfortable going with a high excess on the in-patient as a way of keeping the overall premium broadly unchanged, and also recognising the lower frequency of in-patient events (that would not be in public hospitals).
Laya's Control 600 Create plan looks attractive to me. The hospital access is just as good and includes Hi-Tech. The outpatient benefits would result in successful claims for our family in excess of €1,000 per annum. The premium for the family comes to approx €2,600......net of claim refunds brings it down to €1,600 (ignoring lower Med 1 tax relief). Big downside is of course the higher excess for private hospitals of €600.....which I am ok with, but could become expensive if someone in the family needed repeated admissions to a private hospital. (Note, I live in Cork city and the main hospitals such as CUH and Mercy are public......only private hospitals are Bons and Mater)
Even if one of us needs to be admitted to hospital, there is a high likelihood of it being either CUH or Mercy where no excess applies. If it's the Bons or the Mater, we have no financial concerns with a €600 excess (even if we had multiple admissions)....albeit the hindsight of knowing that we would have been financially better off that year with a lower excess plan.
So, I have two questions for this esteemed group:
1. Please challenge me on my conclusion/logic above. What am I missing?
2. In the event of one of us getting seriously ill possibly resulting in a higher likelihood of repeated admissions to a private hospital, we could always change to a lower excess plan at the next renewal (but with broadly the same benefits except the excess). Would this be classed as an upgrade to which waiting periods would apply, or not?
3. Are there any other plans similar to this high excess plan which i should consider?
4. One alternative may be to adults on the high excess plan, and put the kids onto one of Laya's plans which offer free 2nd and 3rd children. Haven't considered this yet but would appreciate any thoughts. Prob no outpatient refunds but lower overall premium could perhaps equate to the same result...
Thanks all.
My family's health insurance is up for renewal shortly and I've been doing some research on different plans. We are two adults and 3 kids (ages between 4 and 8). We're all very healthy but still manage to consistently clock up over €2,000p.a. in GP, dental, consultants, physio etc. We're currently insured under VHI's One Plan Family. This is mainly an in-patient plan, with very limited outpatient (not unless someone gets very sick given the high excess and the low reimbursement per visit limits under the plan). Our thinking in selecting this plan a few years ago was that we don't really need insurance for day to day expenses (we can afford it), and it's really the big in-patient stuff that we need insurance against.
Now, re-evaluating 3 years later, our thinking has changed. I am thinking, based on the premium pricing of different plans, that we would be better off with a plan that gives us access to the right hospitals (incl. Hi-Tech, though i'm not convinced why) in the event of the lower probability events, but also a plan which gives us better reimbursement on the high frequency events (everyday medical expenses). We would be comfortable going with a high excess on the in-patient as a way of keeping the overall premium broadly unchanged, and also recognising the lower frequency of in-patient events (that would not be in public hospitals).
Laya's Control 600 Create plan looks attractive to me. The hospital access is just as good and includes Hi-Tech. The outpatient benefits would result in successful claims for our family in excess of €1,000 per annum. The premium for the family comes to approx €2,600......net of claim refunds brings it down to €1,600 (ignoring lower Med 1 tax relief). Big downside is of course the higher excess for private hospitals of €600.....which I am ok with, but could become expensive if someone in the family needed repeated admissions to a private hospital. (Note, I live in Cork city and the main hospitals such as CUH and Mercy are public......only private hospitals are Bons and Mater)
Even if one of us needs to be admitted to hospital, there is a high likelihood of it being either CUH or Mercy where no excess applies. If it's the Bons or the Mater, we have no financial concerns with a €600 excess (even if we had multiple admissions)....albeit the hindsight of knowing that we would have been financially better off that year with a lower excess plan.
So, I have two questions for this esteemed group:
1. Please challenge me on my conclusion/logic above. What am I missing?
2. In the event of one of us getting seriously ill possibly resulting in a higher likelihood of repeated admissions to a private hospital, we could always change to a lower excess plan at the next renewal (but with broadly the same benefits except the excess). Would this be classed as an upgrade to which waiting periods would apply, or not?
3. Are there any other plans similar to this high excess plan which i should consider?
4. One alternative may be to adults on the high excess plan, and put the kids onto one of Laya's plans which offer free 2nd and 3rd children. Haven't considered this yet but would appreciate any thoughts. Prob no outpatient refunds but lower overall premium could perhaps equate to the same result...
Thanks all.