Anyone have any thoughts about the best time to start insuring.
E.g. Pay into a savings account up to the sage of say 45, then start an insurance policy.
This avoids the downside of comunity rating, while accepting a little bit of risk. You avoid overpaying when you're young fit and healthy, build up some savings, and then take advantage of community rating in your 50's, in the meantime your savings will probably cover the excess that you'd have had to pay even if you had been insured.
Perhaps a selfish approach, but does anyone know at what age insurance becomes good value in a community rating system?
- the older you are the longer the "probationary" period you have to serve for full cover and cover for pre-existing conditions
- VHI have been pushing for something called "risk equalisation" which may affect any strategies to defer obtaining medical insurance cover until later in life (I'm not sure as I haven't read up on it in sufficient detail).
- perhaps community rating will not always be with us?
In my view people who decide that they want/need medical insurance cover should think carefully about the level of ACCOMMODATION cover that they need/want and not overinsure on that basis. On the basis that I don't care slumming it on the public wards I've gone for the bog standard BUPA Essential (Only) plan.