Health Insurance Is it worth having health insurance

[Introuble83]

Having spent a number of years in financial difficulty I never had health insurance. I could not afford it and seen little value in it . My question probably seems stupid to most but is it actually worth having ? I would be insuring myself wife and 4 children aged 2 to 13. Would the cost if said insurance not be better saved ? My parents never had insurance and I know quite a lot of people who have it but either never used it it found it did not cover what was needed . Over a long period of time the premiums accumulate to a large value . Many thanks for any opinions

 

[Brendan Burgess]

It has been covered before.

You certainly don't need it for your children.

What sort of risk category are you in?
Age?
Smoker?
Lifestyle in terms of fitness and weight?
Existing medical condition?
Family history?

Most people rely on the public health system. And it's very good for complex jobs and emergencies.

The benefit of going private is that you will see a consultant and get treated quicker.

So you could save the cost of the insurance and pay to see the consultant yourself from your savings. And then either pay for the hospital privately or else, go on the public waiting list.

It used to be a fairly easy decision. Healthy non-smokers should not take it out until they hit 50.

But now it's different due to lifetime community rating. If you wait until you are 50, you will pay a lot more than someone who has been paying all along.

Brendan

 

[Introuble83]

It has been covered before.

You certainly don't need it for your children.

What sort of risk category are you in?
Age?
Smoker?
Lifestyle in terms of spamspamspamspam and weight?
Existing medical condition?
Family history?

Most people rely on the public health system. And it's very good for complex jobs and emergencies.

The benefit of going private is that you will see a consultant and get treated quicker.

So you could save the cost of the insurance and pay to see the consultant yourself from your savings. And then either pay for the hospital privately or else, go on the public waiting list.

It used to be a fairly easy decision. Healthy non-smokers should not take it out until they hit 50.

But now it's different due to lifetime community rating. If you wait until you are 50, you will pay a lot more than someone who has been paying all along.

Brendan

Thanks Brendan

We are all in good health . Myself and spouse late 30’s, non smoker, regular exercise , eat well etc. I think any excess funds would be better placed in a backup fund and revisit in a few years time . My spouse associates non health insurance as an almost class issue which I do not agree with . I see no value in paying for something I will likely getting nothing from .

 

[noproblem]

Good to hear you and your family are all healthy. Most people are until they fall ill. The one thing about sudden bad health is how sudden it can happen. You and your wife sit down some night and have a good chat about friends and acquaintances who are in and out of hospital for some form of sickness, sudden death, etc. Believe it or not it does happen and most times private health insurance can give peace of mind in knowing you'll get instant attention and no waiting list. You make the choice, but just because you feel good today means very little if tomorrow brings something unexpected as regards your health. It happens every day to someone or some family. Good luck with you and your family's health.

 

[Up Rovers]

It is all ok as long as everyone remains well and it will take you some time to save possibly enough to pay for private treatment. With 4 young children and in recovery from financial difficulties will you also definitely put the savings aside specifically to cover health issues. As you are in your late thirties both you and your wife will most likely have to pay the 2% levy of Lifetime Community Rating.

I paid my premiums for many, many years and never had to avail of my cover. Like you I was up until recently in good health, non-drinker, non-smoker, keep fit and watch diet carefully. Unfortunately I became seriously ill recently. On public cover I was told that if I was an emergency I hopefully would be seen in maybe a year and if not urgent possibly 4 years. This I find frightening. So thankful I had my private insurance and was treated recently.

 

[SPC100]

"Higher charges apply to people who are 35 years of age or older when they first take out health insurance. There is a 2% loading for each year over 34 years of age. So, for example, if you are 35 the cost is 2% higher than for a person aged 34 but if you are 44 then the cost is 20% higher (2% x 10).

If you previously had health insurance, you can be given credit for the time you were insured, reducing the number of years to which the loading applies."

Seems like at 34 you might want to consider it. But if you have paid a few years previously you could hang on a few years and not suffer loading.