Is health insurance necessary?

aoifenich

Hi lads,
Please help me think this through...
I've been paying health insurance all my working life. First as a single person and now jointly with my husband. We downgraded our cover recently and pay €1390 a year. We're never sick, thank god, but I know that doesn't mean we'll always be that lucky. It's just that, if something did happen, are we not better off paying money if we have to - it probably wouldn't amount to more than what we're paying every year anyway. Or would it? For every incident free year, we 'save' €1390 which could be used in an emergency. If there's no emergency, no money is lost. Also, we live in Kerry and I wonder what are the advantages to having private cover here as opposed to Dublin where there are more private hospitals anyway?
Is there a flaw in my logic?
I'd appreciate any advice!

byhookorbycrook

I was a healthy as a trout until about ten years ago, suddenly developed MS.My treatment-paid for by VHI comes to €2,500 a month. Many public patients don't get it at all.

I had cause to be in a public hospital recently enough, in a public bed, no sleep, one nurse to 15 high dependent patient at night, window didn't open,floor filthy, one bathroom for the lot of us. I am immuno-compromised due to my treatment and spent the 3 nights terrfied of what I was going to catch while in there.

Got shifted to a private room, en-suite ,spotless, air-conditioning and best of all no-one ringing the bell, calling the nurse, shouting in their sleep, all night long ,so I actually got some sleep myself. This is all in the one building and it is so wrong, but given a choice, I'll put myself in the better situation.

coylemj

OP, you'd be safe enough stashing the premiums away in an account and drawing from it for one-off procedures like a knee op. or to get a private room if you went in via A & E for the likes of an appendix. Where insurance really makes a difference is in a situation like the poster above has described i.e. if you need ongoing treatment and you want to avoid a cattle-class public ward.

aoifenich

Thanks very much for your replies. I was wrongly thinking that you could just take out insurance if you ever got to the stage that you needed ongoing treatment but of course by then it would be too late. The reason I was rethinking all of this is that in my pregancy last year I went under public care seeing as it makes no difference whatsoever in the care provided, at least where I am based. But Byhookorbycrook, I see that the difference in care in your case is very significant. My aunt has MS and I know that anything that would give a better level of comfort in times of hospital stay is only to be welcomed.
I suppose I should just continue as I am, paying the insurance...
Thanks again.

Bakemate

You may be able to save some money through the HIA website. There are usually plans available which are cheaper but give you similar benefits to the plan sold to you by the insurer.

www.hia.ie

CGI_DJ

I was in a very similar position as the OP, paying large VHI premiums for my family and myself even though we we're all healthy. after discussing it with my wife I cancelled my VHI in November, money being tight at the moment.

Then in January, during a routine chest x-ray (for back pain) it was discovered that one side of my heart was enlarged. Turns out I have a hole in my heart which needs to be closed via surgery. Bit of a shock as it's had no impact on my life up to this point. (also very lucky it was found early (ish) I'm 35!!)

I got on to the VHI straight away... they have a 13 week cooling off period when you cancel. I was 12 weeks 2 days into it! They made me pay the pack premiums 600+ euro but I got my policy reinstated as if it was never cancelled. I can only assume that heart surgery will be very expensive.

Before I got the health care reinstated I rang my consultant and asked could I pay myself privately. Was told that even if I was rich they wouldn't see me at all without cover. They don't take the risk of people running out of money half way through the process.

Thats the thing about health insurance... it seems like a silly expense until you actually need it. My GP sent a referal to the mater public system... I haven't even heard back from them yet. I've done all the tests and consultations privately, got my diagnosis and waiting for a surgery date. Would hate to be still waiting on the public system.

coylemj

CGI_DJ should have ended his post with 'Q.E.D.'.

Case closed m'lud.

marcus2000

I think I read recently that there were over hundreds of different health insurance policies available in Ireland -and that anyone can take out any policy....an individual can take out a corporate policy or even a tailor maid policy. ie, you can take out one of the Nurse/teacher Policies even if you're not a nurse etc....(ie...find one that suits the cover you need...cut out the stuff u can live without)

check out that website mentioned above (HIA) or ring a broker (i work for QuoteMe and the health insurance girls know the policies inside out).

but id stick with the health insurance if i were you!!