Medical Insurance

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Recently my medical insurance bill was due for renewal. It seems that each year the price continues to rise. With this I decided to scan the market for the best price/policy.

Here are a few points to keep in mind when reviewing your medical insurance policy:

• Does your current policy meet your requirements? I found myself searching the market for a similar product to my existing medical insurance policy, instead of reviewing/researching what type of cover I was looking for. What’s the point in having medical insurance if it’s not going to cover your needs and vice versa? Why spend money on certain medical insurance cover if your circumstances mean you will probably never avail of the cover offered?

• When you have decided what the best cover is for your personal needs (within your price range) then go compare all the medical insurance companies on the market. There is now a wide range of companies offering medical insurance. Among these include VHI, Aviva, Laya Healthcare and Glohealth.

I found it difficult to compare medical insurance websites due to the range of policies and the jargon used. However, The Health Insurance Authority (HIA) has a very good website (www.hia.ie) which allows you to compare the policies of one insurance provider to another. 

Other points to watch out for:

• Some policies include credit card charges
• You may have a 6 month probationary period/waiting time before you can claim
• Check when the insurance provider most recently increased their prices
• Just because a policy says it’s for company policies; enquire whether an individual can avail of this policy on offer.

Contact Declan Moore Audit Manager for further information. Contact OSK today for all your tax and accountancy services

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