Health insurance, like other types of insurance, does not cost the same for everyone. There is no one-size-fits-all option, as it depends on a few aspects. However, it is a worthwhile expense that helps you pay for your costs when diagnosed with various health conditions. In this article, we will discuss how much health insurance costs in Ireland as well as the factors that affect the amount. Read on!
4 Factors Affecting The Cost Of Health Insurance In Ireland
Before delving into the actual amount, let’s look at a few aspects that affect the cost of your health insurance coverage.
1. Your Age
Age is among the main aspects affecting the cost of healthcare. In most cases, your medical needs are dependent on your age. As your body ages, it is susceptible to wear and tear. Your immune system becomes slower to respond to issues, increasing your chances of getting sick compared to when you are younger. This is the main reason attributed to old-age illnesses.
While there are health insurance providers with services for senior citizens past 50, it may be a little expensive. The premium caters to various conditions, including heart attacks, strokes, and diabetes. Since not all insurers offer the plans, you must carefully read the terms beforehand.
2. Your Residential Location
In Ireland, health insurance providers charge different amounts depending on the location. Some aspects they look into include the cost of treatment in the private medical facilities close to you, the claim rate associated with your postcode, and the affluence in the area. If there are more policyholders in your area, your rate will differ from other regions with fewer holders.
3. Pre-Existing Health Conditions
Do you have any pre-existing conditions such as cancer or diabetes? In insurance, a pre-existing condition refers to any medical condition in which you have had symptoms or received treatment before the commencement of the policy. Most providers exclude these conditions in their coverage. However, if you want to be covered, you will be expected to pay higher premiums because you are more likely to make a claim.
To avoid high costs in the event of pre-existing conditions, your best shot lies in getting insured when you are younger (before the conditions kick in). This means you will be covered early, and any diagnosis will already be covered.
4. Your Desired Level Of Cover
Insurance of any kind comes down to benefits. If you want more benefits added to your plan, you can expect the cost to shoot a little higher. Most healthcare insurance providers have already crafted their plans and policies. You can compare different options to see what works best with your budget.
Nevertheless, if you want extra services such as cosmetic dentistry or other procedures, you will have to pay more than the standard rate. Ensure you consider all your health needs against the amount you intend to spend. If you want to save, consider making annual payments or choosing a higher excess.
Evidently, it is impossible to state how much health insurance costs in Ireland. It is highly dependent on the company offering as well as your needs. If you want pre-existing conditions covered, you will need to dig deeper into your pockets. The same case applies if you want extra benefits. As a client, you must carefully consider all your healthcare needs and ensure it aligns with your budget.