Employer private health insurance … is there a point?

[bondzy]

Hi everyone, just wondering is there a point of joining my employer private healthcare insurance scheme? Im a young fit and only probably go to the G.P once every year or two. Is there a point of me joining it ? Would it not be cheaper to just pay directly to the G.P fee ?

 

[lianap]

@bondzy The biggest benefit I’ve had from private health insurance is being able to get surgery done much more quickly than I would’ve gotten it done publicly. The day to day benefits I could take or leave.

 

[resjudicata]

@lianap HSE says you can skip the waitlist and get treatment in Northern Ireland or another EEA country. So, I'm curious if it's still worth getting private health insurance.

 

[katrina_]

@resjudicata The NTPF prioritises patients eligible for it based on their waiting time. There are 65k+ on the waiting list, so depending on what you need and what that specialty waitlist looks like you could be waiting a while even with the NTPF; it is not the case that because it says 3 months before you can go abroad that that's all you will wait.

Private is still the quickest way to get a lot done even with the NTPF.

 

[resjudicata]

@katrina_ NIPHS doesn't have any such requirement.

https://www2.hse.ie/services/schemes-allowances/niphs/getting-healthcare-ni/

 

[katrina_]

@resjudicata It doesn't, but it does have caps. Daycare and outpatient procedures cannot be notified in advance so you've to pay out of pocket and get reimbursed. There are also caps in place; for example they will only reimburse €178 per private consultation. I've been on the private UK train for ortho and I don't recall a private visit costing less than £150. The NIPHS will also only reimburse the cost of the equivalent procedure in Ireland so you've to be careful that you're not being overpriced in NI and getting stung when it's time to claim.

The schemes you have mentioned are grand but not without their pitfalls. I would not consider them viable alternatives to private healthcare and if presented with either NTPF+NIPHS or private healthcare I'd pick the latter every time.

 

[resjudicata]

You have to be in a waiting list for a few months and then need to pay I’m cash and submit for a refund

 

[resjudicata]

@bondzy If your employer is paying for it absolutely join the scheme. You’ll pay some tax on it as it’s a BIK but you can claim up to €200 in tax credit on it. It’s pretty ignorant to think because your healthy now is the insurance worth it. Who knows what will happen in the future…. As a young , fit male in mid 20s I’d like to think I wouldn’t need to as well, but I sure as hell don’t know what’s going to happen in the future or health wise. I’ve ended up having to put through multiple MRIs on my policy for gym injuries over the years, and had one surgery though it too. Do yourself a favour and protect yourself.

 

[teksoft]

@resjudicata Woh woh go back on this 200e bit. Is that something I likely need to do myself or would large companies usually take care of that for the employee?

 

[cosmicmind]

@teksoft You can do it online on the revenue website.

 

[keng63]

@bondzy Everyone is young, fit and healthy until something unexpected happens. This is what insurance is for.

 

[calebminson]

@bondzy One point not mentioned so far is the levy you pay after 35 if you haven't had insurance before.

In general, insurance is better to have and not need than to need and not have.

As mentioned you can claim up to 200 back on it for yourself.

 

[resjudicata]

@bondzy Having private insurance is generally advisable but it's a grey area whether you should go with your employer's plan or get your own.

Employer plans tend to be more expensive even if they're "free". The BIK taxes alone could end up costing up to twice the out-of-pocket premium of the cheapest plans on the market.

 

[katrina_]

@resjudicata Employer plans are generally offered on a moratorium basis so if you come with pre-existing injuries and ailments there are no waiting periods. Some employers, if they are large enough, will offer variable levels of cover so you can pick a lower cover if you like. Employer paid plans may not be tax relieved, allowing up to €200 off the BIK cost.

I can't say I was ever with an employer whose BIK cost was double the cost of a personal plan which would have suited me more.

 

[resjudicata]

@bondzy Are you asking because your pay will depend on whether you join or not? Because I can't see why you won't join if the employer will be paying for it.

 

[bmag]

@bondzy Would highly recommend it. You never know what’s around the corner. Also depending on the policy you get money back on day to day expenses - physio, GP visits, acupuncture. Even for minor things for example I needed a mole removed and had it done within 4 weeks. Friend waited a year on the public system to get a mole removed and even then it was only becuase he got a cancellation.

 

[swedish]

@bmag Not claiming back is the big mistake that people make. Make sure to read what you can claim for and make them.

My insurance lets me get €50 back on gym costs. I can also do claims for sports massages, physio, dental appointments, even some sports equipment.

 

[bmag]

@swedish Same and it’s 75% claim back with the policy we have for the family through work. Also if you find a reflexologist who does massage I get 75% back in the receipt as it goes in under reflexology! Unbelievable! Also what you don’t get claim back, you can claim the remaining 20% on your tax.

 

[torm3nted_soul]

@bondzy Did an assessment on this with lads WhatsApp group a while back. A few lads had put in claims for big items recently so everyone was saying it’s great value.

Think it was a couple grand for a knee surgery and a couple grand for physio.

Adding it for about a decade of young healthy lads we had about 5 grand of claims vs 200k of fees.

Young healthy men basically don’t use it. You’re funding old people and pregnant women.

Financially 9 time out of 10 your better off self insuring here ( be healthy, have a few grand available for an elective surgery if needed)

 

[chellebelle75]

@torm3nted_soul Sure no insurance is worth it if you know you're not going to use it.