Health Insurance Flashcards
What is health insurance?
Health insurance provides cover to the policyholder in the event of illness of injury
List the three types of health insurance
Income protection insurance/permanent health insurance
Critical serious illness insurance
Private health insurance
What is income protection insurance/permanent health insurance?
An insurance policy that provides a replacement income if a policyholder cannot work as a result of an illness or injury
How much will an individual earn if they have income protection insurance/permanent health insurance?
A person will receive 75% of their earnings on an ongoing basis if they become ill or disabled
How long does income protection insurance/permanent health insurance last?
Until the policyholder returns to work, or until they reach the age of 66 as they are eligible for the State Pension
What is critical/serious illness insurance?
An insurance policy that pays out a lump sum of compensation if the policyholder is diagnosed with one of the specific illness or disabilities that the policy covers
What is the compensation often used for from critical/serious illness insurance?
It is used to pay for medical expenses or to supplement income loss
Why is important to check the fine print of a critical/serious illness insurance?
As not all policies cover the same illnesses and disabilities
What is private health insurance?
An insurance policy that helps policyholders cover medical expenses if they get sick, have an accident or need an operation
What are the advantages of private health insurance?
3
Policyholders can avail of quicker access to medical treatments
Policyholders get access to a choice of hospitals, consultants and rooms
Don’t have to rely on the public health system
What areas are generally covered by private health insurance?
(5)
Hospital in-patient treatment Hospital out-patient treatment Convalescent care Maternity benefit Psychiatric and substance abuse treatment
Who are the main providers of private health insurance in Ireland?
Irish Life Vhi Healthcare Aviva Health GloHealth Layla
In relation to private health insurance, what determines the level of cover provided?
The premium paid
