PRIVATE MEDICAL INSURANCE: The Older You Are, The More You Will Pay

private medical insurance

Extra fee on first time health insurance contracts

From the 1st May 2015 the Department of Health will introduce regulations that impose a loading of 2% on first time in-patient health insurance contracts where the individual is aged 35 or over up to a maximum loading of 70%. The loading will apply to every year the individual is aged over 34 e.g. if the individual takes out a private health insurance policy for the first time at age 42 he or she will pay 16% more on the policy.

Purchase health insurance without incurring loadings

There is a grace period up to 30 April 2015 prior to the introduction of loadings during which individuals of any age can purchase private health insurance without incurring loadings. Following expiry of the grace period, the only way to avoid paying late entry loadings is to take out private health insurance before reaching the age of 35.

Want to know more?

Please see the following link from Department of Health: http://health.gov.ie/wp-content/uploads/2014/07/FAQ.pdf

What Questions Do You Have?

We are happy to help. Please post your comment below or call Mary Flanagan or Louise Edwards on 01 677 9000. Alternatively, send us an email: info@cooneycarey.ie

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