How Much Does Health Insurance Cost?

Health insurance can be a lifeline in times of medical emergency, but like any insurance policy, they come with a cost. How much you will pay for health insurance depends on factors such as age, location, and pre-existing conditions. But most notably, the type of plan you choose will determine the bulk of your out-of-pocket costs.

But most notably, the type of plan you choose will determine the bulk of your out-of-pocket costs. So, what are the health insurance options out there? We’ve created a guide to help you understand the different types of health insurance and how much each one might cost you.

What is the Cost of Private Health Insurance On Average?

In Cyprus, private health insurance costs around €150 to €400 per month for a family plan. This figure can vary widely based on the type of coverage you purchase, the number of people covered, and their age. Premiums usually rise with age since most insurers view older individuals as a greater risk for medical conditions.

What Factors Can Affect the Total Price of your Health Insurance?

Here are some of the factors that can affect the total price of your health insurance:

Age

Health insurance is more affordable when you're younger because you are more likely to pay premiums for longer periods. As diseases, illnesses, and medical conditions become more common with age, premiums will increase accordingly.

Medical History

Your medical history is a big determinant of the premiums you'll pay. People with excellent health condition pay the lowest premiums compared to those with pre-existing conditions. Those with incurable, life-threatening diseases may actually get declined by some insurers.

Occupation

Your occupation may also determine whether or not you qualify for certain health plans and at what rates. Some professions are considered riskier than others, and thus, your premiums will reflect that risk.

Geographical Location

The country you live in can also affect the cost of health insurance. Differences in the cost of living, local taxes, and other factors can also affect the cost of health insurance.

Lifestyle and Smoking Habits

If you're into adrenaline-pumping activities such as sky-diving, bungee jumping, and mountain climbing, you may be required to pay higher premiums because your risk of death reflects a higher probability of using your insurance. Similarly, you may be asked to pay more in premiums if you're a smoker.

Types of Health Insurance Plan

Private Health Insurance

Private health insurance covers the cost of hospital and medical care for “acute conditions” or illnesses that are curable, short-lived, and not pre-existing. This is to say, if the condition was present before taking out the insurance policy, you might be excluded from coverage. Premiums will vary based on the type of coverage you select and your age.

This policy covers in-patient and out-patient treatments, surgical procedures, diagnostic tests, and medication available on the GHS - GeSY.

Critical Illness Cover

Critical illness cover is an insurance policy that pays a tax-free lump sum if you're diagnosed with one of the illnesses or conditions listed in the policy. One of the best things about this type of health plan is that you can use the money however you want, for example, to pay for medical treatment or to cover living expenses.

Critical illness coverage costs dependds on factors such as age, health, and lifestyle. Generally speaking, premiums are lower if you're younger and healthy.

Can I Lower my Health Insurance Costs?

There are several ways to lower your premiums and make your health insurance more affordable:

Remove optional extras that you don't really need.
Increase your excess - the amount you pay upfront when making a claim.
Consider family health plans - which can be cheaper than buying multiple individual policies.
Shop around at renewal time - it's worth looking at the current market to ensure you get the best value.
Limit your choice of hospitals - if you opt for a smaller network of healthcare providers, your premiums may be lower.
Considering paying annually - this could save you money compared to monthly payments.

Access Top Health Insurance

If you're looking for a health insurance policy that meets your needs, there are some essential things to consider:

What type of cover do you need?
How much can you afford to pay in premiums?
Are the exclusions and restrictions suitable for your circumstances?
Does the provider have good customer service and a good track record?
Are there any discounts or promotions available?
Is the plan flexible enough to accommodate any changes in your circumstances?

In conclusion, many factors come into play regarding the cost of health insurance. Doing your research and understanding the different types of coverage available will help you find a policy that meets your needs and budget.

Contact Trust Insurance today to learn about the different types of insurance coverage and choose the one that fits your needs best. Alternatively, talk to your local health insurance agent in Nicosia, Limassol, Larnaca, Paphos, or Paralimni.

Do you want to learn more about the health insurance? Read our article about if you need private health insurance.