Showing posts with label insurance. Show all posts
Showing posts with label insurance. Show all posts

Saturday 29 July 2017

Cyprus healthcare is changing for the better

Cyprus Ministry of Health
I’ve written previously that one of the reasons I’ve decided to do one more year is because we’d like to let the dust settle a little more on Brexit and in particular how reciprocal healthcare, via say the S1, will be handled in our dotage.  In recent weeks some good news seems to be coming out of Cyprus, independent of any Brexit nonsense, that might just mean Brexit negotiations will become unimportant.  Let me explain.

For our situation there seem to be 2 ways to get into the Cyprus public healthcare system.  The first is to pay Cyprus Social insurance for a minimum of 3 years and then meet a number of other criteria.  Unfortunately, unlike countries like Malta and Spain, it doesn’t seem possible to pay these voluntarily.  You have to be either working or self employed.  This is out as I want work to be 100% optional when we move.  That’s always been my definition of Early Retirement.  The second is to reach State Pension age and apply for an S1.  This is what I’m concerned about losing as part of Brexit.

So that leaves us with the Cyprus private healthcare system.  Getting basic care seems affordable and efficient.  I was able to walk into a private clinic in Cyprus where there was absolutely no queue and have a prescription renewed for EUR10.00.  I then went to the pharmacy where said prescription cost me EUR3.47.  A visit to a GP seems to be around EUR30.00 and treatment almost seems immediate.  In contrast in my neck of the woods here in the UK I could literally die while just trying to make an appointment to see a GP let alone waiting to see one.

So far so good.  The problem for me is if it’s something more serious.  For that we’re going to want Cyprus private health insurance.  From contacts in a few of the forums I frequent we’ve been able to remotely apply to a company who apparently pay up efficiently when you’ve sought treatment.  Good news is that they’ll cover us but it comes with one exception for a pre-existing condition.  This is the problem for us.  It’s not this pre-existing condition as it’s manageable but as we age what if we pick up a few more and then at some point the insurance company says you’re now too high risk.  They then can either stop insuring or push premiums up so far that it forces us to go elsewhere.  Then where do we go particularly given all the companies I’ve found so far won’t cover you at all above a certain age unless you’re already with them.  Even if we could find someone they then won’t cover you for the reasons the first company didn’t like you which sort of defeats the purpose of having insurance in the first place.  What then?

Monday 15 April 2013

The Cheapest Home Insurance

We've previously run the maths to demonstrate how quickly small regular amounts of expenditure can add up to large amounts.  We've also analysed how it is important to save large amounts if you are chasing financial independence in a short space of time.  This is because over a short period compound interest doesn't really get time to work its magic.  It is therefore crucial to ruthlessly look at every piece of expenditure you make to identify savings.  Those savings can then be invested wisely.

One piece of expenditure that is not small and repeats year in year out in various forms forever is insurance.  Depending on your level of acceptance of risk and life situation you might be paying for car insurance, home insurance, life insurance, travel insurance, health insurance and income protection insurance to name only  a few right now.  That is a lot of insurances.  Let’s therefore pick one and by using Retirement Investing Today principles think through how we might be able to reduce our insurance spend leaving more money for financial independence investing.

In the UK home insurance is a generic term which actually covers 2 very separate insurance types.  The first is buildings insurance which protects you from damage to the fabric of your home and so will cover floors, walls, and roofs.  It usually also protects you from damage to fixtures and fittings such as kitchens and bathrooms.  The second is contents insurance which protects you from loss associated with stuff kept in your home such as furniture, computers and personal belongings.

We’ll look at how we can reduce cost with each type of home insurance in a minute.  However while we have them grouped together one thing I would expect most people, including non Retirement Investing Today readers, to be doing in the modern day is to use price comparison sites to scan the home insurance market for the best deal.  A word of caution though.  No two policies are alike and so you must not just pick the cheapest offering presented by price comparison sites.  Instead you must read all the small print and pick the cheapest product that gives you the protection level you desire.

Let’s now look at each home insurance type in turn to identify a couple of further cost saving ideas:

Building Insurance

Your home is probably the biggest purchase any of us will ever make in our lives.  If you own your home or are renting out a home the responsibility for building insurance sits with you.  This then identifies one saving opportunity.  If you are in rental accommodation, as I am today, then I don’t need buildings insurance as it is my landlord’s responsibility.