Lifetime Community Rating

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Lifetime Community Rating

Lifetime Community Rating (LCR) was applied  on 1st May 2015 in Ireland and affects anyone over the age of 34 years who did not have a current health insurance plan before this date.

After the 1st May, any individual over 34 years of age incur a loading on health policies they take out for the first time at a rate of between 2% – 70% of the policy.

Here are a few facts about the new LCR and if you require further information contact the Health Insurance Team in Munstergroup Insurance on 065 6897852 or email nicole.gleeson@munstergroup.com

What is Lifetime Community Rating (LCR)?

Under LCR, community rating is modified to reflect the age at which a person takes out private health insurance. Late entry loadings are applied to the premiums of those who join the health insurance market at age 35 or over. If you take out private health insurance earlier in life, and retain it, you will pay lower premiums compared to someone who joins when they are older.

How are the loadings calculated?
If you are purchasing a private health insurance policy for the first time at age 35 years or older you will pay a 2% loading on top of your premium for every year you are aged over 34. For example, if you take out a private health insurance policy for the first time at age 40 you will pay 12% more than someone who took out their cover before the grace period expired.

If I had private health insurance previously, but let it lapse, do I still have to pay the loadings?
Yes – but the level of loading will be reduced by the number of previous years health insurance cover.

Can an insurer make an exemption for me from the LCR loading?
The application of loadings will be mandatory and cannot be waived by an insurer.

To find out more or make an appointment to meet with our Health Insurance advisors.  Call Nicole on 065 6897852 or email nicole.gleeson@munstergroup.com They will be happy to assist you, answer any queries and recommend the next step suitable for your particular needs.

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