What’s The Difference Health Insurance And Income Protection?

Ever wonder what’s the difference between Health Insurance and Income Protection? Well wonder no more!

Health insurance and income protection are both types of insurance that provide financial protection, but they serve different purposes.

Health insurance, also known as medical insurance, helps cover the cost of medical care, including doctor visits, hospital stays, and prescription drugs. It can also help cover the cost of preventive care, such as vaccinations and cancer screenings.

The arrangements vary from one company to another but most companies have agreements with hospitals to pay the hospital directly. In general, for outpatient costs you pay the health professional and then claim back from the health insurance company. You should check with your own company as to their procedures.

Income protection, also known as disability insurance, helps replace a portion of your income if you become unable to work due to a disability or illness. This type of insurance can provide financial support for living expenses and help maintain your standard of living if you are unable to work.

Both types of insurance are important, as they can provide financial protection in the event of unexpected health-related events. Health insurance can help cover the cost of medical treatment, while income protection can help replace lost income due to a disability or illness. It’s important to evaluate your needs and budget to decide which type of insurance is right for you.

Low Cost Life Cover is an independent broker with agencies with all the major insurners Zurich, Royal London Ireland, Irish Life, Aviva and New Ireland. It is our job to provide you with the best independent advice that is the most suitable for your needs. I would be happy to discuss your individual needs if you have any questions give me a call 01 6853818, I’m from Donegal I love to talk!