Special features of medical insurance in Cyprus
Do you have to insure your health? If you take into the account the cost of an examination and hospital treatment in Cyprus, then the answer is obvious. All you have to do is choose your insurance plan.
Medical insurance comes in two categories – hospital and outpatient. In the first case all your medical expenses, including a stay in hospital, are covered, whilst in the second case the insurance only covers a visit to the doctor and any medicines.
The annual cost of policy coverage in Cyprus varies from between €250,000 – €2million. The advantage of having private medical insurance in Cyprus is that it covers the cost of treatment and examinations anywhere in the world, so you can choose to receive treatment in such (expensive) countries as Germany or Israel if you so wish.
What is an ‘insurance event?’
Covered in the insurance agreement, it obliges the insurance company to cover the payments to an insured person. It is important to keep in mind two things. Firstly, any health issues a person had prior to signing the agreement will be excluded and not covered by the insurance company. Secondly, in the first 6 months from signing the agreement, insurance companies do not cover treatment of illnesses linked to problems of the spine, herniated discs, meniscuses and gynecological problems.
How compensation is made
In the case of hospital treatment, payment is made directly to the clinic by the insurance company. In case of outpatient treatment, the patient pays for visits to a doctor and prescribed medicines аnd is reimbursed by the insurance company.
Practical tips for choosing medical insurance
Full coverage is not always necessary
Most people are interested in the outpatient coverage, but this kind of policy can be extremely expensive and a person may have to agree to overpay or reject the idea of buying a policy altogether. It’s very easy to work out whether this type of policy would work for you – calculate the cost of your annual expenses for doctors’ visits and medication, then compare this with the difference in price of both the outpatient and the hospital treatment coverage.
Choosing long-term or life-time contracts
Such a contract will cost you a little bit more, but it has a very important advantage over an annual contract. In the case of a serious disease or a large compensational sum, during the time the contract is valid the insurance company cannot exclude your illness from the coverage, increase the contract price, change its terms or terminate it altogether. It is only the client who has the right to terminate the agreement.
Study the terms of your contract very carefully
Medical insurance is an important and subtle matter. There are cases where insurance agents do not inform their client of all the details if not asked directly. Do not hesitate to ask questions. If required find someone to translate for you, and study it closely before making a final decision – this is your money and your health.
Kirill Karslidis,
Director of insurance company Pitsas Insurances.
