Letsbuyhealthcare, a new service which aims to provide easy access to, and funding of, private healthcare, has been launched.
A Private Health Co-Op has been set up whereby members (and employers on their behalf) can build up their own private healthcare fund by buying €50 Healthcare Coin vouchers.
People can then use their own dedicated healthcare fund to pay for treatment on the Letsbuyhealthcare portal.
The Healthcare Coin product is not-for-profit and any net investment gains on the overall fund - which is overseen by ILP Pension Trustees, part of the Irish Life Group - will be re-distributed back to the Private Health Co-Op members by way of more Healthcare Coin vouchers.
The Letsbuyhealthcare portal is for the 20% of people in Ireland who do not have, or want, private insurance or a medical card. The Healthcare Coin Voucher product is not private health insurance.
Anyone can join and there is no pre-existing conditions, age related or risk profiling. The new initiative also has no annual premiums, no annual charges and no complicated products.
It is the brainchild of two healthcare industry experts - David Allen, former Director of Finance of the National Treatment Purchase Fund, and John Looney, a former director with VHI.
David Allen said that for the first time there is a specific, safe and secure scheme that helps people plan for their own healthcare costs into the future.
"Everyone can now have their own separate family fund dedicated to private healthcare - and nothing else. Something that is built up over time to meet future routine GP and community based medical services as well as trying to allow for any serious problems that potentially might need a consultation or day-case, inpatient or even a residential stay," Mr Allen said.
"Importantly, this can all now be done in a way that is extremely simple and flexible to suit all pockets and can also be topped up by employers availing of tax breaks. It's about choice. It's about spreading the cost risk of private healthcare in a fundamentally different way to the traditional model," he added.
