Medical Insurance

Medical insurance is a type of insurance product that covers the cost of medical care if you are ill or injured. Medical insurance is usually charged as a monthly premium but can be included as part of your employment contract.

What is medical insurance?

Medical insurance, sometimes known as health insurance, covers the policyholder for medical expenses and treatment as outlined in the policy. In Cyprus, citizens from the European Union are eligible for free emergency treatment. However, there is usually a fee for in-patient and out-patient care. The cost of care can be expensive which is why medical insurance is important for expats living in Cyprus.

The type of cover you need depends on your circumstances. The extent of the cover and other factors such as age and location will determine the monthly premium cost for the policy.

Medical insurance should not be confused with critical illness insurance. It will not cover chronic illnesses or illnesses that require ongoing, long-term treatment.

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How does medical insurance work?

As long as the policy is active, meaning you continue to pay your premiums, the insurance will pay out if you should need it. 

Payments are made monthly in the form of premiums. The amount you pay depends on the type of cover and how many people are on the policy.

Other factors which dictate the cost of medical insurance include:

  • Your age
  • Your medical history
  • Your family’s history (if they are included on your policy)
  • Your lifestyle

It’s worth noting that different insurers offer ways to reduce the price of your premiums. For example, some offer lower premiums for those who don’t smoke or use the gym regularly.

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What does medical insurance cover?

Medical insurance is for acute conditions, which are short-term and curable. It should not be confused with critical illness cover which is for conditions that will require long-term treatment.

The type of medical insurance will dictate what is covered. The level of cover can generally be broken down into three areas:

  • Basic cover
  • This usually covers treatment and any inpatient costs.

  • Medium cover
  • This level of cover will generally include outpatient care as well as inpatient care.

  • Comprehensive cover
  • This will cover everything included with basic and medium cover as well as extra treatment. This can include mental health care and physiotherapy.

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