Private health insurance: what to check before you sign

In Greece, the public health system covers emergencies well. For anything that isn’t immediately life-threatening (a scheduled operation, an investigation, a second opinion), the waiting and the lack of choice are the real risk. That’s exactly where private health insurance comes in.

The problem is that two policies with a similar premium can behave completely differently on the day of your hospital stay. Before you sign, understand these four terms.

1. The excess (deductible)

This is the amount you carry on each hospitalisation before the insurer starts paying. An excess of €1,500 instead of €0 can cut the premium by 30–40%.

The rule: choose an excess you could comfortably cover from savings without stress. You’re insuring the serious loss, not the small one.

2. The annual upper limit

This is the maximum the policy will pay in one year. A limit of €50,000 sounds large, but a complex operation with complications and a long stay in a private hospital can exhaust it.

For cover that means something, look for limits from €500,000 upwards, or plans with no annual limit on inpatient care.

3. The provider network

Some plans pay the contracted hospital directly (direct settlement), others reimburse you afterwards against a tariff. Ask:

• Which specific hospitals are in the network?
• What percentage is covered if you go out of network?
• Is treatment abroad covered, and on what terms?

A cheaper policy with a network you’d never use is simply useless.

4. Premium adjustment

The health premium rises every year, for two reasons: your age and the general medical cost index. That’s normal. What matters is starting with a structure that stays viable in your 60s and 70s, not just today.

Ask for an indicative premium projection for the next 20–30 years before you decide.

When to do it

Your insurability “locks in” at your current health status. Every year that passes adds potential pre-existing conditions that may be excluded. If you’re considering private health cover, the best time to look at it is while you’re healthy.

If you already have a group plan from work, it’s valuable, but it stops when you change or lose your job. An individual policy makes sure you aren’t left uncovered at the worst moment.