What are
Healthcare Coins©?

A new way of self funding the cost of private healthcare.

Self Funded Private Healthcare

  • Your OWN healthcare fund
  • You decide HOW MUCH you can afford
  • You decide WHEN to top up
  • Then USE when you need
  • On ANYONE'S private healthcare
  • Using one of our QUALITY participating private healthcare providers

How do Healthcare Coins work?

Typical Profiles of Co Op Members

Tom

Tom doesn’t have any private health insurance. He joined the Co Op and builds up the family private healthcare fund with Letsbuyhealthcare by buying, when he can, Healthcare Coins. So far he has bought 34 (a value of €1,700) and is aiming to have 60 (€3,000) by the end of next year. That’s important to Tom because his wife, although only 24 years old, has been diagnosed with the early development of a problem in her left eye and by the end of next year will probably need an operation.

Richard

Richard didn’t have any private health insurance. He joined the Co Op and by buying Healthcare Coins, one a week, for two years his fund accumulated to €2,600. He tore the cruciate ligament in his knee playing football and because he works as a van driver he was in big trouble. However he had surgery privately, and quickly. Used up some of his Healthcare Coins, and was back at work in no time.

Harriet

Harriet has just finished her degree and works for a company that joined the Co Op to buy Healthcare Coins for their employees. It’s a great perk and they are a great company to work for. As well as her own Healthcare Coins the company will put 10 Healthcare Coins into her Letsbuyhealthcare electronic wallet every year. Because Healthcare Coins are under the small benefits scheme Harriet isn't even taxed on that €500 benefit.

Private Health Insurance
Self Fund with Healthcare Coins
Private Health Insurance
  • You choose cover from a selection of health insurance plans. Each plan has a different price.
  • Regular payment is made to maintain cover. Usually monthly or annually.
  • The level of medical cost that will be covered, and paid by the insurer, is set in advance of treatment.
  • Insurance cover is for persons named on the policy.
  • Complex, high cost, medical treatments can be covered.
  • Tax relief on private medical insurance premiums.
  • Premiums are 'pooled' in an overall insurance fund to meet claims costs.
  • Previous conditions or illnesses, your age and whether you were previously insured can affect your cover.
  • A claim is made to the insurer at the time of treatment to check your eligibility for payment.
  • The Healthcare Provider you use must be qualified and registered with the insurer.
  • Any overall investment fund profits help to lower your health insurance premiums.
Self Fund with Healthcare Coins
  • Each Healthcare Coin costs €50 and is for private healthcare that costs €50.
  • You can buy any number of Healthcare Coins at any time.
  • You meet the cost of your healthcare at the time of treatment.
  • Your own Healthcare Coin fund can be used for anyone's private healthcare.
  • You rely on the Public Healthcare System for complex conditions and treatments.
  • Tax relief on private health expenditure.
  • Your Healthcare Coin fund is for your own use.
  • No personal conditions or exclusions apply when buying Healthcare Coins or when using your Healthcare Fund.
  • No claims. Customer instructs Letsbuyhealthcare what is to be done with their Healthcare Coin fund at the time of treatment.
  • The Healthcare Provider you use must be qualified and registered with Letsbuyhealthcare.
  • Any overall investment fund profits are added, by way of extra Healthcare Coins, to your personal fund .

Healthcare Coins©

Healthcare Coins
and Employers

Employers can also gift Healthcare Coins© to their employees. Healthcare Coins are not a cash benefit so, subject to Revenue rules, qualify as a non taxable small benefit (up to €500 per year) that can be gifted annually to each employee. Contact one of our representatives at contact@letbuyhealthcare.ie or phone us on 01 5563066 and we can take you through the simple steps.

Frequently Ask Questions

What are Healthcare Coins?

Each Healthcare Coin is a €50 voucher. So each is a record that you have paid €50 into your own private healthcare fund. They reflect your participation as a Co Op Member in the Letsbuyhealthcare Scheme. The records of your transactions in and out of your fund will be held in your Letsbuyhealthcare 'electronic wallet'. If you prefer the Healthcare Coins can also be sent to you in paper form (Healthcare Coin stamps and stamp book). Healthcare Coins are collected and then used when you have a need for private healthcare.

How much are they and how many can I purchase?

Each Healthcare Coin costs €50 and you can buy as many as you like. There is no limit. If you purchase €10,000 or more Healthcare Coins you will be required to submit proof of identity and proof of address in accordance with Anti Money Laundering regulations.

Do Healthcare Coins have an expiry date?

No. There is no expiry date. They will NEVER have an expiry date.

What can they be used for?

To pay for healthcare. Healthcare is defined by Letsbuyhealthcare as the prevention, diagnosis, alleviation or treatment of an ailment, an injury, an infirmity, a defect or a disability. So, for example, if a treatment in a private hospital normally costs €500 and you have accumulated 10 Healthcare Coins (or a total value of €500) then you can use your Healthcare Coin balance to meet the full cost of that treatment. Your healthcare provider does NOT have to be on Letsbuyhealthcare's website and Healthcare Coins can also be used for public health charges.

Can I withdraw or 'cash in' my Healthcare Coins if I decide I don't need them?

No. When you buy Healthcare Coins you are committing to using your Healthcare Coin fund for private healthcare. It cannot under any circumstances be cashed in for any purposes other than for private healthcare. You can only use your Healthcare Coins to purchase healthcare from a participating provider.

Why would I need to buy Healthcare Coins – I could save up my own fund?

You can of course. But with Healthcare Coins you directly connect to a ready-made medical provider network and make a 100% commitment to accumulating your own dedicated healthcare fund for you and your family. It’s preparing for future healthcare costs - NOTHING ELSE. As part of the larger Healthcare Coin Fund your own fund also potentially benefits from increases in the larger professionally managed fund. As part of the Co-Op there is strength in numbers. Your employer can also gift you Healthcare Coins and get a tax break.

Can I use my Healthcare Coins for another person's private healthcare?

Yes. You can opt to use some, or all, of your Healthcare Coins to pay for anyone’s healthcare – anyone in your extended family, a neighbour or even a stranger.

Do I have to register everyone in my family when I buy Healthcare Coins?

No. We only need to register someone as the owner of the Healthcare Coins. The owner decides how much, on whom and when Healthcare Coins are used.

Can anyone else access or decide on the use of my accumulated Healthcare Coin balance?

Absolutely not. Your Healthcare Coins are your property, securely held, for you alone to decide how they are used for future healthcare purposes. You are accumulating and using your own personal healthcare fund – as you see fit for your own circumstances.

If I already know I will need treatment, or have had treatment in the past, does that matter?

No, it doesn’t matter what you or your families age, sex, health history or current health condition is. There are absolutely no pre-conditions. You can buy and collect Healthcare Coins to prepare for any treatment, care or operation in the future or to meet a current healthcare need.

Does the type of healthcare treatment matter?

No. Any healthcare delivered in an inpatient, outpatient, day-care or community setting – the only requirements are that the expenditure falls within Letsbuyhealthcare's definition of healthcare, which is very broad.

Can a company buy Healthcare Coins?

Yes. In exactly the same way as a family, an employer can buy Healthcare Coins on behalf of the company for it’s employees. If you an employer we’d suggest you make contact with us and we can take you through the steps.

Do Letsbuyhealthcare charge a fee for Healthcare Coins?

No. There is no fee or commission charged by Letsbuyhealthcare for Healthcare Coins. The face value of all purchased Healthcare Coins will be exactly the same value available to you to buy private healthcare.

How does Letsbuyhealthcare make money on Healthcare Coins?

Indirectly. Healthcare Coins facilitates the use of Letsbuyhealthcare’s self-pay service with private hospitals and other private providers. While Letsbuyhealthcare do not charge the consumer for either Healthcare Coins or ‘Pay as you go’ Bookings we do have commission arrangements in place with private healthcare suppliers and providers. Letsbuyhealthcare’s income is exclusively from those commission arrangements with private healthcare providers – not from consumers or patients.

Can I use my Healthcare Coins for non healthcare purposes?

No. When you purchase Healthcare Coins you fully commit to using them only for Healthcare. Unfortunately, they can’t ever be used to fix the boiler or to fund that holiday. You can use your Healthcare coins for any healthcare expenditure provided it is within the Letsbuyhealthcare definition of healthcare.

Can I claim tax relief on Healthcare Coins?

At the time of using the Healthcare Coins for healthcare expenditure you may qualify for tax relief on medical expenses. Provided of course your expenditure meets the Revenue Commissioner’s standard rules and conditions for tax relief on health expenditure.

Are Healthcare Coins a type of private health insurance?

No. Healthcare Coins are NOT private health insurance. Health insurance has an annual premium and provides cover in accordance with the product selected from a chosen insurer. Healthcare Coins can be purchased at any time for any value amount and provide a personal private healthcare fund that can be used up to the limit of the total value of Healthcare Coins purchased.

I don’t have private health insurance can I buy Healthcare Coins?

Yes. Your accumulated Healthcare Coins will give you your own fund to use, as you like, towards future private healthcare needs

I have private health insurance can I buy Healthcare Coins?

Yes. You can supplement your private health insurance by also having your own Healthcare Coin personal private healthcare fund. Some people may wish to do so in order to allow for future private healthcare costs that are not covered by their private health insurance.

Can I buy Healthcare Coins instead of private health insurance?

Yes. If you were considering buying health insurance you could opt, instead, to build up your own personal private healthcare fund using Healthcare Coins to meet the future cost of your private healthcare.

Can I top up my accumulated Healthcare coins if I ever needed treatment?

Yes. If, for example, a private healthcare treatment costs €1,000 and you had an accumulated Healthcare Coin fund of €800 you can pay the €200 difference by way of an additional payment at that time (or, of course, by buying additional Healthcare Coins).

Do private health providers have to be Letsbuyhealthcare participating providers?

No. Your Healthcare Coins can be used with any medical provider public or private. Provided always that the medical supplier/doctor/clinic/hospital is accredited by a recognised medical accreditation body.

If I need a healthcare treatment do I have to make a claim or how does that work?

There is no ‘claim’ process and no forms. Nothing like that. After all it's your own fund. Letsbuyhealthcare will pay the healthcare provider, on your behalf, out of your accumulated Healthcare coin fund. You simply select a participating provider and book the treatment you need on the Letsbuyhealthcare website. Or if the provider or treatment is not on our website just tell us. Once we’ve validated that it’s actually you we will make payment directly to the participating hospital or provider of your choice using your Healthcare Coin fund balance.

Can I set up a regular purchase of Healthcare Coins? Weekly, monthly or annually?

Yes. You can buy Healthcare Coins on a once off basis and/or set up a regular purchase as you wish. There are no set annual renewal dates. You decide what suits your pocket and when.

How do I know the total value of all my Healthcare Coins will be available to me when I need them?

You can log in at any time to your account on our website to check on your available Healthcare coin fund balance using your Letsbuyhealthcare Customer number and password. If you prefer we can also send you a Healthcare Coin Customer Stamp Book so that you can have your own paper record.

Can I buy someone a gift of Healthcare coins?

Yes.

What happens to my Healthcare Coins in the event of my death?

The value of your accumulated Healthcare Coin stamps passes to your estate.

Can I pay my GP with Healthcare Coins?

Yes. Provided always that the doctor is accredited by a recognised medical accreditation body.

Do I have to own Healthcare Coins to use one of Letsbuyhealthcare’s providers?

No. Healthcare Coins are a way for Co Op Members to prepare for the cost of private health. If you’d prefer, as a Co Op Member, you can select your preferred provider, and treatment, on the Letsbuyhealthcare website and either (1) book and pay your provider online by credit/debit card or (2) simply book and then pay your provider later.

Are my Healthcare Coin Fund purchases safe and secure?

Yes. Chartered Accountants Ormsby & Rhodes, founded 1911, have been appointed independent statutory Auditors to LetsBuyHealthCare Ltd and LetsBuyHealthCare Co-Op Ltd. Ormsby & Rhodes will carry out an independent audit in accordance with the International Auditing Standards to determine if the financial statements give a true and fair view of the assets and liabilities of the Companies and of the financial position of the Companies at a specific point in time. The Ormsby & Rhodes’ audit opinion, following the audit of the Companies, will be published and made available to the Members of the Private Health Co-operative Society. Letsbuyhealthcare Ltd do not, and will not, receive any interest, profit, or any investment yield from Healthcare Coins. Any investment gains from the fund (after running costs) will be distributed back to Co Op Members in a fair and equitable way.

Do I have to be a Co Op Member to buy Healthcare Coins?

Yes. You must first have registered as a Member of the Private Healthcare Co-Operative Society before, as a Member, you can buy Healthcare Coins.

Are Healthcare Coins a form of Crypto-currency?

No. Healthcare Coins are not a form of crypto- currency. They are not traded on any financial or other market and don't have a value more (or less) than simply what has been paid for them. They are not transferable.

Feedback to LetsBuyHealthcare

Contact Us