A service from the Icelandic Insurance Company Ltd (VÍS), one of the country's leading providers of insurance, financial and related services, Medical Cost Insurance is intended for individuals and/or families who plan to move to Iceland on a permanent or temporary basis and are in possession of a valid residence permit issued by the Icelandic Directorate of Immigration.

Designed to meet the needs of those who do not qualify for state health insurance under Article 32 of the State Social Security Act No. 117/1993 by reason of not having lived in the country for a continuous period of more than six months, the policy provides the holder with basically the same level of cover as the country's national insurance scheme, the main exception being that it includes personal liability to a level totaling ISK50,000 over the six-month period which it covers.

Flexible in design, VÍS medical cost insurance offers three levels of cover, ranging from the basic ISK2 million set by the Directorate of Immigration, to two additional options worth ISK4 million and ISK6 million respectively.

Application forms are available both in English and Icelandic, and must be completed, dated and signed by each insured party and the policy holder in person. For added customer convenience, policy applications may be submitted by post, fax or e-mail.

As of November 1, 2010 The Directorate of Immigration will provide the applicant with ID number issued by Statistics Iceland. In most instances, policies can be issued as soon as the completed application form and ID number have been received, although in some cases more detailed information on the applicant's health may be required.

On receipt of payment of the premium, a written confirmation is sent by VÍS to the Directorate of Immigration.