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VHI to increase corporate plans by an average of 6.4%

Thousands of VHI customers are being hit with corporate plan price hikes. The insurer says 10 of ...
Newstalk
Newstalk

09.51 26 Mar 2014


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VHI to increase corporate plan...

VHI to increase corporate plans by an average of 6.4%

Newstalk
Newstalk

09.51 26 Mar 2014


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Thousands of VHI customers are being hit with corporate plan price hikes. The insurer says 10 of its corporate plans will be subject to the increase. Premiums are set to go up by an average of 6.4% from next month.

It is understood that the higher prices will apply to those renewing the plans or those switching to these 10 policies from April 15th.

Corporate plans are plans bought by companies on behalf of their staff, but are also available to ordinary people and families.

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These Private Medical Insurance (PMI) plans tend to be better value and offer better benefits.

The medical insurer was praised by Health Minister James Reilly in January for keeping its then-increase to an average of 3%.

Last year they increased prices by 6%.

Minister Reilly also urged all private insurers to work with Pat McLoughlin - who was appointed by the government to advise insurers how to keep costs low.

Among those was a recommendation that the industry steps up its fight against fraud and inappropriate claims, and works to encourage more young people to enter the market.

Savings are also thought to be possible in the areas of claims processing, and in admissions and discharge procedures.

An estimated 250,000 people have cancelled their health insurance policies since 2007.

The Personal Finance Editor with the Irish Independent, Charlie Weston, told Newstalk Breakfast that trend could continue, with the cost of insurance increasingly hitting hard-pressed households.


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