Beware the dash for deficient health cover

THOSE over 34 risk being priced out of the market for good unless they buy private health insurance this week.

Up to now, everybody paid the same premium for the same policy — irrespective of age. Under new rules on lifetime community rating (LCR), those over 34 who delay until after April 30 to buy health insurance for the first time will pay an age loading. It will add 2% to the cost of cover for every year a person is over over 34.

Read more here:  http://www.thesundaytimes.co.uk/sto/news/ireland/Business/article1548474.ece

Deadline approaches for Lifetime Community Rating

With just 8 days left before the introduction of Lifetime Community Rating (LCR), IHI can report that finally things are hotting up on the phonelines. read more…

Lifetime Community Rating and The Unintended Consequences for Companies

Introduction to Lifetime Community Rating (LCR)

As you may be aware the introduction of Lifetime Community Rating (LCR) is due to come into effect as and from the 1st May 2015.   In the past I have described LCR as the missing piece of the jigsaw in a Community Rated system.   read more…

Aviva Health Announce Ground Breaking Medical Technology Innovation on Select Health Plans – Babylon

Today Aviva Health announced and demonstrated their latest offering.  A complimentary G.P access benefit integrated into their suite of Aviva Select plans.

Babylon which is currently being used in Aviva UK is a smart phone app which offers customers exclusive access to 3 face to face video consultations with a G.P where a diagnosis can be made and prescriptions issued directly to the pharmacy for collection. read more…

VHI issues notice of Premium Freeze and Premium Reductions

In my last blog I surmised that much the of Health insurance premium increases in the past few years were largely down to Government intervention and Government policy which forced insurers pass on the higher prices that such policies inevitably led to. If this statement was ever to be tested or proven it would have taken a change in government policy to put it up to the insurers to see if policy change in the opposite direction would reflect in consumer premiums. read more…

The year in review – 2014 and the changes in the healthcare system and PMI market

As we approach the end of the first month of 2015 (and as the madness of the biggest renewal month in the calendar subsides) now seems like a good time to review the events of 2014 in the world of health insurance and the wider Healthcare System.  While many of the past years have been described as tumultuous regarding the Private Medical Insurance Market and the health system in general, this year was certainly that and much more.  While other years appeared heap bad news on top of more bad news, this year, thankfully had almost an equal measure of both. read more…

AIG invests further in Ireland with acquisition of laya healthcare

  • Laya healthcare management team to lead further growth in Ireland
  • Deal expands AIG Health global footprint and accelerates plans for EMEA growth
  • Good news for almost half a million members of laya healthcare and health insurance market in Ireland read more…

Budget 2015 Summary

Budget 2015 – Main Points:

read more…

VHI price cuts for children and students come with a catch…or so someone in the Irish Times thinks!

Below is a link to an article which I found on the Irish Times website this evening and one which I felt could not go unchallenged from an industry professional whilst also from an independent standpoint.  read more…

See the final version of the Government’s white paper on Universal Health Insurance here.

 

White-Paper-Final-version-1-April-2014

Has the cost of Health Insurance really gone up that much?

Below is an Annual Subscription from the 22nd of September 1987 from VHI to a customer for Plan B for 2 adults and 2 children. The annual premium for the plan on that date was IRL£395.04. This would traslate to €501.60. read more…

Health Insurer’s Profit & Loss accounts on Health Insurance Business for 2012

VHI: Loss of €7.2 Million

Laya Healthcare: Profit of €5 Million

Aviva Health: Profit of €7.2 Million

GloHealth: Loss of 3.65 Million

Lifetime Community Rating – Would threat of higher premiums convince you to puchase Health Insurance sooner?

 

There have recently be soundings from Government at looking at the idea of charging late entrants into the health insurance market a higher premium rate than those who choose to take out cover at a younger age.  In this article we take a look at why we believe this should be implemented. read more…

How to get the best deal in private health cover

Thousands of households across the country have begun the process of renewing their private health insurance. The market now has over 260 plans with more to come next month. So how to ensure you are getting the best value for your money? read more…

State may owe as much as €60 Million in unclaimed Heath Insurance Tax Relief

The Government may owe as much as €61 million in unclaimed refunds to members of corporate private health insurance schemes. read more…

How does the Cap on Tax Relief for Private Medical Insurance effect you?

Further to the annoucement to cap tax relief to just the first €1,000 for adults and €500 for children, many people have been left trying to figure out how this will effect their premiums, not least of all the insurers themselves who are scrambling to re issue prices to the market.  read more…

Open Letter to the Minister for Finance on Health Insurance Budget Adjustments

Yesterday as we all digested the budget; some areas were proving somewhat indigestible for some of the population. For those holders of Private Medical Insurance and for the 4 insurers (Aviva Health, GloHealth, Laya Healthcare & Vhi Healthcare) who provide their cover, they were all trying to come to terms with one of the measures announced by Minister Noonan during his budget speech. read more…

Effects of Health Insurance (amendment) Act 2012 most visible today

Under the most recent piece of health insurance legislation the notice period that insurers must give the Health Insurance Authority (HIA) 30 days notice on any price or benefit change they make to their suite of plans.  read more…

GloHealth extend 5% discount on Better & Best Plan to October 31st

GloHealth have confirmed that the 5% disocunt applicable to customers who purchase online or with Irish Health Insurance will be extended until the end of October. read more…

Have Aviva Health just rendered Minister Reilly’s proposed bed re-designation charges ineffectual?

On the 2nd of May this year in an article on this site I gave my opinion that the PMI market could not sustain the 50% price increases muted by Vhi on foot of the government’s proposed changes to how they charge insurers and private patients for Public Hospital bed charges.  In the article I surmised that the market would find a way to survive such changes.  As suspected the market reacted to the threat of bed re-designation in the manner we accurately predicted.

read more…