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By: Eolas Money Management  05/12/2011
Keywords: health insurance, insurance cover, Private Health Insurance

The state’s largest private health insurer, the VHI, has begun imposing fees on customers who cancel their insurance cover midway through the year, says the Irish Times.

Since May 1st it has been charging a €50 cancellation fee to those who switch insurers midway through their 12-month contracts, and is also insisting on clawing back from them part of the annual Government levy it pays on their behalf. News of the charge emerged yesterday when the Health Insurance Authority, the industry regulator, published figures showing the number of people covered by private health insurance across the State fell by 14,000 in the first quarter of this year. This was in addition to 31,000 people cancelling their insurance policies in 2010 and 37,000 doing so in 2009.

The VHI said the first day a customer takes out a health insurance policy with the company – all of which are 12-month contracts usually paid in monthly instalments – it has to pay the Government a levy on their behalf. This is currently €205 for an adult and €66 for a child and the levy cannot be recouped from the Government, even if the customer cancels their policy.

If you have any concerns or queries relating to your existing health insurance cover, feel free to contact Eolas Money and we will be delighted to answer your questions.

Keywords: health insurance, insurance cover, Money Management, Private Health Insurance

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This can be accounted for by a number of reasons: the ever increasing cost of private health insurance, less disposable income each month within households, people switching between providers looking for a cheaper plan, and for those that may have been made redundant, they simply cannot afford such cover.