Uncategorized | Eolas Money

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


VHI Healthcare announced that health insurance premium for their average family customers will increase by approximately €331 per annum or €27.60 per month (price of two adults and two children on Parents & Kids) and that the same price increase of 15% will apply to the premiums of 60% of its customers.  The price increase will be effective for renewals or those taking out a new health insurance plan with the VHI from 01st February 2011.

The 15% increase will apply to VHI Healthcare’s Plan A, Parents & Kids, LifeStage Choices and One Plans.  The remaining plans will see premium increases as follows:

Plan B /Plan B Excess 35%
Plan B Options 45%
Plan C 25%
Plan D 21%
Plan E 21%

Thousands of people have cancelled their membership with private health insurers such as the VHI, Aviva and QuinnHealth in recent years. 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.

It is important to remember when you are reviewing your health insurance cover at renewal time, that you do not base your renewal decision simply on potential savings. Eolas Money Management would recommend that people make their decision on benefits first, and then focus on the potential savings.

Too many people tend to have expensive add-on benefits included within their plans, such as cover for GP, physiotherapy and dental visits. However, these typical add on benefits come at a cost and unless you visit the GP, physio or dentist on a regular basis, you may not receive any benefit for this extra cover. You should be aware also of the out-patient excess that applies to most plans.

A key question we at Eolas Money Management ask all our clients – Why do they have health insurance in the first instance – is it to protect against the uncertainty of being admitted to hospital for an expensive surgery, to pay for ongoing medical care, to protect against accidents – or is it to pay for routine day to day GP, physio and dental visits?

 For most people, private health insurance is to protect you and your family against unknown threats, to cover the cost of expensive hospital bills and to ensure access to private hospital treatment. Private medical insurance is not for routine day to day costs.

Therefore, at renewal, your decision should be informed and based on plan benefits and hospital coverage. Once you have decided on the most appropriate level of cover based on your age, geographic location, personal and family circumstances, you can then compare the most appropriate plan of all providers based on price.

Putting price before benefits could have significant negative consequences if you need specialised medical attention from specialized consultants in specialised hospitals.

Therefore, when your renewal date approaches, ensure that you have a full understanding of your requirements. Once you are satisfied that you have the appropriate level of cover, you will be able to make an informed decision based on price.

Should you require any help coming up to your renewal date, Eolas Money Management will be able to assess your needs and ensure your decision is informed, unbiased and most importantly, in your best interest.

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

Contact Eolas Money Management

Email - none provided

Print this page


Other products and services from Eolas Money Management


Money Management | Eolas Money - money management

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.


Money Management | Eolas Money

However the figures indicate that rebuild costs for larger and detached houses are showing signs of levelling off with the rebuild costs for these house types declining by smaller margins or remaining static. The cost of rebuilding two and three bed-roomed terraced houses in Dublin fell by 5 or 6% while the cost of rebuilding a 4 bedroom semi detached house in the capital only fell marginally.