Health insurance expert Dermot Goode said the ‘surprise move’ will be of ‘particular concern’ to older members
VHI is removing some of what were its core plans from the markets on May 1st, with around one in 10 of its customers expected to be affected.
He estimates that between 100,000 and 150,000 VHI customers – around one in 10 of all its customers – will be affected by the move. “Whilst these plans offer good cover, some have been on the market for nearly 30 years and are therefore very expensive,” he said. “In the last 12 months alone, customers on these plans have been hit with significant price hikes.”
The State-owned health insurer slipped into the red last year as the cost of claims jumped by 18 per cent and it experienced higher labour and energy costs and a strong increase in demand for healthcare services. This resulted in the company recording a net deficit or loss of €43.4 million, compared with a net surplus or profit of €34.3 million in 2022.
Mr Goode said there are similar alternatives available from VHI, such as their Advanced Care product range, but he warned members to be careful they are not transferred to more expensive options. In terms of engaging with VHI or the other insurers, he said it is important to always contact the company by phone to discuss options as all calls are recorded. “Do this well in advance of your renewal to give yourself plenty of time,” he said. “Decide on your budget for health cover before you contact them and challenge them to find you the closest equivalent plan that fits this budget.
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