BEATING THE VHI PRICE HIKE
VHI have announced that they will be increasing the premiums on their Plans by up to 45%.
Increases on their Individual Plans will come into effect on 1st February 2011 and can be summarised as follows:
|VHI Plan||% Increase||Current Adult Annual Premium||Adult Premium
w.e.f. 1st February
|Plan B Options||45%||€985.86||€1,430.00|
|Plan B Options||35%||€906.99||€1,224.00|
|Plan D||21%||€1,931.40||€2,336.99 *|
|Plan E||21%||€2,832.72||€3,42759 *|
|Parents & Kids Plan||15%||€906.99||€1,043.04|
* Approximate costs based on VHI Press release on 6th January 2011
VHI will also be increasing the prices on their Corporate Plans with effect from the 1st March 2011 but have not as yet, announced by how much.
What can I do?
• Switch Providers?
Both Aviva and Quinn Healthcare will now be considerably cheaper than VHI. If you take for example, VHI’s most popular Plans – VHI Plan B & Plan B Options – the table below illustrates the savings that can be achieved by switching to equivalent plans with Aviva and Quinn Healthcare.
|Plan Name||Adult Premium||Student||Child|
|VHI Plan B||€1,017.50||€418.70||€304.30|
|VHI Plan B Options||€1,430.00||€508.27||€317.67|
|Aviva Level 2 Hospital||€825.00||€320.60||€190.00|
|Aviva Level 2 Everyday||€1,017.50||€418.70||€304.30|
|Quinn Essential Plus||€879.62||€236.90||€303.85|
Switching is easy. You do not have to reserve waiting periods and a new insurer has to take you on without imposing any extra cost for an illness you may already have.
• Consider Alternative Plan Options?
Corporate Plans can offer better value – both on price and benefits – and are available to individuals and Companies alike.
You may be able to upgrade your level of cover with an alternative provider and still pay a lower premium than you would be paying if you stay with VHI. For example, an adult switching from VHI’s Plan B Options to upgrade to an Aviva Level 3 Plan would benefit from more hospital cover (private room in a private hospital with no excess) while still saving €127 on their first years premium.
You may be on too high a level of cover? Perhaps now is the time to consider exactly what you want and need from your Health Insurance cover.
• Change your Renewal Date?
The VHI Price increases do not come into effect until 1st February/1st March -depending on which Plan you are on. People with renewal dates after these dates can ring the VHI now and change their renewal date to January, thus avoiding the impending rate increases. Prices once renewed are fixed for the following 12 months. This would not however avoid having to face the VHI Price increases in a year’s time.
Contact Noone Casey if you require any further information.