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VHI WILL INCREASE the price of its health insurance plans by an average of 7% from 1 March, the company has announced.
It said the price increase is “necessary” to meet the healthcare needs of its members as claims volumes rose by more than 20% last year and that inflation has had a “significant impact” on the cost of delivering healthcare.
Last year, there was was over 630,000 healthcare interactions with VHI’s health and wellbeing services, including access to VHI doctors, nurses and healthcare professionals. The company said this represents a 21% increase in usage on the previous year.
VHI said the rapid return to full activity in hospitals post-Covid, combined with the impact of pent-up demand for services deferred during Covid, has contributed to the escalation in claims volumes and costs.
In addition, it said “advances in drugs, procedures and other medical innovations and technologies, supporting enhanced healthcare outcomes, have also impacted on the cost of providing care to members”.
“This unprecedented demand for healthcare from our members has led to a rapid increase in claims volumes and associated costs. We are taking the difficult steps required to address this matter,” VHI Insurance DAC managing director Aaron Keogh said.
“We have implemented a broad range of value and efficiency measures within the business as part of these efforts, however, the scale of the increase in healthcare services accessed by our members means that this price increase is necessary,” Keogh said.
Keogh said VHI is “conscious of the financial pressures facing many of our members” and said the company is committed to delivering value by giving them access to high quality healthcare at the lowest possible prices.
In a separate statement, the Health Insurance Authority (HIA) – which regulates the health insurance sector – said that the trend of insurers increasing prices since the pandemic is part of a global pattern.
“We always encourage consumers to review their policy each year at their renewal date to ensure that their policy fits their health needs and budget,” HIA CEO Ray Dolan said.
“Consumers can use the free comparison tool on our website, hia.ie, to find the best policy for their needs.”
Health insurance expert Dermot Goode of Total Health Cover said the hike will add €105 per adult for those insured on VHI’s Enhanced Care 350 scheme, or between €230 and €315 per adult for those insured on its Health Plus Extra and Premium Care schemes.
“For a retired couple on dated plans such as Health Plus Extra (old Plan B Options), the increase since March 2023 will cost them just under €900,” Goode said.
“For the same couple insured on the gold-plated Premium Care scheme, they will have to find an additional €1,386 if they want to remain on the same plan.”
He also said that a family of two adults and two children will be “seriously impacted” by the increases.
“For those families insured on the likes of One Plus Plan or Enhanced Care 350, the total increase since March 2023 will be €504 and €440 respectively. The popular Company Plan Plus Level 1.3 corporate plan will increase by €586.”
Goode advised all those renewing on or after 1 March to “urgently review their options” with VHI and switch to an alternative insurer if necessary.
“The best advice is to decide on your budget for your family health cover and then challenge the insurers to find you similar cover that fits this. Auto-renewing without checking our alternative options should be avoided at all costs.”
Goode noted that Irish Life Health increased its price plans from 1 January, while Laya and VHI also increased the cost of around 26 of their corporate plans from the same date.
“This cycle of multiple price hikes looks set to continue 2024 as the insurers seem unable to predict with any certainty their future cost of claims.
“If we look at the 2023 trend, Laya increased their rates from April 2023 just after VHI increased their charges and we’re expecting something similar in 2024.”
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Fair enough VHI, Increase your annual premium. I will also increase my visits to the doctor, physio and dentist, for the smallest of ailments. I can see your greed backfiring, when I start to go to the GP for every small headache and scraped knee.
@Susa delrosario: great to have the time..
@brian o’leary: I’ll make the time, starting with ‘accidentally’ tripping and falling down the stairs here in work.
@Susa delrosario: the health system is already so strained. Just leave VHI if you’re that pressed.
@Jen McC: I can’t, I work here.
@Susa delrosario: you can’t go with another company like Laya or Irish Life?
@Jen McC: I don’t see why I’d bother moving jobs, management in VHI are giving us wage increases soon. They say they’re coming into extra money.
@brian o’leary: and clearly the money to be able to go in first place and delay service for those who need it- silly really
@Susa delrosario: you do know that depending on your plan you can only submit a certain amount of claims for GP visits. My own plan is 6 a year.
@Susa delrosario: Check your day to day outpatients cover vvvvvv carefully. Stuff covered under my plan last year have now been dropped by Vhi. But they don’t drop maternity cover-”I’ m 68 – had hysterectomy back in 1991. My husband is 75. They still include maternity!!!!!!!
@Lilian Daly: I don’t really work for VHI.
@Susa delrosario: What kind of Policy have got that covers GP visits, dentistry etc.?!
@Susa delrosario: leave vhi and demonstrate that you will not accept their unacceptable terms and conditions, that anyway have failed and habitually fail so many people or take MONTHS to make simple decisions and you won’t accept their hikes
My mother has paid the top plan for almost 30 years and recently went into heart failure. The vhi were useless. She couldn’t get a private bed. We couldn’t even get to see a cardiologist. They offered 70 euros per night for respite care during recovery.
And that’s the top plan.
So I’m cancelling mine. And she’s cancelling hers. I’ll increase my credit union and pay cash if I need health care.
Disgraceful system, both public and private.
Broken beyond repair.
@lastfewchocices: I had the opposite experience…I was given a room that was like a suite in the hilton with round the clock care….
Private health insurance is a complete waste of money
@9QRixo8H: I don’t agree, my mother has been in and out of hospital the past few years…..there is a difference if you have health insurance, better room and better care…
@Clare Power: yeah RIGHT
@tara tevlin: Yes that’s correct, I was there all those months….
Spent 6 weeks in a public hospital in a public ward. The administrators come round and ask do you have insurance. You say yes and sign a form. You stay in the same bed and see the same doctors for your stay. The public hospital charges your insurance company but can’t offer you anything extra. If I had no insurance the treatment and bed is the same. It’s a broken system.
@Temp Stuff: my mother was asked the same question, moved to better room…less people less noise…lots cleaner..
@Clare Power: same with mine. Although she was admitted via ambulance into A&E, and spent about 24 hours there on a trolley before moving to a private bed
@Temp Stuff: don’t be signing anything until you are happy that you are getting what you are paying for through your policy. I was in a+e and was waiting on a bed. While waiting in a+e I was asked had I got private insurance and when I said yes I was asked to sign a form. I told her to come back to me when I’m in my private room.
Ah shur why not, keep piling it on lads!
VHI….living up to their name…VERY HIGH INSURANCE!!!
7% of an increase my goodness that a bit far fetch
@lastfewchoices: a family member of mine was recently diagnosed with cancer and their experience is the total opposite of your mothers.
Two surgeons, private room and really swift care and procedures, it made a huge difference.
I’m sorry to hear about your mother’s experiences and I’d be sitting on the phone with Vhi and refusing to get off until the issue is sorted – illness is tough enough without the added stress of fighting with companies
@Wombleman: I had to have a minor surgery and I found Vhi excellent.
Private health care is really important for elective and major surgery’s as u bascially don’t have to use public hospitals or deal with waiting lists.
I was seen in a week.
@Mark Smyth: correction* – private care like with a company thats as ugly as vhi is necessary in THIS jurisdiction because the public system breaches human rights and fails to afford the above the way most developed countries do it and Irish people allow it to thrive.
Never had health insurance, prefer holidays.
@brian o’leary: I’m going on holiday in the knowledge I have top notch insurance and if something were to happen I wouldn’t be shoved in a noisy room with a hundred other people!
@Clare Power: exactly and they bask in the profits theyre making which enable YOU to have this confidence in this broken country! get it?!
Better to have it and not need it than need it and not have it. Broke my wrist a couple of years ago, 3 ops plus physio all covered.
@Jamie Hinch: you never declared your post as an advert for VHI . Scandalous prices
@SW20: I’m with Irish Life as it happens..
@ Susa Delrosario: so, at the moment say you go once a year – you pay €50 and get €25 back.
Now you’ll go 10 times and pay €500 and get €250 back so you’ve cost yourself an extra €225
Nice one Sherlock
@Wombleman: If everyone went ten times a year VHI would implode. I consider that a win.
@Susa delrosario: and the additional strain on our health service doesn’t bother you either?
@SYaxJ2Ts: nope, the health service is so good here that I’ve invited my entire family and cousins over to Ireland.
Shameless!!! Glad I left them years ago.
@Mick Hanna: left them 10 yrs ago put the money into saving account £30k in it now.Surely cover a few operations if needed.
@Willie Marty: Good Idea that
@Willie Marty: maybe in Turkey
@Willie Marty: I’d keep yr fingers crossed…my mother had 2 weeks in hospital with an operation and vhi billed 35000.
@Willie Marty: Same here. My wife and I moved back from London 25 years ago and couldn’t believe the crap plans for crazy money. Put the basic amount in a savings plan yearly and now have shy of 80,000. Not surprisingly, we never had a problem seeing a consultant when you tell them you’re paying privately in cash. You might notice as you get older, the caveats with any plan become ridiculous.
Insurance, utilities, food, drink etc all increasing but employers complain when people have the audacity to get a pay increase
My VHI bill increased by 11.95 % from the first of January even though I haven’t had a claim since 2020 . The only reason that I am still with them is that I am afraid of ending up being treated on a trolly in a corridor . I know several people in the same position .
@Des Hanrahan: the cruelty of this country in a nutshell, and all the middle to upper level learners who defend it and they’re out their in droves have zero morals
@Liz Dunning: your comments are consistently spiteful and ugly
@Des Hanrahan: Des, Private Health Insurance is Community Rated- completely different to other forms of General Insurance…
Insurance companies are nothing but greedy all take and make it impossible to claim anything back or give very little back constantly putting up the prices. House insurance is the biggest scam ever they cover nothing
Politicians should be barred from having private health insurance, and then they might speed up reform of the public health system.
They’re saying the rate of visits increased post covid. By the same breath did the policy prices drop when people couldn’t access critical care over the lengthy time with the worst of the spread?
I don’t live in Ireland so I’m genuinely curious, but i highly doubt there was a reduction. Double standards.
@Connor Savage:
VHI returned €450 million to customers in the form of waivers during the pandemic.
It is the ultimate privilege to have private health insurance. It is literally the difference between life and death. Slaintecare was meant to give any patient equal access to public or private, whichever was available first.
@Pat Redmond: I agree but theirs plenty smoking and drinking wud tell you they can’t afford health insurance…you have to get yr priorities in order.
Oh how I love this Country… ‘Your health is your wealth’
Nope- ‘your wealth is your health’
At least write a correct headline
” State owned VHI to increase plans by 7% in another tax grab”
All the health insurance companies are a total rip off, I looked Into signing up before lockdown as I have a number of health problems that needed urgent care. between the cost of the policy and then finding out I’d have to be paying into the policy for 5yrs before I could access any treatment, there was no point in me paying into a policy that I couldn’t use, they will not pay out if you have any pre existing conditions and if you have you must be with them 5yrs before you get any sort of help I could be well dead by then
Utterly cowardly and by a borderline, if not essentially unethical outfit.. every single person who anyway sits back and thinks of themselves as providing a robust service, doing people a job while they earn a big salary working in private healthcare is morally bankrupt. increases? shameful and underserved
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