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Entry tags:
health insurance
When I signed up to my current job, I switched my health insurance from VHI to Bupa. I've been on VHI since birth, but the company plan is with Bupa, and they don't have any sort of alternative that would allow me to continue with my insurer of over 30 years. So, I switched.
VHI has been around quite a while, so they have a large number of older customers, and thus a higher payout burden. Bupa, on the other hand, are relative newcomers to the Irish market. In order to balance things out some without crippling people with excessive premium hikes, the Department of Health is scheduled to introduce Risk Equalisation, i.e. Bupa will have to provide VHI with a subsidy based on the relative sizes of their payout burdens (or some such; I've not actually looked into the specifics). Bupa obviously are unhappy about this, and have said they will pull out of the Irish market if the scheme goes ahead. Today the High Court has ruled that the scheme will go ahead. If Bupa make good on their threat, I could well be back with my original insurer next year.
VHI has been around quite a while, so they have a large number of older customers, and thus a higher payout burden. Bupa, on the other hand, are relative newcomers to the Irish market. In order to balance things out some without crippling people with excessive premium hikes, the Department of Health is scheduled to introduce Risk Equalisation, i.e. Bupa will have to provide VHI with a subsidy based on the relative sizes of their payout burdens (or some such; I've not actually looked into the specifics). Bupa obviously are unhappy about this, and have said they will pull out of the Irish market if the scheme goes ahead. Today the High Court has ruled that the scheme will go ahead. If Bupa make good on their threat, I could well be back with my original insurer next year.