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Dublin: 9 °C Sunday 19 May, 2013

Quinn announces second health insurance price hike of 2012

The insurer said prices across its schemes will rise by six per cent from March.

Image: Rui Vieira/PA Archive/Press Association Images

QUINN HEALTHCARE HAS announced a six per cent price hike across almost all its insurance schemes – the second such increase this year.

The insurer said the rise in premiums was “unfortunately unavoidable” after the Government’s increases to the health insurance levy, which came into effect earlier this month.

Quinn’s latest increase will come into effect in March, with customers paying the new price from the time they next renew their policy. The company said its lowest-priced offering, the Essential First scheme, will be excluded from the price rise.

A 12 per cent increase in the average cost of Quinn health insurance came into effect at the beginning of this year after being announced last November.

Changes to the Government’s Age Related Tax Relief scheme – a measure designed to ensure that older people do not pay much higher premiums than younger people – were also to blame for the increase, Quinn said in a statement.

“The dramatic changes to the health levy and rate of ARTR were not anticipated,” Quinn managing director Dónal Clancy said. “We are not in a position to fully absorb such significant increases. We have been left with no choice but to pass on some of the increase.”

He said the price hikes would mean “more people who can afford it least will be forced into a public health system which is already buckling under intense pressure”.

Insurance firms VHI and Aviva said earlier this year that they hoped to absorb the increases to the government levy, and avoid passing it on to customers.

More: James Reilly to blame for rising health insurance costs – FF>

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Comments (17 Comments)

  • So we have to pay a 2% increase to prop up Quinn insurance and now they increase their prices by 6% to absurd the price. Rip off. Glad I’m not with Quinn.

    Reply
    • There would have been no levy necessary if Quinn’s proposal to repay all monies owed, retain all 8000 jobs and create 1800 additional jobs, had not been unjustly and inappropriately discarded by those with vested interests. The truth will out and many people will be very surprised

      Reply
    • Well if you know the truth care to share?

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    • Is this the same Sean Quinn that owes 2billion and instead of paying up he transfers all his assets to friends and family and claims bankruptcy. Gets his wife to act stupid. And claims he’s only worth 50k. Sounds like a decent man alright.

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    • No, you have to pay an increase because older people, who are statistically more of a risk, cannot legally pay any more than you now for the same thing.The fact that it’s Quinn now doesn’t make any difference, VHI will be next.

      Reply
  • The cost of just about everything affected by government decisions – from healthcare to public transport – is going up faster than inflation.

    Government obesity is the greatest threat to our health.

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    • Not one job has been lost in the public sector when their should be a massive cull. Either job losses or there should be a 20% pay reduction across the board – including the lowest paid.

      Reply
    • So lowest paid in Public Sector are to take a 40% reduction in total then Inda?? In full agreement that there needs to be a serious trimming of the fat at the top & probably even middle management in Pub.Sector but across the board hitting the lowest again would be a bit much when you come out with generalised radical statements like that!

      Reply
    • I said 20% and yes even the lowest paid should see cuts, although I’d rather see them work longer hours instead of getting a pay cut. The 300,000 people in the public sector always role out the weakest as sandbags when discussing pay. It’s a bloody awful thing to have your salary cut but it’s that or no job at all. The seriousness of the situation seems to be totally lost on many public sector workers. I’m just trying to be bloody honest. Working harder for less money – that should be the next 10 years of the public sector. If you don’t like it then come to the private sector and see how long you last.

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    • Aydo 24/01/12 #

      @Inda – Applause!

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    • I know you said 20%, but that would be on top of the 20% cut in pay already taken! I’m not going to feel ashamed to have my job in the Pub.Sector job. God knows it helps when my partner’s out of work! But Is it 60 or 80 hours a week the lower levels should working then in your ‘Honest opinion’?? When you return to the workforce will you be doing the same?? I say ‘return’ to the workforce ‘cus there’s sure as God no way you could be working at the moment & come out with a comment like that if you wernt prepared to do the same??

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    • So every person in the private sector is hard working and diligent. Ha. Well if I get a 20% pay cut There will be no point me working cause it wouldn be worth it.

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  • People don’t seem to be able to grasp that if a business is hit by, say, a 5% levy then the final cost to the customers of that business will not be just 5% but slightly more. That is because with the levy you automatically get an increase in the business’ financing costs, admin, etc. Just like a car manufacturer who sells a given car for 20k and then starts also installing some additional 20 euro device in each new car will not be able to sell the new cars for 20020 but will have to sell them for more than that. Point is – there are costs associated with an increase of cost of manufacturing. Same goes for all businesses.

    Reply
  • No doubt, if Sean Quinn was still at the helm, this would not be happening Every day, the people of Ireland suffer in some way because the man was “taken out” by those with vested interests.

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    • “Businessman not in it for the money” – not a headline you see very often.

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    • His own greed is ultimately what took him out.

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    • Sean Quinn went and wrote the docket and gambled with his money borrowed money and his company.
      If he had won there is no taxation on profit on C F D transaction as it’s a gamble.
      The gamble went sour helping to bring down Anglo.
      The regulator went into Quinn direct as it was in breach of solvency rules that’s why we are paying a levy and 700 million set aside from the tax payer as bail out fund.
      The regulator did not go lightly into Quinn and not because he may or may not like Cavan men.
      Luckily mist of the jobs have been preserved I believe unlike aviva ulster bank e b s Anglo a I b ect ect.
      So the painting of Sean Quinn as a Midas touch man is a little over blown.
      Any way I am sure he and family will never have to worry about ordinary bills ever again as he says he won’t go hungry but plenty others will struggle terribly

      Reply

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