LAST UPDATE | 15 Apr
VHI IS TO scrap a number of its most popular plans in a move that could affect up to 150,000 customers.
Experts have been questioning the value of the comprehensive plans for some time and now they’re urging customers to shop around as they could make savings of as much as €1,000 per adult.
The to-be-discontinued packages include Health Plus Extra (old Plan B Options), Health Plus Access (old Plan B), Health Plus Excess (old Plan B Excess) and also their Health Access scheme.
They will no longer be available from 1 May, but those who have already renewed for another year won’t have theirs cancelled or changed on that date.
VHI’s newer Advanced Care range will serve as alternatives to the scrapped plans.
In a statement to The Journal, a VHI spokesperson said the company has been reviewing its health insurance plans since 2019 to “ensure we can deliver a simplified product structure and enhanced offerings”.
The spokesperson said VHI had received feedback from consumers that “there are too many plans on the market and that this can be confusing”.
The spokesperson said this requires “closing some plans and moving members to plans that better meet their healthcare needs”.
The VHI spokesperson also noted that there are currently around 350 plans on the market and VHI has 81 of these.
They added that the revised plan structure “offers clear differentiation between plans and enables our members to access a suite of benefits most relevant to them” and recommended that members contact VHI to “find the best plan to meet their needs”.
Health insurance expert Dermot Goode of Total Health Cover told The Journal that those who haven’t reviewed their plan for some time should take this opportunity to potentially get a better deal elsewhere.
Health Plus Extra currently costs €3,400 (up from €2,950 in March 2023).
VHI’s alternative will cost €3,540, but Goode says customers may be “shocked” at how much they can save by choosing a similar package with a different provider.
“Why not take the opportunity, given that you have to shop around, to have a good look at the full market?”
Some people have been on the same plan for decades, and Dermot says some people have loyalty to VHI or find the process of switching intimidating or simply bothersome.
“If you are fearful about that type of change, if you’re worried about making the wrong decision … there are plenty people who can basically hold your hand and help you through the process,” he said.
“Because look, if you can save €500 to €1000 per adult and if you’re retired couple on a plan, that’s a significant saving.”
The news from VHI could also impact businesses who offer insurance to employees.
“A lot of companies are reluctant to tweak the benefits at all because they don’t want to be changing people’s cover and having to engage with people … but I would say to those companies as well, the savings are significant.”
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