The state-owned health insurer VHI is to reduce the cost of its premiums and pay back money to its policyholders.
The combination of price cuts and rebates could save a typical family $490 over the course of a year.
She should reimburse between 75 and 300 euros per adult due to a reduction in entitlement.
It is the third time since the start of the Covid 19 pandemic that it has waived part of the premium for its customers.
And the so-called waiver ranges from 25 to 100 euros per child, depending on the customer’s health insurance.
VHI said it will have paid back 450 million euros to customers since the pandemic began. The health insurer said it is delivering on a promise it made to its customers that VHI would give additional value back to its customers if claims due to Covid were lower than expected.
Premium waivers range from a minimum of €75 per adult and €25 per child for those who have only public hospital plans, to a maximum of €300 per adult and €100 per child for those with the highest tier Home plans.
All customers who have health insurance with the VHI on May 1 are entitled to the exemption from contributions, it said.
Customers do not need to contact VHI as they will write to all customers with details of award waivers.
In order to implement the waiver, VHI will transfer the appropriate amounts directly to policyholders into their bank accounts where we have the details, or alternatively a check will be mailed to them if required.
The country’s largest health insurer is cutting its rates by an average of 3 percent from May 1 in its plans.
This is due to the fact that at this early point in the year less damage can be expected than before the pandemic.
While claims from the private hospital sector are beginning to show signs of normalizing, claims from public hospitals are expected to take longer to recover.
The cut also includes the one-time Covid-related reduction in the health insurance fee.
According to TotalHealthCover.ie’s Dermot Goode, the 3-part discount is expected to save a family of two adults and two children around €90 per year.
He said the discounts would amount to 400 euros for the same-size family.
And those on pricier plans could end up saving €800 a year through the combination of the price drop and discounts.
VHI chief executive Declan Moran said the health insurer was unique in the market by taking the step of waiving some of its premiums.
“With this third premium waiver, we have reimbursed 450 million euros to our customers.”
It comes as Irish Life said last month it should pass on a reduction in the government levy on health insurance plans to its customers.
A family could save around 100 euros by moving.
And Laya Healthcare recently announced it would reduce the cost of five of its plans starting in April.
Last October, the Health Insurance Administration (HIA), the regulator, announced that it was introducing a one-time reduction in the levy levied on health insurance policies.
According to the supervisory authority, the tax reduction means annual savings of €43 per adult for most health insurance policyholders.
https://www.independent.ie/business/personal-finance/vhi-to-cut-premiums-and-refund-customers-after-fall-in-number-of-claims-41494951.html VHI reduces premiums and reimburses customers after the number of claims decreases