Health Insurance: Thinking of reverting to Gov owned VHI even if dearer!

[ajapale]

My health insurance is up for renewal in November. Im thinking of reverting to VHI even if it is up to €300 dearer. I thinking that the government owned VHI is a safer bet if the private companies go belly up or suffer serious losses in the current finacial situation.

What do AAMers think?

 

[j26]

I've stuck with VHI because at the end of the day they are not trying to cherry pick customers and if young(ish) people like me desert it, older people suffer higher premia, and God knows, health care for older people is a sore enough issue at the moment.

I prefer to deal with the publicly owned insurer rather than lining someone's pockets.

 

[mercman]

I used to be with the VHI and left them. I think they are an expensive rip off. With VIVAS / Hibernian now who are much easier to deal with and for a smaller premium provide much extra cover and they settle claims quickly.

 

[NovaFlare77]

My health insurance is up for renewal in November. Im thinking of reverting to VHI even if it is up to €300 dearer. I thinking that the government owned VHI is a safer bet if the private companies go belly up or suffer serious losses in the current finacial situation.

What do AAMers think?

Personally, I wouldn't go with VHI, simply because they are a State body. If something drastic were to happen to VHI in the morning, I would think that EU state aid rules would make it hard for the Govt to step in and act, unless they could show that they would do exactly the same for the other insurers.

And if one of the other insurers were to go belly up tomorrow, they would be obliged to continue your cover until renewal and you could switch to another insurer at any stage with no penalty.

Finally, health insurers must have a reserve fund of 40% of premium income, so if something drastic did happen, they would have to have something in the bank (so to speak) to cover claims costs.