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Bupa to pull out of Ireland

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    #62
    scuby
    Registered Users Posts: 908 ✭✭✭scuby


    RainyDay wrote:
    In all fairness, BUPA had publically & repeatedly stated that they would pull out of the Irish market unless the risk equalisation rules were changed. Given that they lost the case a couple of weeks ago, it was foolhardy for her to hand in her notice. A few minutes of Googling them would have highlighted the risks.


    well surely they knew a few weeks before they announced it, they were leaving.. and still decided to shaft her and more people... they could have held off offering her the job until the whole thing was sorted....


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    #63
    jimmycrackcorm
    Registered Users Posts: 14,339 ✭✭✭✭jimmycrackcorm


    scuby wrote:
    well surely they knew a few weeks before they announced it, they were leaving.. and still decided to shaft her and more people... they could have held off offering her the job until the whole thing was sorted....


    I think that most businesses are run on an all or nothing basis. I.e. they continue operating normally even if the outlook is pessimistic and only take drastic action when it becomes immediately apparent. In Bupas case, it would not have served any good running down the business while there was a belief that the Governments hand wouldn't have been turned.

    I wouldn't be surprised if the "new" talks don't produce a form of compromise. In my mind, a workable solution is to allow Bupa to make a targetted profit that matches the average margins made in other markets like the 5% in the UK. The excess profit would be deemed to be due to risk equalization. Then the targets could be adjusted on the basis of the age balance. If this were the case, then I believe it would encourage other companies to enter the market.


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    #64
    RainyDay
    Closed Accounts Posts: 6,925 ✭✭✭RainyDay


    scuby wrote:
    well surely they knew a few weeks before they announced it, they were leaving.. and still decided to shaft her and more people... they could have held off offering her the job until the whole thing was sorted....
    What about personal responsibility? Shouldn't she have done some research herself before handing in her notice?


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    #65
    scuby
    Registered Users Posts: 908 ✭✭✭scuby


    RainyDay wrote:
    What about personal responsibility? Shouldn't she have done some research herself before handing in her notice?

    i'll pass on the advice,i'm sure she will have lots of time to check a companys's history, annual reports and news paper storeis etc..on the dole Q... i'ms ure she thought a "reputable" comp would not do what they have done.... anyway, tired of all this stuff.... so long...:rolleyes:


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    #66
    MrPudding
    Registered Users Posts: 9,788 ✭✭✭MrPudding


    scuby wrote:
    i'll pass on the advice,i'm sure she will have lots of time to check a companys's history, annual reports and news paper storeis etc..on the dole Q... i'ms ure she thought a "reputable" comp would not do what they have done.... anyway, tired of all this stuff.... so long...:rolleyes:
    Yeah. Exactly. It's not as if there was any coverage of this. I don't know about the rest of you but I heard nothing about it until it blew up.:rolleyes:

    MrP


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    #67
    mike65
    Closed Accounts Posts: 88,978 ✭✭✭✭mike65


    Quinn Group buy BUPA Ireland, members will avoid paying for risk equalisation for another 3 years.

    Mike.


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    #68
    dahamsta
    Banned (with Prison Access) Posts: 16,659 ✭✭✭✭dahamsta


    mike65 wrote:
    Quinn Group buy BUPA Ireland, members will avoid paying for risk equalisation for another 3 years.
    Presumably Quinn Direct will continue their longstanding tradition of avoiding those pesky payouts too? I guess at least the, uh, people that insure with Quinn will contribute a bit more competion in the market. The question is though, what happens if Quinn isn't marked as a new entrant. And what happens in three years time if they are?

    Watching the Quinn rep (was it Sean?) on 6.1 was a hoot. He can't maintain eye contact with a tv camera, never mind a human being.

    adam


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    #69
    MOH
    Registered Users Posts: 6,464 ✭✭✭MOH


    mike65 wrote:
    Quinn Group buy BUPA Ireland, members will avoid paying for risk equalisation for another 3 years.

    Mike.

    Quinn is *claiming* that he won't have to pay risk equalisation for another 3 years, as he's a new entrant to the market. That's yet to be seen.

    If it's true, it makes a mockery of risk equalisation, as he coould just make a profit for 3 years like BUPA did, pull out and let someone else take over who would claim immunity from equalisation payments, etc.


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    #70
    scuby
    Registered Users Posts: 908 ✭✭✭scuby


    11.3 SECONDS wrote:
    VHI constantly blame "medical inflation" as the cause for their ritual annual increase.

    BUPA are going. If everyone left VHI and collapsed it I wonder how quickly this so-called medical inflation would collapse also. My cynical streak makes me think that medical inflation is caused partially by the availability of a ready supply of funds from private health insurance.

    The only thing keeping VHI alive is the crap state of our public health system which makes people feel the need to have private cover.

    I think that I will just go and live in France. At least I wouldn't have to listen to Harney....

    well the first thing is, if nurse's get a pay hike, the hopspital has to get the money from somewhere !!! yes, the insurance comp's
    consultants every year look for money... they charge the insurance comp's extra, if the insurance comp's don't agree, then they balance bill the patients for the shortfall ! then the member gives out that they are not covered for their operations...so the insurance have to pay them extra as well.....
    harney up's the cost of beds in the public hospitals by 6%...who pays !! the insurance comps ........ medical inflation ??? i think so
    new drugs coming on line for heart surgery and cancer treatments.. who pays ?


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