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Cancelling VHI mid-term - Levy?

  • 03-10-2016 4:00pm
    #1
    Speedsie
    Registered Users, Registered Users 2 Posts: 1,317 ✭✭✭
    ¡arriba, arriba! ¡andale, andale!


    Hi,

    I'm thinking of switching from VHI to Irish Life, but my VHI renewal is next April.

    I have had no claims with VHI. Looking at the HIA site, it seems I would have to pay a penalty of €50 plus a pro-rata'd health insurance levy.

    But I can't work out what the levy would be!!! On the page hyper-linked to (http://www.hia.ie/regulation/risk-equalisation) there is nothing listed for a female 40-50 yo.

    Anyone any ideas?


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  • #2
    BazzaDP
    Registered Users, Registered Users 2 Posts: 69 ✭✭BazzaDP


    Speedsie wrote: »
    Hi,

    I'm thinking of switching from VHI to Irish Life, but my VHI renewal is next April.

    I have had no claims with VHI. Looking at the HIA site, it seems I would have to pay a penalty of €50 plus a pro-rata'd health insurance levy.

    But I can't work out what the levy would be!!! On the page hyper-linked to (http://www.hia.ie/regulation/risk-equalisation) there is nothing listed for a female 40-50 yo.

    Anyone any ideas?

    That page ( http://www.hia.ie/regulation/risk-equalisation ) is so confusing! No need to show old rates any more or should at least be hidden under a separate link. Additionally it's not clear which are the Age Related Tax Relief (ARTR) rates (which are top up payments made TO the health insurer for older customers dependent on sex and age) and Levy (which are payments made FROM the health insurer to fund above).

    Anyway to answer your question it is the bottom table and €202 if on a non-advanced, very basic plan or €403 on any other plans (the vast majority of plans on the market).

    The insurer is liable to pay this Levy for each customer covered in that year - even if only covered for 1 day - which is why VHI say you must pay that if you cancel mid year (plus an administration charge).


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