VHI, one of Ireland’s leading health insurers, has unveiled plans to discontinue several of its most sought-after health insurance plans. The decision is poised to impact thousands of its longstanding members, particularly older policyholders who have relied on these plans for extensive coverage over the years.
Among the plans facing retirement are variations of the former Plan B schemes, known for their comprehensive coverage of major orthopaedic and ophthalmic procedures. Some policyholders have maintained these plans for over three decades, highlighting their longstanding popularity and significance within VHI’s offerings.
One such plan, now set for elimination, commands an annual premium of up to €3,400 for individual coverage. This move by VHI to phase out its flagship plans has raised concerns among industry experts, including Dermot Goode from TotalHealthCover.ie, who emphasize the imminent need for affected members to seek alternative coverage options.
In a surprising development, VHI has announced the discontinuation of Health Plus Extra, formerly known as Plan B Options, alongside Health Plus Access and Health Plus Excess, previously referred to as Plan B and Plan B Excess, respectively. Additionally, the Health Access scheme is also slated for termination.
Health Plus Extra, with an annual premium of €3,400 per adult, and Health Plus Access, priced at €2,574 annually per adult, rank among the top 10 most popular VHI plans according to the Health Insurance Authority. Many individuals, including those enrolled through employer group schemes, are expected to be affected by these changes.
VHI has confirmed its intention to streamline its product offerings, citing a need to enhance member experience and cater more effectively to their healthcare needs. This entails discontinuing older plans and transitioning members to alternative options better aligned with their requirements.
While VHI reassures members of comparable alternatives within its Advanced Care product range, industry experts caution against hasty decisions. Dermot Goode advises affected members to explore all available options across the market before making a decision. He underscores the potential for significant cost savings and equivalent coverage through thorough market research.
Acknowledging the apprehension surrounding change, Goode encourages members to seek guidance from trusted sources, be it family, friends, or qualified brokers, to navigate this transition effectively. He emphasizes the importance of ensuring that any alternative offered by VHI does not result in increased costs for members.
For instance, those currently enrolled in Health Plus Extra, priced at €3,400 annually per adult, may consider transitioning to the VHI Advanced Care Extra scheme, offered at €3,327. However, it’s crucial to note that the outpatient coverage may vary. Alternatively, they may be offered the Advanced Care Extra Day-to-Day scheme, albeit at a higher cost of €3,543 per adult, thus necessitating careful consideration.
As VHI proceeds with its plan restructuring, affected members are advised to assess their options diligently to ensure continued comprehensive coverage at optimal costs.
