Charlie Weston: time for some real action to stop older people, to break for health insurance

  • Charlie Weston: time for some real action to stop older people, to break for health insurance
    Independent.t. E.
    We again spoke on the regulator for health insurance that older people pay more than all the rest for their private health insurance. This is absolutely unacceptable and requires a lot more than some here-swearing of the regulator, the Insurance authority health (HIA).
    https://www.independent.ie/business/personal-finance/charlie-weston-time-for-some-real-action-to-stop-older-people-being-ripped-off-for-health-insurance-37207136.html
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We again spoke on the regulator for health insurance that older people pay more than all the rest for their private health insurance. This is absolutely unacceptable and requires a lot more than some here-swearing of the regulator, the Insurance authority health (HIA).

Details of what is happening is shocking.

In the last two weeks HIA told us that people over 60 years of age pay much more for private medical insurance although the law requires that You cannot be punished by the insurer depending on your age.

HIA has estimated that the overcharging is 33pc for those over 60 years.

This means that someone over the age of 60 years is to pay a premium, which is an average of €400 more per year than a typical plan that are half their age.

Insurers are pulling the market segmentation. They do this through orientation on product features and benefits in certain age groups, something that is not illegal, but has the effect of forcing seniors to pay more.

HIA explained in his annual report that “the older generation will probably have a greater requirement for full orthopaedic cover that was only available with more expensive policies in two to three insurers by the end of 2017. On average, older consumers are willing to increase the coverage of the hospital compared to younger consumers, and can be wants to change tariff plan and/or insurers.”

Expert in health insurance Dermot Goode believes that the robbery is even more than a few hundred euros. He says that older people usually pay from €2,000 to €2,500 each. It is twice more, than their younger colleagues pay. One of the problems is that those who are older than 60 years are less likely to switch provider than younger people.

And the elderly are more likely to know about available corporate plans. HIA has shown that many people also mistakenly believe that the age of the loads may apply if they change.

Younger middle-aged people are more likely to shop around, and usually pay from €900 to €1500 per adult to cover.

Economic and social research recently urged HIA to participate in more focused efforts to get old and sick people to switch, as they are the least likely to move supplier.

But it requires more than that. HIA, as regulator of health insurance, needs to stop insurers market segmentation is not in favor of the elderly. Indeed, this hand Luggage is contrary to the spirit of the law on health insurance.

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