Tens of thousands of health insurance customers who took out entry-level plans are now overpaying
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Loading... - Sarah Williams
- 02 May 2023
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Thousands of people who rushed to take out health insurance before the rules changed to punish those over a certain age from taking out cover are now over-paying, it has emerged.
Up to 50,000 people may now be paying too much as they have failed to review their cover. This is because they took out entry-level plans in 2015 for themselves and their families just to get into the system to avoid future loadings.
Many have not changed health insurance plans since.
Life Community Rating was introduced eight years ago to encourage younger people to take up health insurance early to avoid age loadings.
The rules mean anyone over the age of 34 and who never had health insurance previously is charged a 2pc loading on the gross premium for every year. That means a 44-year-old is 10 years over the threshold and will have a 20pc loading on their gross premium, according to Dermot Goode of TotalHealthCover.ie.
He said that around 100,000 consumers had taken out health insurance just before the deadline of April 30, 2015. Read More…
