Recent changes in the market now see VHI enforcing a rule which means that no customer can switch mid renewal without penalty. The penalty for anyone who wishes to switch mid renewal is as follows:

What may also be of great concern as a result of these changes is that Vhi may not allow any midterm changes to the policy, such as switching to a more appropriate plan to allow for say, outpatient expenses on day to day cover e.g. Physiotherapy or Speech and Language Therapy sessions.

This means that your renewal date is now more important than ever. You will now have one chance in the year to switch cover. While this was always within their rights, it was effectively waived by all providers as a matter of course. Aviva and Quinn will still allow midterm switches and alterations.

This is particularly important for Companies and company Plans, as the bigger the company, the higher the likelihood of claims, which will give rise to bigger breakage charges should a company wish to switch mid-renewal.

Failure to seek advice pre renewal could be a costly mistake for businesses in January 2012 (when most businesses renew) due to the massive increases in many of VHI’s premiums last February.

Please CONTACT US if you wish to discuss how this impacts your premiums, or if you need help to understand the best deals on the market in Health Insurance.