Vhi announces average price increase of 6% effective from 1st August 2019 following a period of price reductions

Increases required to continue to cover the costs of providing Vhi Customers with quality healthcare and access to the latest treatments, medicines and technologies

19th June 2019 - Vhi today announced that it will increase its premiums by an average of 6% across its plans from 1st August 2019. The price increase, which follows a period of price reductions, is necessary to ensure the cost of the future healthcare needs of its customers in 2020 and beyond can be met.

Commenting on the price increase, Mr Declan Moran, Director of Marketing and Business Development said “Vhi made a commitment to our customers that where we can, we will pass on any savings we make directly to them. We did this in 2017 and 2018 through three consecutive price reductions while also delivering enhanced benefits.  Although we have announced price increases today, Vhi customers’ average premium prices are still lower than in August 2017.”

He said “Today’s price increase is necessary so that we can continue to provide our customers with better healthcare now and into the future. In 2018, Vhi paid out €1.328 billion in claims and processed almost 1.2 million claims for our 1.1 million customers, providing them with quality healthcare and access to the latest treatments, medicines and technologies delivered in the most cost-effective settings. Medical inflation globally continues to rise. Today’s price increase reflects rising costs in hospitals, increases in consultants’ fees, increased utilisation of medical services by our customers and the broadening range of innovative treatments and drugs available in healthcare today.”

Vhi continues to deliver better value for its customers through new and enhanced benefits and has further improved the Vhi SwiftCare offering; has added a consultant led paediatric service; expanded Vhi Hospital@Home and introduced a number of new and innovative benefits including cover for genetic testing for hereditary cancer, molecular profiling for malignant tumours, gender re-assignment benefits and increased fertility services. Vhi also improved its digital capability providing a variety of new platforms and services making it easier for Vhi customers to access its extensive range of online services.

Concluding, Declan Moran said “Vhi is very conscious that our customers face financial pressures.  Vhi has kept costs down over the last number of years through prudent cost management and has passed the benefits of reduced claims costs, particularly in public hospitals, back directly to our customers in price reductions and increased benefits. We will continue to make every effort to deliver the best healthcare and value to our customers to meet their health and wellbeing needs long into the future”.

ENDS

Issued by:

Brighid Smyth / Niamh Walker                               

Vhi Group Services DAC

Ph: 01 6147348 /  01 887 1825                    

M: 086 8270905 / 086 608 6764     

 

 

Note to Editors – Examples of Price Changes

 

 

Vhi_Press

19-Jun-2019