Vhi have announced a price cut on some of its health insurance plans.
The health insurer will cut the prices of seven of its plans by up to 3% from March 1, 2015.
The firm has also confirmed that there will be no increase on any other plans at this time.
Customers joining or renewing some of their plans (One Plan Family, Parents & Kids Excess Plan, Teachers’ Plan Select and Nurses’ Plan Select) will pay half price to include children. This is effective from March 1, 2015 until April 30, 2015 inclusive.
Vhi claim that the announcement means a family of two adults and two children on their “One Plan Starter Day to Day” plan renewing in March can save a further €55 on last year’s price rate or €91 in the case of a family on “Family Plan Level 1”.
John O’Dwyer, Chief Executive, Vhi Healthcare said: "The business is performing well and over the last two years has delivered solid financial results. We continue to attract new business and our most recent offers have proved very successful and attractive to young families.
"Also, we are committed to continuing to drive an ambitious cost-containment programme with a view to securing savings which can be passed directly to our customers. This cost-containment programme has focussed on a number of key areas such as reduced rates for Consultants and hospitals, increased use of clinical indicators and clinical audit and the continued movement of treatment to the most cost-efficient setting."
Minister for Health Leo Varadkar has described the 3% cut as a major boost for consumers.
“It follows the Private Health Insurance package I announced in November last year, which was designed to address rising premiums and stabilise the private health insurance market in the interest of consumers. Making health insurance affordable for more individuals and families is one of my stated priorities for 2015.”
“A further significant change comes into effect from May 1st with the introduction of Lifetime Community Rating, which is designed to encourage young people to take out health insurance at an earlier age. From that date, loadings will be applied to people over the age of 35 who take out insurance for the first time.
“In advance of Lifetime Community Rating, I am happy to see a range of appropriate products, competitively priced available to consumers.”