VHI profits hit €62m. Its reaction: hike prices

THE Government has approved the latest increase in VHI subscriptions just days before the company announces its highest ever financial surplus.

The State-owned health insurance company will report profits of around €62 million for the 12 months to the end of February when its annual report is published later this week, according to highly placed health service sources. Last year it had a surplus of €34 million.

Despite the record surplus Health Minister Micheál Martin on Friday effectively gave the green light to the company to increase its subscription rates from next September. Under legislation, Mr Martin had four weeks to veto the increases after they were notified on June 22, but has declined to exercise it.