RACO has contacted ARCO to say they have been informed by LAYA, with whom they operate their group health insurance scheme, that the scheme underwriters (AXA) are no longer willing to support the 10% discount for their members and have reduced it to 3%. The RACO group scheme ID is 26290. This took effect on 1st April, which is the scheme’s annual renewal date. ARCO members who are with this scheme are impacted by this decision. One of the reasons LAYA quoted for the reduction in the discount was the level of claims. ARCO has not been supplied with the relevant statistics that led to this decision.
ONE, who also operate a group scheme with LAYA, have had no indication of a change to their 10% discount from LAYA. The ONE group scheme ID is 32163. That is not to say this won’t arise when the scheme comes up for renewal on 1st September.
Membership of RACO or ONE is not a requirement for membership of these schemes. It would seem the group discount may apply to all LAYA health insurance schemes and not just to those listed by the group scheme. ARCO has also found that, for instance, the so-called ‘teachers’ and ‘nurses’ plans operated by some insurers are in fact open to all applicants.
The recent dramatic increases in the cost of health insurance, combined with reductions in the level of cover provided for some procedures and treatments, will have prompted many to shop around for a better quote. Before opting to change provider or plan, members should consider carefully their own healthcare needs, as well as those of anyone else who may be included on their policy. Age, health, family circumstances, location, and other considerations will impact on this important decision, which should not be based solely on the lowest-priced cover available. We are aware of instances where this turned out to be a false economy.
Some insurance brokers provide advice on choosing a policy. Cornmarket has been used by CAOGA in this instance to host webinars on the subject. Our information is that while these companies may not charge for a consultation, a fee is levied to place the insurance.
In order to assist in making this decision, members may wish to consult the website of the Health Insurance Authority (www.hia.ie). The HIA is the statutory regulator of the private health insurance market in Ireland. It provides independent information and comparisons to consumers on health insurance plans and benefits including:
- Comparing health insurance plans
- Choosing a policy
- Cancelling and switching
- Claims and excesses
- Waiting periods
- Lifetime community rating
- Complaints
