Insurance Ireland Health Insurance Council Says Budget 2014 Will Have A Negative Impact

Author:Ms Sharon Daly and Darren Maher
Profession:Matheson
 
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The Council has stated that the proposed changes to tax relief at source introduced by Budget 2014 will have a significant negative impact on the Irish health insurance market, which is already facing significant challenges.

The Council, which includes the State's four main insurers, moved to correct the Government's claim that the change would affect only "gold-plated" policies and confirmed that, based on its own industry data, nine in ten adult private health insurance customers and over 90% of plans will be affected by the change.

The Council stated that the actual number of customers impacted will exacerbate issues of sustainability and affordability in the market at a time when the market is already significantly contracting. In the Council's opinion, the removal of the tax relief means that net premiums will inevitably increase.

The Council's view is that the proposal may potentially drive more people out of the private health...

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