Smart Consumer: Is it time to give up on your health insurance?
As health insurance costs continue to spiral out of control, more and more people are opting out of private health cover -- but what are the health and cost implications if someone gets sick?
Also, what will the influx of additional users mean for an already overburdened public health system?
1 What is the current state of health of the private health insurance market?
Critical.
Private health insurance premiums have risen by almost 50pc in the past two years and are expected to rise by at least the same again following changes to hospital charges and a hike in the levy.
The first quarter of the year is traditionally the busiest time when approximately 850,000 of the estimated two million-plus who have insurance cover are due to renew their policies.
Quinn Healthcare costs have gone up by an average of 12pc from January 1 with some plans going up by over 20pc.
VHI announced a 2pc increase last November on top of a 45pc increase introduced a year ago. Further increases are expected next month.
Aviva meanwhile are increasing their prices by 23pc in two hikes last year and a further 15pc this year.
2 Why are prices rising?
Insurance companies blame rises in the cost of private beds in public hospitals and the cost of private hospitals and consultants. They also cite medical inflation and the health insurance levy as reasons for the price hikes.
Another factor is the increased demand in medical care in part, at least, because outcomes of once fatal conditions have improved.
3 How many people are pulling out?
An estimated 6,000 people a month are abandoning health insurance policies.
Since the start of the recession , 123,000 people have terminated their cover leaving 2.17 million still in the market.
4 Is this trend expected to continue?
In a word, yes. The government levy increase will also be passed on to beleaguered policy holders and could hike premiums by up to 40pc.
Priority Health Insurance Card - News
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Economic Legislation: Federal Programs Available to Unemployed ...
Four groups of federal programs target unemployed workers: unemployment insurance, health care assistance, job search assistance, and training. This report presents information on federal programs targeted to unemployed workers specifically, but does not attempt to discuss meanstested programs (such as Medicaid or SSI) that are available regardless of employment status. When eligible workers lose their jobs, the Unemployment Compensation (UC) program may provide up to 26 weeks of income support through the payment of regular UC benefits. Unemployment benefits may be extended for up to 53 weeks by the temporarily authorized Emergency Unemployment Compensation (EUC08) program. Unemployment benefits may also be extended for up to 13 or 20 weeks by the permanent Extended Benefit (EB) program if certain economic conditions exist within the state. Workers whose job loss is caused by foreign competition may be eligible for extended income support through the Trade Adjustment Assistance for Workers (TAA) program. If an unemployed worker is not eligible to receive UC benefits and the worker’s unemployment may be directly attributed to a declared major disaster, a worker may be eligible to receive Disaster Unemployment Assistance (DUA) benefits. Two federal laws may aid unemployed workers in the purchase of health insurance. The first, the Consolidated Omnibus Budget Reconciliation Act of 1985 (COBRA), allows unemployed workers in certain circumstances to continue health insurance coverage from their employers. The second, the Health Coverage Tax Credit (HCTC), allows certain TAA participants to receive an advanceable and refundable tax credit for purchasing qualified health insurance.