In general, health insurance policies are 12-month contracts. all insurers must provide a 14-day cooling-off period from the start of the contract, during which you can cancel and get a full refund. no claims will be paid in respect of these 14 days.
current market practice
irish life health
irish life health will provide a 14 day cooling off period from your renewal date where you can cancel, get a full refund and switch to an alternative plan or insurer. irish life health will also allow you to change your plan in the medium term to another irish life health plan. however, you cannot switch from irish life health to another insurer in the medium term without penalty. You can cancel your policy by phone, email or letter.
Reading: When can i cancel my health insurance
the mid-term cancellation charge will consist of the health insurance rate calculated on a pro rata basis for each adult, student and child on the policy for the remainder of the policy term, together with a €25 administration fee by policy.
cheers laya
laya healthcare will provide a 14-day cooling-off period from the renewal date, in which you can cancel, get a full refund, and switch to an alternative plan or insurer. laya healthcare will also allow you to change your mid-term plan to another laya plan. however, you cannot switch from laya healthcare to another insurer in the medium term without penalty. laya will look for the full year premium if you cancel in the middle of the term.
laya requests all policy cancellations in writing by email or letter.
vhi health
vhi healthcare will provide a cooling-off period of 14 days from the renewal date, in which you can cancel and get a full refund.
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vhi will allow you to switch to another vhi plan in the medium term, this option is available in certain policies and terms and conditions apply. however, you cannot switch from vhi healthcare to another insurer in the medium term without penalty.
if you stop paying your vhi premium in the medium term and you have had no claims, you will be charged a cancellation fee. this is equal to the health insurance rate, per person, on a pro rata basis, for the remaining period of the policy plus an administration fee of €50 per policy. Payment of this penalty does not affect your right to take out a policy with another insurer.
If you have had claims since your last renewal date, vhi will collect the premium for the full year.
Why am I charged the full health insurance rate in my subsequent contract?
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Health insurance law requires health insurance companies to charge all customers who purchase a particular health insurance policy the same premium for that policy. this is known as a “community rating”. The health insurer’s obligation to charge the same premium applies whether the customer purchases a policy for the first time, renews an existing policy, or switches mid-term from another health insurer.
The premium charged for health insurance includes an amount for stamp duty, sometimes called the “health insurance rate.” It is the obligation of the health insurer to pay the stamp duty on income. This stamp duty helps support the market for community-rated private health insurance.
When you cancel your health insurance policy before the expiration of your contract, you are charged a cancellation fee as described above, part of which relates to health insurance tax for the remainder of the original term of the policy. contract. stamp duties are paid to revenue in advance and no refunds are allowed under revenue rules.
If you then enter into a second health insurance contract shortly thereafter with the same or another health insurer, the insurer must charge you the same premium with respect to that contract that it would charge anyone else who purchases that contract with respect to the same period, whether or not a second stamp duty is paid to revenue commissioners. insurers must do this to comply with community rating legislation
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