Families need more help with health cover
Published 12/03/2016 | 02:30
Health insurers have been ordered to provide more information to families when they are renewing their policies.
This is to avoid them signing up automatically for the same plan when there are better-value options. The Central Bank said the four firms need to do more to protect consumers.
It carried out a probe of health insurers and found that the level of care provided by the companies varied widely.
Separate research by the Central Bank shows that 85pc of people renew on the same plan.
And more than half of consumers said they find it difficult to choose between different plans. This is due to the fact that insurers are constantly changing plans, introducing new ones, and retiring older ones. Long-established plans tend to offer poorer value.
Central Bank director of consumer protection Bernard Sheridan said: "We found that consumers find it difficult to compare policies and most consumers renew the same policy with the same provider."
Mr Sheridan has now ordered VHI, Laya, Aviva and GloHealth to change the content and presentation of the letters they send at renewal time.