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    Bupa out of Ireland?

    Just on the news that Bupa and Vivas have to pay VHI compensation for risk equalisation.

    #2
    As a VHI member, I must say, GOOD ! [img]smileys/biggrin.gif[/img]

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      #3
      As a BUPA member can I be allowed to say b*gger
      Excellence is hard to keep quite - Sherrie Coale

      Comment


        #4


        Thats a feckin disgrace. Welcome to Irelandgrad.


        VHI are a completley ineffecient company and the other companies in the market shouldnt have to bail them out, what a joke.


        VHI's arguement that they have a disproporinate amount of high risk patients is horses**t, if they built up their reserves properly like a well run health service insurer should they wouldnt be facing a mess.


        Will BUPA pull out? Hard to know, depends on if they will still be profitable after they pay the compo. They should as a matter of principle, as should Vivas but principle dosent matter in business anymore. For the sake of the town of Fermoy I hope they dont.
        \"Golf is a game for c**ts\" Ronnie Drew

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          #5

          what percentage of the health insurance market do bupa have? said on the news that bupa would be operating at a loss for many years which might result in them taking the decision to pull out.

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            #6
            Don't know but here's some interesting reading on the case http://www.bupaireland.ie/news/risk.htm
            Excellence is hard to keep quite - Sherrie Coale

            Comment


              #7
              Even if about 30% of the population has private health care to plan B standard this generates about 1bn for the health system. The State is to spend over 13bn next year on health, or about 3,300 for each person here. So, the State is the market maker in health, private healthcare is just a top up fund for consultants etc., eventhough most people should want it, it's still a sideshow, any competition in it will always be artificial because the State sets the scale for consultants prices, the private sector just copies their prices, they don't have much power themselves.

              Comment


                #8


                The High Court has upheld the controversial risk equalisation scheme in health insurance funding.</font>


                The
                ruling means that the private insurer, BUPA, will have to pay the
                State-sponsored VHI compensation because of BUPA's younger client
                base. </font>


                BUPA has previously said that if the High Court ruled against it, it would have to pull out of the Irish market.
                </font>

                The company said that the ruling could mean it would have to pay €161 million to the VHI over the next three years. </font>


                There is a stay for a number of days on payment, allowing both parties to consider the judgement. </font>
                The managing director of BUPA, Martin O'Rourke, said the ruling meant that the consumer has lost.</font>

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                  #9
                  It is an absolute joke of a ruling, shows how phucked up this country is !

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                    #10


                    My boss is much older than me. He earns double my salary and has a company car. Do you think we could risk equalise our situation so that we earn the same?? Otherwise I will have to pull out of my job as it's not cost effective for me.


                    Such bulls**t. Sorry but we f**ked up our company so let's get daddy to make you pay us money so we can survive.
                    It happened, and I was there.
                    4.48pm, Saturday 20th May 2006.
                    What does grease taste like? Is it like chicken?

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                      #11
                      What a terrible ruling capping off a crap day for me with these things. I woke up thinking the Free Market would have two victories over government regulation but instead the EU shoot down the Duty case (thus damaging the no VRT dream) and then this idiotic ruling. I really hope BUPA do pull out. I'm telling you the politicians better stay clear of my door. Or alternatively introduce risk equalisation in Motor Insurance.
                      Kiva - Loans That Change Lives

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                        #12
                        Originally posted by Ballyman


                        My boss is much older than me. He earns double my salary and has a company car. Do you think we could risk equalise our situation so that we earn the same?? Otherwise I will have to pull out of my job as it's not cost effective for me.


                        Such bulls**t. Sorry but we f**ked up our company so let's get daddy to make you pay us money so we can survive.


                        Are BUPA to be allowed come in and cherry pick low risk customers while VHI has to take all and sundry without charging risk related premia?.


                        BUPA knew all abot risk equalisation when they came into the market.

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                          #13
                          Cherry picking is not allowed. Insurance companies can not refuse anyone. Community rating is a legal obligation that all insurers must observe and it means that all customers purchasing a given product pay the same price.VHI has 80% of the market doubt that that is all high risk.
                          Excellence is hard to keep quite - Sherrie Coale

                          Comment


                            #14

                            Originally posted by glorob
                            Originally posted by Ballyman


                            My boss is much older than me. He earns double my salary and has a company car. Do you think we could risk equalise our situation so that we earn the same?? Otherwise I will have to pull out of my job as it's not cost effective for me.


                            Such bulls**t. Sorry but we f**ked up our company so let's get daddy to make you pay us money so we can survive.


                            Are BUPA to be allowed come in and cherry pick low risk customers while VHI has to take all and sundry without charging risk related premia?.


                            BUPA knew all abot risk equalisation when they came into the market.
                            From the Bupa site:-

                            Isn't Risk Equalisation necessary to prevent "cherry picking"?

                            No you can't cherry pick in Ireland. Insurers can't refuse someone who
                            wants to join and everyone pays the same price depending on the product
                            they have chosen.

                            Comment


                              #15
                              snap[img]smileys/wink.gif[/img]
                              Excellence is hard to keep quite - Sherrie Coale

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