BUPA Ireland to leave Irish health insurance market
Following a long awaited decision BUPA Ireland announced today that they are to withdraw from the Irish healthcare market after just 10 years. This will have a major impact on those insured with BUPA Ireland and the health insurance market in general.
This decision has been taken in light of the High Court ruling to uphold the Risk Equalisation Scheme introduced on 1 January 2006 after BUPA Ireland's challenge to its legality.
This decision will reduce the competition within the Irish health insurance market and will impact directly on 475,000 BUPA Ireland members who will now have to choose a new provider.
We issued a healthcare bulletin following the decision of the High Court on 23rd November and have been inundated with queries from company group schemes currently insured with BUPA Ireland asking for advice as to their options going forward.
With this in mind, and taking into account today's decision of BUPA Ireland, we will be holding an information seminar on 11 January 2007 in the Westbury Hotel Dublin to address the concerns of companies currently insured with BUPA Ireland, giving guidance on the practical steps and advice in relation to communications with staff.
The seminar will cover the following issues:
- What impact will this decision have on the Irish Private Health Insurance market
- What do companies who have BUPA Ireland group schemes, either company paid or voluntary paid need to consider?
- What timescales are involved for BUPA Ireland's withdrawal
- General overview of possible alternatives
- Question and answer session
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