THE HEAD of the State’s newest health insurance company has denied it is exclusively targeting younger, more profitable customers at the expense of older ones and claimed that everyone will find ways to save money with the company.
GloHealth was launched yesterday in Dublin and while its promotional material features no one over 40, and its products appear to be designed for families with young children, its chief executive Jim Dowdall said it was “making a promise that everyone will get better value”.
The new company is offering three core plans – Good, Better and Best. A family of two adults and two children can save up to €465 switching from VHI’s One+ Plan to GloHealth’s Better plan. While an individual on Aviva’s Level 2 Hospital can save €266 when they switch to GloHealth’s Best plan.
A couple on Laya’s Essential Complete Plan will save €401 when they switch to GloHealth’s Better plan. With its Better and Best plans, all children are covered for free until they are three.
GloHealth customers will also be able to choose benefit packages depending on their requirements with some examples of benefits included within the eight personalised packages including free travel insurance, a free flu vaccine and free family first aid courses.
"The arrival of GloHealth will definitely be good news to consumers – particularly those who are struggling to keep up premium payment and those who have been forced to cancel their cover due to monetary difficulties," said Stuart Endall of getcover.ie.
He said the company “will simplify the entire health insurance industry for consumers by allowing consumers to choose, what can only be described as tailor-made health insurance policies”.
However, speculation that the new player might spark a price war is premature, according to Patrick Brennan of Irish Health Insurance. “Any speculation at this stage that this will spark a price war is merely that – speculation. There has been no analysis on this,” he said.
However, he added that he expected, in time, to see “a robust reaction by existing insurers to this new offering”.
The company will create 150 jobs within three to four years as the business expands, with 45 of these positions already filled. Irish Life is to take a 49 per cent stake in the company.
