Fianna Fáil Finance Spokesperson, Michael McGrath TD is calling on health and motor insurers to review their policies with regard to older people, and not view them as easy targets.
“Within the health insurance market, it’s clear that older people are paying more for their policies than younger people, despite community rating rules prohibiting age-based premium discrimination,” said McGrath.
“Health insurers need to work with older people’s groups to inform their policy holders that there are other, lower priced, policies available to them. Many older people have continued to pay their original premiums for high-end policies despite massive prices rises over the past year.”
“Health insurers have a moral obligation, I believe, to let them know of other, cheaper alternatives.” added McGrath.
“Insurers cannot be allowed to view older people as cash cows for their business. This is especially true in the motor insurance industry where older people are seeing inflation-busting premium rises year on year.”
“Last week, Age Action Ireland at the Oireachtas Committee on Finance, reported that some of their members were seeing their premiums rise by 68%.”
“This does make sense from a risk point of view. Older people are safer drivers. They are involved in less accidents are statistically likely to attract less penalty points,” added McGrath.
“Older people are less likely to change insurer, and insurance companies know this, and it’s wrong that they are potentially exploiting this fact.”
“The insurance industry in Ireland need to think long and hard about their pricing structures, and ensure that older people are not being exploited and seen as an easy target,” concluded McGrath.