Topics discussed on Galway Talks this week

Personal Insolvency Bill:  The details of the Bill are finally going to be released today.  There are no indications as to how the Bill will operate in practice, however, the Government have indicated that this is going to be the most comprehensive Bill ever released.  We will update our listeners on Galway Bay FM and our readers on the finer details next week.  

Warning on advertising promoting early access to Pension monies:  Please refer to our previous Blog for further details.  

Enterprise Loan Fund Launched:  In the last few days Minister Richard Bruton announced the establishment of the Microenterprise Loan Fund Bill.  This is a Fund that is to be established to provide finance of up to €25,000 to commercially viable enterprises, that do not meet conventional risk criteria supplied by the banks. 

I would hope that this may provide a lifeline to some businesses who are currently unable to access finance from financial institutions.  Details on how this initiative will operate will be released in the Autumn. 

QUESTION from a Listener:  I am finding it difficult to keep up the premium on my health insurance.  I have a Life Policy which has cover for admission to hospital.  I am thinking of cancelling my VHI but I am wondering will the cover on this Policy be enough along with being treated as a public patient? 

ANSWER:  I would not recommend cancelling private medical insurance.  Life Policies that provide this type of cover pay out a fixed amount for each day that you spend in the hospital.

These payments along with the services provided by the Public Sector Health Scheme, do not provide (in my opinion) offer adequate replacement for private medical insurance.  It is unfortunate that so many people find that they cannot maintain their medical insurance due to the high cost of premiums. 

I would recommend this listener to maintain the Policy if they can.