Health insurance prices increased by 11% this year
The Health Insurance Authority is urging consumers to review their policy and shop around to ensure they are not overpaying while securing the right coverage for their needs as the health insurance renewals period nears.
The HIA said that private health insurance now costs €1,712 on average with price increases of 11% so far this year, up from 7% on average in the second quarter.
But it added that despite the price increases, the health insurance market continues to grow, with 2.51 million people now covered. This marked an increase of 13,633 since the second quarter of 2024.
As of 1 October, there were 326 plans on offer to consumers, but this number has since increased with the launch of new health insurance provider Level Health last week.
The HIA said that 92% of consumers have plans which provide substantial cover in private hospitals, and just 8% of consumers have plans that provide cover in mainly public hospitals.
The five most popular plans from Irish Life Health, Laya Healthcare and Vhi Healthcare are:
Vhi Healthcare – Company Plan Plus Level 1, Company Plan Plus Level 1.3, One + Plan, PMI 35 13, Public Plus Care Day-to-Day
Laya Healthcare – Essential Health 300, Inspire, Inspire Plus, Simply Connect, Simply Connect Plus
Irish Life Health – 4D Health 2, Benefit, Health Guide 2, Horizon 2, Nurture Plan ILH
Brian Lee, CEO of the HIA, said its survey shows that consumers view health insurance as a necessity and not a luxury, and despite price increases across the health insurance market and ongoing cost-of-living pressures, consumers continue to prioritise their health and seek out private health insurance.
“Many consumers can save money by switching, and our hope is that the entry of a new insurer to the market promotes competition and encourages consumers to shop around between the four insurers,” Mr Lee said.
“We always encourage consumers to shop around at their renewal date and make sure that they are on the best plan for their health needs and budget,” he added.
Article Source – Health insurance prices increased by 11% this year – RTE
