Significant drop in people buying health insurance – HIA
There has been a significant drop-off in the number of people buying health insurance, according to new figures from the Health Insurance Authority (HIA).
In its market bulletin for the first three months of 2025, the HIA said that just 7,318 people purchased a health insurance policy between January and March, compared to 13,633 in the third quarter of last year.
Just over 2.5 million people in Ireland have private health insurance but the HIA notes that rising prices could be affecting growth in the market.
The authority – which regulates private health insurance in Ireland – said that the average cost of a plan is now €1,929, which is an increase of almost €200 compared with the average price for 2024.
There are 342 plans on the market, with four new plans added in the last quarter.
The HIA said the lower number of new policies continues a recent trend of reduced growth, with its 2024 Annual Market Report showing an increase in coverage of 1.3% between 2023 and 2024, and a further decrease in the number of children insured at 21.6% (down from over 23% in 2019).
HIA Chief Executive Brian Lee said that “although health insurance continues to be a very popular product purchased by almost half of the population, rising prices could potentially be affecting further growth in the market.
“At an average cost of almost €2,000, it may be that many potential consumers no longer choose to buy private health insurance due financial pressures or other considerations,” he said.
Mr Lee added that “shopping around is the best way to save money on health insurance, and with a lot of consumers renewing their plan in July we recommend reviewing your plan now to see what you’re covered for and what you actually use”.
The HIA says that looking for a plan with a higher excess can be a good way to save money, in addition to reviewing your plan and reducing cover for benefits you do not use.
Article Source – Significant drop in people buying health insurance – HIA – RTE
