Price of private health insurance up 11% so far this year to more than €1,700
Insurance 1, Health Launch The Said New Increasing This October To Provider, Hia With 326 Of As On Of Week Plans Health Last Were Number Level Offer There Customers, Since The
Private health insurance now costs €1,712 on average, marking an increase of 11% so far this year, new figures from the Health Insurance Authority (HIA) reveal.
Up from 7% just a few months ago, the state body is urging customers to review their policies and shop around ahead of the upcoming insurance renewals period.
Despite recent price hikes from some of Ireland's largest health insurance providers, the market continues to grow, with more than 2.5 million people now covered, an increase of more than 13,600 since the second quarter of this year.
As of October 1, the HIA said there were 326 plans on offer to customers, with this number increasing since the launch of new health insurance provider, Level Health last week.
The last few months have seen several price hikes from Ireland's health insurers. In August, VHI announced its second price increase this year, saying that the rise was in response to a 14% increase in private hospital claims compared to the same period in 2023.
Similarly, Laya Healthcare announced a 6.5% hike in prices in August this year, saying that the latest increase was required to address “a sustained acceleration in demand for healthcare services and rising costs” despite a 7% price hike in April, and two increases last year.
"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," said Brian Lee, CEO of the HIA.
"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."