This is how much average health insurance now costs a year

Extra.ie​

a day ago

Health insurance now costs an average of almost €2,000, an increase of €200 in a year, as the numbers buying plummet.
The Health Insurance Authority has found that 7,318 people bought health insurance in the first three months of this year, compared to 13,633 people over the same length of time six months previously.
Its market bulletin reports that the average cost of a plan is now €1,929 – a jump of almost €200 compared with the average price for 2024. Health insurance now costs an average of almost €2,000, an increase of €200 in a year, as the numbers buying plummet. Pic: Shutterstock
Average prices across providers increased by more than 12% last year, but some plans saw rises of over 25%.
All of the major providers have hiked prices this year, and more increases can be expected. Irish Life Health went up on January 1 by about 3.5%, with another 2% rise on April 1. The VHI went up by around 3% on average on March 1, and Laya Healthcare went up by an average of 6.6% on April 1.
Level Health, which only entered the market last November, increased its prices by between 6% and 16%, also in April. There are 342 plans on the market, with four new plans added in the last quarter. The Health Insurance Authority has found that 7,318 people bought health insurance in the first three months of this year, compared to 13,633 people over the same length of time six months previously. Pic: Getty Images
The findings continue a recent trend of reduced growth in the health insurance market, with the HIA's 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.
Brian Lee, chief executive of the HIA, said: '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 to financial pressures or other considerations.'
Mr Lee said that shopping around remained the best way to save money. The findings continue a recent trend of reduced growth in the health insurance market. Pic: Getty Images
'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,' he said.
'If you're happy with your provider, you can look at what other plans they have that would suit you better and help you save money. We are here to help with our free impartial comparison tool where you can compare plans for you and your family.'
Mr Lee said that other ways to save money include increasing your hospital excess. This is the amount that you pay each time you are admitted into a private hospital. If you're in good health, looking for a plan with a higher excess can be a good way to save money.
Darragh Cassidy, spokesman for price comparison website Bonkers.ie, noted that people aged over 65 are bearing the brunt of the price hikes, which he said had increased by over 20% on average since 2023. Brian Lee, chief executive of the HIA, said that shopping around remained the best way to save money. Pic: Getty Images
He said the Health Insurance Authority had recently reported that over-65s pay a massive 44% more on average for their health insurance – or over €700 a year more – than those aged under 65.
He said the average cost of a policy was €2,367 a year for the over-65s compared to €1,648 for those under the age of 65, despite the fact that health insurers cannot charge policyholders a higher price based on their age.
Mr Cassidy said that some of that discrepancy could be explained by the type of cover people in this age bracket choose, including more expensive orthopaedic cover for things like hip and knee replacement. He said the difference also showed that older policyholders were not looking for the best deals.
'Older people tend to claim more and are understandably reluctant to change insurer as they're afraid they might lose cover. However if you switch insurer, you won't have to serve any waiting periods again – as long as you switch within 13 weeks,' he said.