Irish Life to increase cost of health insurance for second time this year
The Health Insurance Authority said customers would see prices rise by an average of 3% from October, adding from €25 to €70 for an adult depending on their plan and from €60 to €185 for a typical family.
They will be affected if they renew their policy on or after October 1. For those who are mid-contract, the cost of insurance will not change until their next renewal.
Earlier this year, Irish Life Health had already hiked its prices by an average of 3.7%, pinning the blame on rising costs in delivering healthcare, and more expensive medicines.
It comes after Laya Healthcare announced a price increase last Friday that will also take effect from October 1. In this case, customers will see prices increase by 4.5% on average, and this followed a price hike in April.
'We know that price increases are unwelcome, particularly during a time of rising living costs,' the regulator said.
"While insurers are free to set their prices based on commercial factors such as medical inflation and claims costs, affordability must remain a priority. Consumers may be able to find better value by shopping around and thinking about what benefits are most important to you."
According to the most recent Consumer Price Index from the Central Statistics Office, health insurance has risen across the board by 8.9% in the past year. This is over five times the rate of general inflation in the Irish economy.
Insurance expert Dermot Goode, from Health Insurance Ireland, said unfortunately for customers the trend of regular price hikes throughout the year was set to continue.
'Further price hikes are expected as all insurers prepare for the peak renewal period from October onwards, when over half the market renews their cover — around 1.25 million members,' he said.
While he said premiums could rise by up to €70 per adult and €185 per family, this hike could be even greater for some.
'For those stuck on dated plans, the increases could be much higher,' he said.
"Our initial analysis shows that not all plans, especially those recently launched, will be increasing, so consumers might escape this latest increase."
He said given prices also rose in January, insurance holders needed to be wary of a potential large increase in their next quoted premium.
Mr Goode advised consumers not to just accept the price increases by having their policy set to auto-renew. He said they should contact their health insurer in advance of renewal and enquire about similar cover at a reduced price.
He added: 'There are numerous tactics available to consumers to help them avoid these premium increases whilst still maintaining excellent cover.
'This is especially relevant for those members on the same plan for five years or more, or those paying more than €2,000 per adult. For those fearful of changing cover, seek expert advice from qualified brokers and let them do the work for you.'
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