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The Irish Sun
a day ago
- Health
- The Irish Sun
Major blow for Irish families as Laya to hike health insurance prices in weeks with some plans scrapped
Premiums are set to increase by an average of 4.5 per cent PRICE HIKES Major blow for Irish families as Laya to hike health insurance prices in weeks with some plans scrapped HEALTH insurers Laya Healthcare are set to raise their prices in weeks - with some families facing hikes of over 700. Premiums are set to increase by an average of 4.5 per cent on a number plans from October. 2 Laya healthcare is increasing rates on a number of plans Credit: Laya These increases will only apply to new policies and renewals from October and existing policyholders unaffected. Advertisement The health insurer is also retiring 10 of its existing policies. Any customers with these existing plans will automatically be switched to an equivalent plan on their renewal date. Laya will legally need to contact these customers and offer alternative options with similar benefits. Health Insurance Expert Dermot Goode said the hikes were 'expected as they're following previous trends' of increasing rates twice per year - in April and October. Advertisement The previous increase was an average 6.6 per cent which occurred in April 2025. Mr Goode said: 'This average of this latest increase is 4.5 per cent. However, members need to be wary of these average figures as the actual increase on their plan may be significantly higher 'The reason for the increase is the rising cost of claims, especially from the private hospital sector. 'It appears that all insurers are still struggling to contain these costs especially as members want access to the new emerging treatments, drug therapies and technology.' Advertisement The insurance pro said some plans will not be increasing at all such as Assure Protect, Inspire and Inspire Plus. He said: 'The Signify Care scheme will increase by c. €54 per adult or €80 for a typical family, in line with the average. 'Other plans such as Simply Connect Plus will see a much higher increase, i.e. €289 for an adult or €716 for a family (12 per cent). 'Another plan, Momentum will increase by €283 or 10 per cent for a single adult.' Mr Goode said the advice to all consumers now is to 'never just accept these increases' and 'don't allow your cover to auto-renew'. Advertisement He continued: 'Members have six weeks now to engage with the insurer to source alternative, better value, cover. 'Always disclose your budget and challenge the insurer to find you a similar cover that fits this.' OPTIONS All insurers including Laya will be launching a range of lower cost options to help consumers who will struggle to afford these hikes. Mr Goode added: 'Unfortunately more increases are expected as insurers look to review their rates in advance of the peak renewal period when half the market or c. 1.25 million members look to renew their cover 'These latest increases may be less for families as Laya is introducing some discounted offers for children under 18.' Advertisement Managing Director of Laya healthcare D.O O'Connor told RTE that the cost of delivering healthcare is "going up across the world, and Ireland is no exception". He said: "Demand for health services is at an all-time high, particularly in the private and hi-tech hospital settings where we're seeing a 14.8 per cent increase in 2025 claim costs (year-to-date) when compared to last year. "While advances in medical technology and new therapies are delivering welcome improvements in health outcomes for our members, this comes at the highest cost we've seen in over 25 years. "Our product review aims to strike a careful balance between delivering fast access to healthcare while safeguarding affordability of cover for our members. " 2 Laya Healthcare will introduce the new dates from October 1 Credit: Laya Healthcare
RTÉ News
2 days ago
- Business
- RTÉ News
Breaking Laya to increase health insurance prices from October
Laya Healthcare is to increase the prices of its health insurance polices by an average of 4.5% from the start of October. The provider, which has more than 700,000 customers, is also retiring ten of its existing policies. Customers will be informed of any changes affecting them when renewing their policies. Any price increases will only apply to new policies and renewals from October, with existing policyholders unaffected. Customers currently insured under one of Laya's plans being retired will be automatically moved to an equivalent plan at their renewal date. They will be contacted directly by the provider and offered alternative plans with similar benefits, which is a legal requirement. However, customers are not obliged to switch to a different plan and can choose to opt for a different plan with Laya or shop around with other health insurance providers. This is Laya's second price increase this year, after its health insurance policies went up by an average of 6.6% in April. Commenting on Laya's latest price-rise announcement, Health Insurance Expert Dermot Goode said "this was expected as they're following previous trends of increasing rates twice per year, i.e., in April and now in October. "This average of this latest increase is 4.5%. However, members need to be wary of these average figures as the actual increase on their plan may be significantly higher. "The reason for the increase is the rising cost of claims, especially from the private hospital sector. It appears that all insurers are still struggling to contain these costs especially as members want access to the new emerging treatments, drug therapies and technology," he added. According to an analysis of the increase by Mr Goode, some Laya plans will not be increasing at all such as 'Assure Protect', 'Inspire' and 'Inspire Plus'. While the 'Signify Care' scheme will increase by around €54 per adult or €80 for a typical family. Other plans, such as 'Simply Connect Plus' will see a much higher increase (12%), which equates to €289 for an adult or €716 for a family. (12%) Laya's 'Momentum' plan will increase by €283, or 10% for a single adult. Mr Goode said "the advice to all consumers now is to never just accept these increases ... don't allow your cover to auto-renew. "Members have six weeks now to engage with the insurer to source alternative, better value, cover. Always disclose your budget and challenge the insurer to find you similar cover that fits this."
RTÉ News
2 days ago
- Business
- RTÉ News
Laya to increase health insurance prices from October
Laya Healthcare is to increase the prices of its health insurance polices by an average of 4.5% from the start of October. The provider, which has more than 700,000 customers, is also retiring ten of its existing policies. Customers will be informed of any changes affecting them when renewing their policies. Any price increases will only apply to new policies and renewals from October, with existing policyholders unaffected. Customers currently insured under one of Laya's plans being retired will be automatically moved to an equivalent plan at their renewal date. They will be contacted directly by the provider and offered alternative plans with similar benefits, which is a legal requirement. However, customers are not obliged to switch to a different plan and can choose to opt for a different plan with Laya or shop around with other health insurance providers. This is Laya's second price increase this year, after its health insurance policies went up by an average of 6.6% in April. Commenting on Laya's latest price-rise announcement, Health Insurance Expert Dermot Goode said "this was expected as they're following previous trends of increasing rates twice per year, i.e., in April and now in October. "This average of this latest increase is 4.5%. However, members need to be wary of these average figures as the actual increase on their plan may be significantly higher. "The reason for the increase is the rising cost of claims, especially from the private hospital sector. It appears that all insurers are still struggling to contain these costs especially as members want access to the new emerging treatments, drug therapies and technology," he added. According to an analysis of the increase by Mr Goode, some Laya plans will not be increasing at all such as 'Assure Protect', 'Inspire' and 'Inspire Plus'. While the 'Signify Care' scheme will increase by around €54 per adult or €80 for a typical family. Other plans, such as 'Simply Connect Plus' will see a much higher increase (12%), which equates to €289 for an adult or €716 for a family. (12%) Laya's 'Momentum' plan will increase by €283, or 10% for a single adult. Mr Goode said "the advice to all consumers now is to never just accept these increases ... don't allow your cover to auto-renew. "Members have six weeks now to engage with the insurer to source alternative, better value, cover. Always disclose your budget and challenge the insurer to find you similar cover that fits this." Commenting on the price rises, Managing Director of Laya healthcare D.O O'Connor said "the cost of delivering healthcare is going up across the world, and Ireland is no exception. "Demand for health services is at an all-time high, particularly in the private and hi-tech hospital settings where we're seeing a 14.8% increase in 2025 claim costs (year-to-date) when compared to last year. "While advances in medical technology and new therapies are delivering welcome improvements in health outcomes for our members, this comes at the highest cost we've seen in over 25 years. "Our product review aims to strike a careful balance between delivering fast access to healthcare while safeguarding affordability of cover for our members. Our product review gives our members greater choices and flexibility in their plans to keep their health cover at a cost that's within reach."
Irish Independent
2 days ago
- Health
- Irish Independent
Families insured with Laya to be hit with hikes of up to €700
Premiums are going up by an average of 4.5pc on a range plans from October, although there are also some reductions. The Cork-based insurer has more than 700,000 members. Some families will see the cost of their plan rise by more than €700 a year. The moves comes after a succession of premium price rises from Laya, along with rivals VHI Healthcare and Irish Life Health. New player Level Health increased the cost of one of its plans earlier this year. This year insurers have also slashed the benefits on health plans at the same time as they push through huge premium hikes. A leading health cover expert said all four health insurers are now engaged in this 'shrinkflation'. In the past few months VHI Healthcare, Laya Health, Irish Life Health and Level Health have all reduced the benefits on a number of their plans. But consumers were unaware of this. Now Laya has announced a new round of price rises, saying that is seeing a huge increase in demand for medical procedures in private hospitals. Dermot Goode, a broker with Total Health Cover, said the latest rises were expected as they are following previous trends of increasing rates twice per year. The insurer increased prices in April and is now going again in October. The April rise was 6.6pc. Mr Goode said: 'This average of this latest increase is 4.5pc. However, members need to be wary of these average figures as the actual increase on their plan may be significantly higher.' ADVERTISEMENT He worked out that the Signify Care scheme will increase by around €54 per adult, or €80 a year for a typical family renewing on this plan. Some plans will not be increasing, such as Assure Protect, Inspire and Inspire Plus plans. Other plans, such as Simply Connect Plus, will see a much higher increase. It will go up by €289 for an adult. For a family of two adults and two children the annual rise will be €716, he said. This is a 12pc rise. The Momentum plan will increase by €283, or 10pc for a single adult. The insurer said adult and child rates on its Signify plan are being reduced in price from the start of October. Adult rates will reduce by 1pc and child rates will reduce by 25pc. Core Connect Plan has been reduced from €1,741a year per adult to €1,656 since the start of this month. Laya healthcare's Kids Go Free offer will be introduced on Essential Connect Health Plan for a limited time. It will be available from September 1 to the end of this October. Laya managing director D. O. O'Connor said demand for health services is at an all-time high. This was particularly the case in private and hi-tech hospital settings where the company is seeing a 15pc increase claim costs in the year to date. 'While advances in medical technology and new therapies are delivering welcome improvements in health outcomes for our members, this comes at the highest cost we've seen in over 25 years.'
Irish Independent
4 days ago
- Business
- Irish Independent
Thousands of health insurance customers warned they could end up on more expensive plans as major insurer retires 22 plans
The warning comes as the health insurer retires 22 schemes. People whose plan is being retired and do not choose an alternative will have a new one recommended for them by Irish Life, but this plan could be dearer than their current one. About 6,000 policyholders will be affected by the insurer's move to streamline its schemes, according to health insurance expert Dermot Goode of Total Health Cover. The plans are being removed on September 1. Mr Goode said the move was welcome because most of the plans being scrapped were dated and may no longer represent good value for money. Those affected will receive correspondence and calls from Irish Life Health notifying them of the plan change. They will be offered similar plans or invited to contact the insurer directly to discuss other alternative options. Plans being retired include the likes of Net Most 100, Better ILH, Better Active, Teachers Complete, Business Plan Plus and Business Plan Choice. 'If members don't respond to Irish Life, they will be transferred to their closest equivalent scheme with no break in their cover,' Mr Goode said. 'There's always a risk that the suggested alternative scheme may be more expensive, so we recommend that all members impacted by the change engage with Irish Life Health by phone to discuss alternative options.' People who use a broker for their Irish Life Health cover have been advised to contact the broker immediately to discuss alternative options. Mr Goode said that many of the plans being retired have been on the market for some time. This means policyholders may be unaware Irish Life has launched numerous new product options such as the 4D Health range and the Health Guide range. At the start of this month the insurer launched six new plans called Health Action. The plan retirements will apply only from the next renewal date. VHI retired a number of dated schemes last year, and Mr Goode said he expected more product retirements soon across the market. An Irish Life Health spokesperson confirmed the company would retire 22 health insurance plans on September 1. 'These changes are part of our ongoing efforts to simplify our health insurance offering and make them easier to understand,' they said. The insurer said that in compliance with the Health Insurance (Amendment) Act 2016, customers on retiring plans must be offered an alternative with a similar or higher level of inpatient cover. Customers on retiring plans would be informed of these changes through their renewal invitations and SMS reminders, Irish Life said. 'We encourage customers to contact our dedicated support team with any questions and for advice on their available options. If no action is taken, they will be automatically moved to the new alternative plan,' it said. Last month, it emerged that VHI is to increase the cost of seven plans, just weeks after other hikes. Price rises are coming almost monthly, prompting a slowdown in the numbers taking out health insurance. VHI, Laya Healthcare, Irish Life Health and new player Level Health have all increased prices recently. However, Laya is cutting the premium on one of its corporate plans and launching new schemes, bucking a trend of rises in the cost of all the providers' plans. Experts said insurers were fearful the relentless price rises would force people to give up their cover, and were now attempting to address the affordability issue.
