Latest news with #HealthInsuranceAuthority
Irish Examiner
2 days ago
- Health
- Irish Examiner
Health insurance premiums up €200 as fewer people take out new policies
The cost of private health insurance has risen by €200, with the average policy now costing €1,929. A report from the Health Insurance Authority shows slowing growth in the market, with 2.52 million people in Ireland now having private health insurance. Just 7,318 people took out a new policy in the first quarter, compared to 13,633 in the third quarter of last year. The HIA said there were currently 342 plans on the market from the four providers: VHI, Irish Life Health, Laya Healthcare and Level Health, backed by Aviva, which began operating in November. Four new plans were added in the last quarter. The VHI remains the dominant player, with 48.3% of the market, followed by Laya with 28.1%, Irish Life Health with 20.3%, and Aviva with 0.6%. The findings in the HIA report continues 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 fall in the number of children insured, at 21.6% (down from over 23% in 2019). Health Insurance Authority chief executive Brian Lee said health insurance continued to be a very popular product, purchased by almost half of the population. However, 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," he said. Read More Almost one in four of Ireland's unemployed aged between 25 and 34
Extra.ie
2 days ago
- Health
- Extra.ie
This is how much average health insurance now costs a year
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 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.
Irish Independent
3 days ago
- Health
- Irish Independent
Cost of average health insurance plan now close to €2,000
The average cost of a plan is now close to €2,000. This is an increase of almost €200 compared with the average price for last year, according to the regulator for the sector, the Health Insurance Authority (HIA). Over the last two years, the average cost of a premium is up around €480. Insurers blamed an increase in medical claims, higher costs of medicines and a big increase in people having procedures done in private hospitals for the rise in the cost of premiums. The jump in the cost of plans is thought to be behind a slowdown in the growth of the market. The authority's Q1 Market Bulletin said there are now 2.52 million people in Ireland who have private health insurance. It said just 7,318 people bought health insurance in the first three months of this year compared with 13,633 new customers signing up to a plan in the July to September period of last year. There are 342 plans on the market, with four new plans added in the last quarter. New entrant, Level Health, entered the market at the end of last year, competing with VHI Healthcare, Laya Healthcare and Irish Life Health. The HIA said the increase in the numbers with health cover was just 1.3pc between 2023 and last year. There has been a decrease in the number of children insured, at 22pc, down from over 23pc in 2019. ADVERTISEMENT Chief executive of the HIA, Brian Lee, 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 financial pressures or other considerations.' Mr Lee said shopping around is the best way to save money on health insurance. He said with a lot of consumers renewing their plans in July, the HIA recommends reviewing health plans now to see what people are covered for and what they actually use. '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,' he said. Mr Lee said the HIA has a free impartial comparison tool on its website. The HIA team is also available by phone and by email for anyone who needs support. Mr Lee said that some plans that have been on the market for a long time do not offer as much value as newer plans. He said that by shopping around, consumers can find a plan with very similar benefits for a lower price. Consumers were also advised to consider increasing their hospital excess. This is the amount that a policy holder pays each time they are admitted into a private hospital, the HIA said. Health insurance expert Dermot Goode of said the numbers with health cover were remaining static. Although roughly 7,300 new customers took out cover in the first quarter, a similar number gave up their cover, he said. Mr Goode added that the increase in the cost of cover in the first three months of this year, compared with the previous quarter, was one largest rises ever. He said the surge in premium costs would mean younger people would defer taking out cover. Existing customers will either downgrade their cover or take on more risk to keep the cost affordable, he said. Mr Goode said those who have already cut their cover may have no option but to consider cancelling because of spiralling costs.
RTÉ News
3 days ago
- Health
- RTÉ News
Significant drop in people buying health insurance
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). Chief Executive of the HIA 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.
Irish Examiner
3 days ago
- Health
- Irish Examiner
Growth of Ireland's health insurance market slows
The cost of private health insurance has risen by €200, with the average policy now costing €1,929. A report from the Health Insurance Authority shows slowing growth in the market, with 2.52 million people in Ireland now having private health insurance. Just 7,318 people took out a new policy in the first quarter, compared to 13,633 in the third quarter of last year. The HIA said there were currently 342 plans on the market from the four providers: VHI, Irish Life Health, Laya Healthcare and Level Health, backed by Aviva, which began operating in November. Four new plans were added in the last quarter. The VHI remains the dominant player, with 48.3% of the market, followed by Laya with 28.1%, Irish Life Health with 20.3%, and Aviva with 0.6%. The findings in the HIA report continues 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 fall in the number of children insured, at 21.6% (down from over 23% in 2019). Health Insurance Authority chief executive Brian Lee said health insurance continued to be a very popular product, purchased by almost half of the population. However, 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," he said. Read More Almost one in four of Ireland's unemployed aged between 25 and 34
