Latest news with #IrishLifeHealth
Irish Independent
4 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
6 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.
Irish Independent
6 days ago
- Business
- Irish Independent
Thousands of health insurance customers warned they may could end up on more expensive plans as Irish Life 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.
Irish Independent
30-07-2025
- Business
- Irish Independent
More health insurance hikes on way, but some cheaper plans being launched
Price rises are coming almost monthly, prompting a slowdown in the numbers taking out health insurance. However, Laya is cutting the premium on one of its corporate plans and launching new schemes, bucking a trend that has seen regular rises in the cost of all the providers' plans. Irish Life Health is also introducing six new corporate plans from the start of next month. Health insurance expert Dermot Goode, of Total Health Cover, 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. Earlier this month, VHI Healthcare increased the cost of one of its corporate plans, and in March it increased the cost of a string of plans. At the time, it was the third premium hike in less than a year. Corporate plans must be made available to individuals and families if they want to buy one Experts said those combined hikes could add as much as €500 to the annual cost of cover for a typical family. This is similar to last year's rises. From the start of August, VHI will increase the cost of seven corporate plans that were not included in the increases announced in March. The increases range from 2pc to 10pc, with the impact on a family of four to be between €75 and €506 a year for households renewing on the same plans. Mr Goode said plans going up include PMI 4015 and PMI 4510. PMI 6310, which has only recently been launched, is also affected. Corporate plans are marketed to companies that pay for the health cover of their staff, but under law must be made available to individuals and families if they want to buy one. ADVERTISEMENT Learn more They tend to be cheaper and have better benefits than plans targeted at families and individuals. 'As always, the advice is never to accept these changes without first contacting VHI to see if they have a similar alternative plan at a lower cost,' Mr Goode said. 'Tell the insurer your budget for the coming year and challenge them to find a similar plan that matches same.' VHI said: 'The price changes are for a select number of corporate plans only. The timing of price changes for these plans differs from the general book of business. We announced an average price increase of 3pc across our plans from March 1.' VHI is also launching a new corporate plan called PMI 6510 from August, priced at €1,544 per adult and €383 per child. Insurers were taking specific steps to address the affordability issue in the market Laya is decreasing the cost of one of its corporate schemes and also launching Core Connect, which Mr Goode said is a good semi-private corporate plan. The cost will fall from €1,741 to €1,657 per adult, a 5pc reduction. Laya is also launching a new plan called Inspire Assist, priced at €1,545 per adult and €356 per child. Irish Life Health is introducing six new corporate plans from Friday, called Health Action 1 through to Health Action 6. Health Action 1 is €1,300 per adult and €336 for a child. Mr Goode said insurers were taking specific steps to address the affordability issue in the market.
Irish Independent
30-07-2025
- Business
- Irish Independent
More health hikes on way, but some cheaper plans being launched
Price rises are coming almost monthly, prompting a slowdown in the numbers taking out health insurance. However, Laya is cutting the premium on one of its corporate plans and launching new schemes, bucking a trend that has seen regular rises in the cost of all the providers' plans. Irish Life Health is also introducing six new corporate plans from the start of next month. Health insurance expert Dermot Goode, of Total Health Cover, 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. Earlier this month, VHI Healthcare increased the cost of one of its corporate plans, and in March it increased the cost of a string of plans. At the time, it was the third premium hike in less than a year. Corporate plans must be made available to individuals and families if they want to buy one Experts said those combined hikes could add as much as €500 to the annual cost of cover for a typical family. This is similar to last year's rises. From the start of August, VHI will increase the cost of seven corporate plans that were not included in the increases announced in March. The increases range from 2pc to 10pc, with the impact on a family of four to be between €75 and €506 a year for households renewing on the same plans. Mr Goode said plans going up include PMI 4015 and PMI 4510. PMI 6310, which has only recently been launched, is also affected. Corporate plans are marketed to companies that pay for the health cover of their staff, but under law must be made available to individuals and families if they want to buy one. ADVERTISEMENT Learn more They tend to be cheaper and have better benefits than plans targeted at families and individuals. 'As always, the advice is never to accept these changes without first contacting VHI to see if they have a similar alternative plan at a lower cost,' Mr Goode said. 'Tell the insurer your budget for the coming year and challenge them to find a similar plan that matches same.' VHI said: 'The price changes are for a select number of corporate plans only. The timing of price changes for these plans differs from the general book of business. We announced an average price increase of 3pc across our plans from March 1.' VHI is also launching a new corporate plan called PMI 6510 from August, priced at €1,544 per adult and €383 per child. Insurers were taking specific steps to address the affordability issue in the market Laya is decreasing the cost of one of its corporate schemes and also launching Core Connect, which Mr Goode said is a good semi-private corporate plan. The cost will fall from €1,741 to €1,657 per adult, a 5pc reduction. Laya is also launching a new plan called Inspire Assist, priced at €1,545 per adult and €356 per child. Irish Life Health is introducing six new corporate plans from Friday, called Health Action 1 through to Health Action 6. Health Action 1 is €1,300 per adult and €336 for a child. Mr Goode said insurers were taking specific steps to address the affordability issue in the market. However, he added that consumers need to brace themselves for potentially more increases later in the year.
