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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.
