From October, health insurance premiums are set to increase by an average of 4.5%, impacting over 700,000 members of a Cork-based insurer. Some families will experience rises exceeding €700 annually. Alongside the premium increases, health insurers have reduced benefits on several plans, a trend described as 'shrinkflation.' Demand for medical procedures in private hospitals has significantly influenced these hikes. Specific plans like Assure Protect and Inspire will not increase, while others will face steep rises, including a 12% increase for the Simply Connect Plus plan.
Starting October, health insurance premiums are increasing by an average of 4.5%, with some families facing rises over €700 a year, despite reductions on some plans.
Insurers, including Laya, VHI, and Irish Life, are reducing benefits while enacting price hikes, leading to a phenomenon known as 'shrinkflation' in health plans.
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