New blow for health insurance customers as Irish Life to again hike premiums

"Irish Life Health said it is raising the cost of its premiums by an average of 5pc from January 1, having already announced a number of rises in the past year. The health insurance provider increased premiums in January, April and October. And it comes after multiple hikes from VHI Healthcare, Laya Healthcare, and one from new entrant Level Health. Customers of Irish Life Health will see a single adult premiums rise by between €65 and €125 a year,"

"For a typical family of four, it could add anything from €160 to €255 to their total bill. For adults on higher level plans or dated schemes, the increases could well exceed this, said leading health insurance broker Dermot Goode, of HealthInsuranceIreland.ie. The latest Irish Life Health rise comes are almost half of the health insurance market is due to renew its cover between now and February. This amounts to around 1.25 million policyholders."

"The 'Perfect Storm' continues for health insurance consumers as nearly half the market, or 1.25 million health insurance customers, are due to renew their cover between December and February. So this couldn't come at a worse time." The Irish Life price rises will impact all existing and new members joining or renewing from January. It comes after Irish Life already increased the cost of the average plan by 3pc from the start of October."

Irish Life Health will increase premiums by an average of 5% from January 1, applying to all existing and new members who join or renew from that date. Single adult plans will rise roughly €65–€125 annually, while a typical family of four could see increases of about €160–€255. Adults on higher-level plans or older schemes may face larger hikes. Nearly half the market, around 1.25 million policyholders, are due to renew between December and February. The insurer attributes the rise to higher cost and volume of claims, particularly in the private hospital sector. Competing providers have implemented similar increases this year.

Read at Irish Independent