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Saturday, July 20, 2024

Another rise in health insurance prices

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Irish Life Health policyholders are facing a 5% hike in premiums from July 1st. This comes after a 4.5% raise in January, making it the second price increase this year.

According to health insurance expert Dermot Goode, the reason behind the increase is due to the high number of claims that have been made. He estimated that a typical family of four on the 4D Health 1 plan will have to pay an extra €160, while a family on the Benefit Plan will pay an additional €166, and those on the 4D Health 3 plan will pay €220 extra. Moreover, the January increase will also affect those renewing their plans after July 1st, resulting in a double-figure increase.

Other insurance providers have also increased their rates this year. VHI premiums went up by an average of 4.8% on March 1st, and Laya rates rose by an average of 4.4% on April 1st.

It’s no surprise that Irish Life Health customers are feeling the strain of the recent price hikes. However, with such a large number of claims being made, it’s not surprising that premiums have to be adjusted accordingly.

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Lisa
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