The Minister for Health Leo Varadkar has confirmed that a package of measures designed to address rising health insurance premiums and stabilise prices will be put in place.
The New Private Health Insurance Package announced by the Minister this morning will include a reduction in stamp duties levied on health insurance policies, lower premiums for young adults, the introduction of Lifetime Community Rating, and a reduction in the Health Insurance Authority Levy. The new package is also understood to include key recommendations set out in two independent reports on private health insurance costs authored by Pat McLoughlin, Chief Executive of the Irish Payment Services Organisation (IPSO).
Health Minister Vardakar told the daily: “These measures are designed to work as a package and make private health insurance affordable again for as many people as possible,” “We want to try and limit the need for increases in premiums, and even secure some reductions if possible.” The minister also stated that following a long period of rising premiums and a severe decline in health insurance cover, the number of policy holders is now showing reasonable growth.
Mr Vardakar also said: “There was a modest increase of 1,000 in the number insured between July and September,” he said. “I hope these new measures will allow that trend to continue, and I hope the insurance companies will respond favourably.”