Irish Life Health are raising their prices by an average of 5.3% – – Our News, Your Views

Irish Life Health are raising their prices by an average of 5.3%

The third price rise for Irish Life Health’s health insurance products since last July was revealed today, reports RTE.

According to the health insurer, the average increase in a gross adult premium would be 5.3% as a result of its price increases.

However, it also stated that the price increases for each of its plans will vary, ranging from 1.6% to 7.9%.

Beginning on July 1, both new and current customers whose renewals are due at that same time will be subject to the hike, reports RTE.

Irish Life Health said that it was raising its rates in response to the continuous and growing demand for healthcare in both public and private hospitals. This, the company claimed, has led to a “very significant” and sustained rise in the number and magnitude of claims.

“This trend is particularly noticeable from private and high-tech hospitals for healthcare provided to our customers,” the business stated, reports RTE.

Additionally, it stated that this pattern is in line with the general experiences of all health insurance companies.

Average price hikes of 7% were previously implemented by Laya and Vhi in March and April of this year, respectively.

The amount of claims paid by all insurers overall increased by 15% in 2023 compared to 2022, according to recent study from the Health Insurance Authority (HIA). The same study states that the value of claims is currently ÔéČ2.9 billion, the highest amount ever recorded, reports RTE.

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