Irish Life Health, which serves approximately 500,000 customers, has revealed that it will introduce an average 3% increase in adult health insurance policy prices starting in October, reports RTE.
This change will impact anyone who purchases a new policy or renews an existing one with the insurer from that date, with the additional cost ranging between €25 and €70, depending on the specific plan.
Policyholders who are currently in the middle of their contract with Irish Life Health will not see any change in their insurance costs on 1 October, reports RTE.
This marks the third time Irish Life Health has raised its policy prices this year, following a 3.5% increase in January and another 2% rise in April.
Customers will receive notice of any adjustments to their plan, including changes in cost or benefits, in their renewal documentation, reports RTE.
Irish Life Health’s announcement follows Laya Healthcare’s statement last Friday that it too will raise prices by an average of 4.5% across its plans, also effective from October. October is typically the month when more than half of health insurance policies come up for renewal.
Irish Life Health Managing Director Ann Marie Nestor said the rising costs are being driven by “growing demand for complex treatments, advances in medical care, and ongoing investment in healthcare infrastructure”, reports RTE.
She added that “while these developments are necessary and beneficial, they are contributing to sustained upward pressure on premiums,” reports RTE.
Dermot Goode, from Health Insurance Ireland, said that insurers are “blaming the rising volume and cost of claims for the continuous price hikes, especially those coming from the private hospital sector”.
He added that “the advice to all consumers now is to never just accept these increases, ie, don’t allow your cover to auto-renew”, reports RTE.
“All members should contact their health insurer well before their renewal and challenge them to source similar cover at a lower premium,” he stated, reports RTE.
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