Laya Healthcare said that since the cost of providing healthcare continues to reach new record highs, it would be raising its rates by an average of 7% starting on April 1, reports RTE.
In October and April of last year, the insurance raised premium rates. It serves over 695,000 clients.
According to Dónal Clancy, general director of Laya Healthcare, the expense of providing healthcare has increased along with the demand for it, to an unprecedented degree.
According to Mr. Clancy, the firm is seeing the largest cost of claims in more than 25 years, as well as the biggest volume of claims in two decades, reports RTE.
The Laya CEO stated he anticipates this increasing pressure to continue into 2024 as demand is sustained and medical inflation continues very high. Overall claim expenses have climbed dramatically by 35% in the last 24 months alone.
“While we have to make the difficult decision to increase premium rates, we have protected the benefits and services our members value and benefit from,” Mr Clancy said, reports RTE.
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