Scandalous: Irish families face paying up to €700 extra on their insurance premiums after leading companies announce price increase – TheLiberal.ie – Our News, Your Views

Scandalous: Irish families face paying up to €700 extra on their insurance premiums after leading companies announce price increase




There was some bad news announced recently as a number of Irish families will have to fork out a massive €700 extra in health insurance premiums this year.

The scandalous news comes as insurance companies Laya and GloHealth have both confirmed that they will be increasing their premiums later this year. It is understood that both companies have decided to introduce a price hike in the wake of their competitor’s (VHI) decision to announce price increase.

The latest move will reportedly see the average Irish family facing premium increases of €300, with some facing a price hike of €700 a year. A number of leading experts believe this is only the beginning as leading health insurers are expected to impose two price increases every year. It is believed that Laya (Formally Liberty Health Insurance), are introducing a 14% increase on its Essential Connect Family plan.

This significant increase would mean a family of two adults and two children will have to hand over an extra €272 when they renew their policy on May 1st. The company has also revealed its ending its free cover for second and subsequent children on seven plans from May 1.

Meanwhile GloHealth have revealed their plans are going up from May 1, with average rises of 6%, although some plans may go up by 10%. However Aviva say they are reducing the prices on some of its plans, but they have increased the cover cost for children on a number of schemes and has subsequently ended its discounted child prices.

It is believed that health insurers have introduced the excessive premium hikes because they claim they have been hit hard by the decision of former Health Minister James Reilly who decided to charge insurers when an insured person uses a public hospital, even though they were not treated privately. The insurance groups say that costly decision meant they were hit with bills for €800 for each over-night stay, instead of the initial €75 originally thought.

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