Due to the ongoing growth in the number of individuals seeking healthcare and the related expenses of providing this treatment, health insurer VHI has announced an average price increase of 3% across all of its health insurance plans, reports RTE.
According to VHI, the cost of private hospital claims increased by 12.5% in 2023 compared to previous year.
With 1.2 million clients, VHI is the biggest health insurance on the market, r r
It increased prices by 3.5% in October and by an average of 7% last March. The most recent rise went into effect on March 1.
VHI stated in a statement that while more individuals seek out necessary medical treatment, healthcare prices are still rising, reports RTE.
Due to rising private hospital expenses, related healthcare professional prices, and the rising costs of daily care, the cost of providing these services has also grown.
It stated that health insurers both domestically and internationally are dealing with comparable issues, and that this tendency is not exclusive to VHI, reports RTE.
The managing director of VHI Insurance, Aaron Keogh, acknowledged that the expense of living is putting strain on VHIÂ members. He also stated that the firm has done everything it can to keep the price rise as low as possible without sacrificing features or raising excesses.
“We have also maintained 25% off child rates on a range of our plans. Our members value their health insurance, and we are committed to providing them with more value and even better support to help them manage their health and wellbeing,” Mr Keogh added, reports RTE.
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