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Friday, September 22, 2023

Irish Life Health to increase premium prices by 5% from July

Health insurance policyholders with Irish Life can expect to pay more for their cover in just over a months’ time.

The company said customers will see a 5 per cent jump in premiums from the start of July.

It comes after the insurance provider increased costs by 4.5 per cent in January.

Irish Life Health said it was increasing prices because of a rise in the number of claims made.

Health insurance expert Dermot Goode said the price hike was potentially a return to the days of double-digit increases.

“The primary reason for both of these increases is the high level of claims being received,” he said.

“In particular, the latest price hike seems to be driven by a significant increase in claims coming through private and high-tech hospitals.”

Mr Goode estimated that the increase will cost a typical family of two adults and two children approximately €160 extra if they are on the 4D Health 1 plan; an additional €166 if on Benefit Plan; or €220 extra if they are on a higher plan such as 4D Health 3.

“Those renewing on or after 1st July will also be hit by the January increase so their actual year-on-year increase could be double these figures,” he added.

Other insurance providers have also increased their rates this year.

VHI premiums increased by an average 4.8 per cent on March 1st, and Laya rates jumped by an average of 4.4 per cent on April 1st.

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