Irish Life Health, which has around 500,000 customers, has announced a 3% average rise in the cost of its plans for adult health insurance policies from October.
Customers who take out a new policy or renew an existing one from then with the provider will be affected by any increases, which could cost between €25 and €70 depending on the plan.
However, for any Irish Life Health policy holders who are mid-contract, the cost of their insurance will not change on 1 October.
This is the third policy-price increase from Irish Life Health this year, following a 3.5% rise in January, and a further 2% hike in April.
Consumers will be informed of any changes to their plan, including any price or benefit changes, in their renewal letter.
The price increase from Irish Life Health follows Laya Healthcare’s announcement last Friday of an average 4.5% price rise across its plans, which will also take effect from October. October traditionally marks the start of the period when over half of health insurance policies are 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”.
She added that “while these developments are necessary and beneficial, they are contributing to sustained upward pressure on premiums.”
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”.
“All members should contact their health insurer well before their renewal and challenge them to source similar cover at a lower premium,” he stated.
