Health insurer Level Health has said it will increase the average pricing of its plans by 6% next month.
Three plans will be changed on April 7, with its fourth plan due to change later in the month.
Level Health is backed by insurer Aviva and launched in the Irish market last November.
The company said the price hikes reflect the increasing cost of providing healthcare, driven by two key factors – the Government’s health insurance levy which will rise from April 1 and the fact that more people are accessing healthcare.
Level Health said this is leading to higher claims across hospitals, specialist care, and everyday medical expenses.
As demand for treatment continues to grow, so too does the cost of delivering high-quality care, which impacts the price of health insurance.
Jim Dowdall, CEO of Level Health, said while external cost pressures make this price adjustment necessary, the company’s focus remains on delivering strong value, innovative benefits, and sustainable cover for our members.
“We will continue to offer free health cover for children under three years of age and extensive maternity benefits with generous cash back options as well as free multi-trip world-wide travel insurance, including winter sports,” he added.
Last month, Laya Healthcare said it will increase premiums across its schemes by an average of 6.6% from 1 April, adding that its overall claim costs have risen by 29% in the past two years, with demand significantly growing across private and high-tech hospitals.
In January, Vhi also announced an average price increase of 3% across its health insurance plans due to the sustained rise in the number of people accessing healthcare and the associated costs of delivering this care.
Dermot Goode, Head of Healthcare Division with Lockton Insurance Brokers Ireland, said that as with all insurers, consumers need to be wary of the average price increase figure.
He noted that the price rise on some plans will be lower than average but obviously, with some plans, the increase will be higher than the 6% figure.
“This increase was expected given that the health insurance levies which impact all policies are increasing from April 1.
“Furthermore, given that all other insurers have had at least two increases in the last six to nine months due to spiralling claims costs, it’s no surprise that Level Health is being impacted by the same pressures as it begins to pay claims and that it too has had to follow suit with a price increase,” he said.
“However, Level Health’s plans are still competitively priced and offer good alternatives for those consumers who’re seeking better value cover,” he added.
