A total of 2.52 million people – or 46% of the population – now have private health insurance and they pay an average annual premium of €1,740, up almost €146 in the last 12 months.
The Health Insurance Authority’s 2024 Annual Market Report shows the number of people with private health insurance continues to grow despite average prices increasing by 12.2%.
Some plans have increased by as much as 25.6%, the report noted.
Vhi continues to hold the largest market share at 48.4%, folllowed by Laya Healthcare at 28.4% and Irish Life Health at 20.4%.
Since launching in November last year, Level Health has gained a 0.2% market share.
Today’s report shows that the rate of growth in people getting health insurance is slowing, with an increase in coverage of just 1.3% between 2023 and 2024.
There has also been a further decrease in the number of children insured at 21.6%, down from over 23% in 2019.
The Health Insurance Authority said the total income from health insurance premiums now stands at €3.6 billion, an increase of from €3.2 billion in the previous year.
It said this is due to price increases on premiums and the moderately increasing numbers purchasing health insurance in the past 12 months.
Today’s report reveals that after a significant increase in claims in the years after Covid, the volume of health insurance claims now shows signs of slowing down, with claims increasing by just 6% in 2024 compared to a 15% increase in 2023.
While claims for treatment in a private hospital increased by 2% in 2024, claims for public hospital treatment decreased by 2%.
Today’s report also showed that while there are 338 active inpatient plans in Ireland, 50% of people are on one of just 32 plans.
Over 65s are paying on average 44% more, but they tend to be on plans with higher cover, in particular for orthopaedic procedures, including hip or knee replacement surgery.
Meanwhile, 18 to 39-year-olds have the lowest level of health insurance coverage, with only 38.9% of those aged 18-29 having coverage.
The CEO of the Health Insurance Authority, Brian Lee said, said that despite recent price increases, today’s report shows more people are buying health insurance, with almost half of the population holding health insurance policies.
But he said the authority’s research shows that affordability is the main reason consumers choose to cancel their health insurance plans as many consumers are under financial strain and can not sustain the current rate of price increases alongside other increasing costs and inflation.
“We know that there is still a low number of consumers switching providers and the HIA would always recommend shopping around, particularly as you move through different stages of life and your needs will change, and you could be paying for more than you need,” Brian Lee said.
“Consumers don’t necessarily have to change provider, as switching between plans with the same providers is also an option. We are there to help consumers through our free comparison tool where you can compare plans and requirements,” he added.
