Irish Life Health announces 4.5% hike to the price of its insurance plans

Irish Life Health has announced a 4.5 per cent hike to the price of its private health insurance plans which will apply from January 1st.

The company said it was applying the changes as a result of “very substantial inflation” in hospital procedure prices that has recently emerged.

“Like many parts of the economy, the hospitals have experienced significant increases in costs, which in turn has increased the cost of providing care to patients,” it said. “The key contributory factors are the very material rise in energy and other supply costs, and the recent public-sector pay deal as it applies to healthcare staff.”

The changes vary across plans. The company’s HealthGuide plans are to remain in line with the introductory price from February and First Cover, a recently launched entry-level plan, will have no increase applied.

On the Money: the personal finance newsletter from The Irish Times

---

‘Whenever I can save time by spending money, I usually do and I never regret it’

---

Big pay rise for Smith & Nephew chief shows US-style packages have arrived in Europe

---

Twenty tips for a frugal but fun summer with the kids

---

Irish Life Health managing director Ger Davis said: “We recognise that these changes will be difficult for customers who are already experiencing price increases in many areas.

“Like many other parts of the economy, the healthcare sector and particularly hospitals, is now experiencing significant inflationary pressure which will impact health insurance claims costs.

[ It’s definitely time to have a look at how much health insurance is costing you ]

“We are passing on the lowest possible increase we can, while ensuring that our customers continue to have comprehensive access to the care that they need.

“Maintaining this access is particularly important for our members as the healthcare system continues to experience significant challenges in dealing with the fallout from Covid.”

The new prices will apply for new customers from January 1st and existing customers as their renewals fall due from the same date.