The cost of private health insurance has climbed by an average of 11 per cent so far this year according to a new report. The data from the Health Insurance Authority (HIA) says the average policy premiums is now €1,712 although it said many policyholders could make savings by shopping around as the key renewals period comes closer.
It noted that despite the price hikes, the health insurance market continues to grow, with 2.51 million people now covered – an increase of 13,633 since the end of June.
At the beginning of last month there were 326 plans on offer to consumers, but this number has since increased with the launch of new health insurance provider Level Health last week.
The survey shows that “consumers view health insurance as a necessity and not a luxury, despite price increases across the health insurance market and ongoing cost-of-living pressures.” said the HIA’s chief executive Brian Lee.
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He expressed the hope that the entry of a new insurer to the market would promote competition and “encourage consumers to shop around between the four insurers. We always encourage consumers to shop around at their renewal date and make sure that they are on the best plan for their health needs and budget.”
According to the HIA data, the five most popular plans from Irish Life Health, Laya Healthcare and VHI Healthcare are:
– VHI Healthcare: Company Plan Plus Level 1, Company Plan Plus Level 1.3, One + Plan, PMI 35 13, Public Plus Care Day-to-Day.
– Laya Healthcare: Health 300, Inspire, Inspire Plus, Simply Connect, Simply Connect Plus.
– Irish Life Health: 4D Health 2, Benefit, Health Guide 2, Horizon 2, Nurture Plan ILH.
According to the report, 92 per cent of consumers have plans which provide substantial cover in private hospitals.
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