The cost of health insurance for a family of four climbed by around €500 last year when compared with 2022, according to a new report from the health insurance watchdog. It also notes that older people are typically paying almost 50 per cent more for cover than younger cohorts
The 2023 market report from the Health Insurance Authority (HIA) also shows that while nearly one in two Irish people have health insurance, the pace at which people are taking out cover has slowed since 2022.
The average cost of health insurance has increased by 10 per cent since 2022 to €1,594 with price increases throughout 2023 by all three health insurers. Alongside the cost-of-living crisis, the HIA said it suggested that a lack of affordability is the main reason for the slowing growth in the number of people buying health insurance.
The research shows that people over the age of 65 are paying 43 per cent more on average for health insurance, with the higher cost of orthopaedic and joint replacement cover one of the main reasons for the higher premiums.
The great Guinness shortage has lessons for Diageo
Ireland has won the corporation tax game for now, but will that last?
Corkman leading €11bn development of Battersea Power Station in London: ‘We’ve created a place to live, work and play’
Elf doors, carriage rides and boat cruises: Christmas in Ireland’s five-star hotels
Two-thirds of the over-65s are on high orthopaedic cover compared with only 27 per cent of those under the age of 65. Just under three-quarters of the under-65s are on restricted orthopaedic cover which would see them cover a portion of the bill should they require such care.
A total of 47 per cent of the population have health insurance although that number has increased by just 1.6 per cent since 2022.
While there are 350 plans and three insurers in the health insurance markets, half of all customers have singed up to fewer than 10 per cent of the plans on offer.
The total premium income for the three health insurers is €3.2 billion and a 15 per cent increase in claims since 2022. Hospital day admissions continued to increase at a faster rate than overnight stays last year
“This annual market report informs the HIA, the regulator for private health insurance, as to the state of play in the market,” said the chief executive of the HIA Ray Dolan. “It is very useful to see the landscape of the sector and means we are able to assess and monitor trends in the industry and inform policy on that basis.”
- Sign up for Business push alerts and have the best news, analysis and comment delivered directly to your phone
- Find The Irish Times on WhatsApp and stay up to date
- Our Inside Business podcast is published weekly – Find the latest episode here
