Irish Life Health will increase the cost of its plans for those renewing or taking out a new plan, the Irish Independent reports.
The changes will be applied from the start of January but as large numbers renew on December 31 they may escape the higher premium costs. The price hikes will see health cover rise by between €80 a year and €170 for a family of two adults and two children.
The popular Benefit plan from Irish Life Health is set to increase in cost by €67 per adult, which will mean an additional cost of €155 for a family of two adults and two children. Other plans that will face a premium cost update are the Benefit 2 plan and the Benefit Access 300.
Read more: Tonight's Late Late Toy Show theme has been revealed
It is the first insurer to announce a wide-ranging rise in the cost of its policies this year. VHI and Laya gave rebates earlier in the year but decided against following with price hikes, an expert told the Independent.
The announcement comes a day after Health Minister Stephen Donnelly said there will be an increase in the annual Government levy on what are called advanced health insurance contracts to €438 a year. It is going up by €32 from April on the majority of plans.
This means the levy will account for around a third of the cost of a typical health insurance policy for an adult. However the Government levy is not the cause for the price hike, it is understood.
The “very substantial inflation in hospital procedure prices that has recently emerged” is the official reason for the cost increases, the insurer said. They cited energy and supply costs increases as key contributory factors.
Irish Life Health managing director Ger Davis "recognised" the difficulty the price increases will bring to customers dealing with the cost-of-living crisis and said they are passing on ‘the lowest possible increase’ they can. Other insurers are now set to follow with price rises, a health insurance specialist told the Independent.
READ MORE
Half of Long Covid patients experience one serious side effect, according to Irish study
RSV putting ‘huge burden’ on health service as cases rapidly increase
Men's Sheds launch roadshows to raise awareness about prostate cancer
Motor Neurone Disease early symptoms to watch out for, treatments, and diagnosis in Ireland
Charlie Bird gives heartbreaking update on his health amid battle with Motor Neurone Disease
Sign up to the Dublin Live Newsletter to get all the latest Dublin news straight to your inbox.
