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Monday 14 October 2019

Irish Life to hike its health insurance premiums

Irish Life's Jim Dowdall. Photo: David Conachy
Irish Life's Jim Dowdall. Photo: David Conachy
Charlie Weston

Charlie Weston

Irish Life has become the latest health insurer to impose a second rise in premiums this year.

Premiums are set to increase by an average of 0.8pc from the start of November.

The rises are across most plans, and will add between €30 and €70 a year to the cost for a family of two adults and two children renewing.

From the start of June, Irish Life Health premium rates rose by 3.3pc on average, or by €30 annually.

This means the cumulative increases will be between €60 and €100 for a family renewing from the start of November on Irish Life plans, according to calculations by broker Dermot Goode of TotalHealthCover.ie.

A family of two adults and two children will pay €46 extra with this increase on the Level 1 Everyday scheme.

The same family on Level 2 Hospital will pay an extra €72 with this latest increase.

However, Mr Goode said some Irish Life corporate plans would be coming down in price.

The insurer blamed what it said was a continued rise in the cost and volume of hospital claims.

Irish Life Health managing director Jim Dowdall said: "We regret that as a result of continued increases to the cost of health care we need to apply an increase to our premiums."

Last week Laya Healthcare announced a second price rise this year.

Laya is to put up the price on 63 schemes by 1.7pc from November 1.

The company says this will result in an average annual increase of €25 per scheme. About half of the insurer's plans will see an increase.

Laya raised the price on 82 of its plans in July, with average increases of 2.9pc. This means an extra €40 in payments a year per adult.

In August, VHI said it was raising prices by an average of 6pc, blaming costs in hospitals, increases in consultants' fees and demand for more medical treatments by members.

The VHI rises will see the cost of some of its premiums climbing by more than €300 a year.

Irish Independent

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