Bad news for health insurance policyholders as major providers announce yet another round of premium increases.
Irish Life Health is raising prices on 130 plans, marking its fourth hike in just over a year. Laya is increasing rates on 13 plans, while VHI is raising premiums on 11 plans. Level Health, the new entrant, is also cutting discounts on two of its four plans.
These latest increases come despite hopes that increased competition would help alleviate the growing cost of health cover. However, experts warn that the trend of rising premiums and reduced benefits shows no signs of slowing, leaving consumers struggling to manage their health insurance expenses.
Irish Life Health will raise premiums by an average of 3.75%, resulting in an extra €187 per year for families on its Health Guide 2 scheme—an increase of 5%.
Laya’s 13 plan hikes range from 2% to 10%, meaning families on its Optimum Plus scheme will face an annual increase of €328, or 9%.
VHI is increasing premiums on 11 corporate plans by between 6% and 11%, further adding to the financial burden on policyholders during a difficult economic climate.
