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Health insurance uptake on the rise, but so are prices
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Updated / Friday, 16 Apr 2021
16:52
Laya Healthcare is to increase its insurance prices by an average of 2.3% from June.
The health insurer, which is owned by AIG, said the change would be roughly equivalent to a €33 price increase for its customers.
Laya said it had seen the volume and cost of claims rising in recent months, with medical prices rising far faster than general inflation.
It is the second time this year that Laya has announced a price rise, following a change in January that saw some plans pricing rise by an average of 2.9%. Despite the disruption in access to hospitals caused by Covid-19, the volume and cost of claims in Ireland s private and hi-tech hospitals continue to rise with activity levels bouncing back exceptionally quickly after a brief takeover by the State last year, said Laya s managing director Dónal Clancy.
Consumers face a string of price hikes on health cover by up to 11pc
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Q. I have a very basic health insurance plan that covers public hospitals and I also have a cash plan with HSF. Is it worthwhile keeping the cash plan in place as well or could I be over-insured?
A. These cash plans are very different to health insurance. According to broker Dermot Goode of TotalHealthCare.ie they are designed to give refunds on routine out-patient expenses such as GP, consultant fees, physiotherapy, dental, optical etc. They also give cash allowances for every night in hospital (public or private) and also for day case procedures, he says.
They are not a substitute for private health insurance cover and given that people are all likely to incur some level of out-patient expenses even for minor ailments or injuries Mr Goode recommends you try and maintain this cover in addition to your health insurance plan.
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VHI is increasing the price of its plans by an average of 3% from April 1st.
However, one insurance expert is warning that some customers are likely to see increases of up to 7.5% due to the increases.
Announcing the decision today, VHI said the price increase was necessary to cover the rising costs of providing quality healthcare to customers .
It comes just two months after the company waived a portion of health insurance premiums due to lower than forecasted claims in 2020.
Dermot Goode, insurance expert with Totalhealthcover.ie,
The Hard Shoulder the insurance company is now looking two years ahead.
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