Irish Life Health continue the health insurance price hiking trend by announcing its second price hike since the beginning of the year. Don't get caught out, review your plan now and save in the long run.
We rejoiced last week to hear that car insurance prices have fallen for the first time in years but alas, health insurance prices are still on the rise. Irish Life Health has announced its second price hike this year (after its first in January) placing itself in the company of Laya Healthcare and VHI who have both also increased their prices twice in the last six months.
The last Irish Life Health price increase, where most plans increased by an average of 7.4%, was primarily driven by the impact of new public hospital charges targeted at those with health insurance.
How will the price hikes affect me?
If you are an Irish Life Health insurance customer, it is estimated that the insurer will raise its prices by an average of 3.2% which will come into effect for the majority of plans from the 12th of June.
What does a 3.2% raise equate to? For a family of two adults and two children it is being reported that costs for health insurance could increase by between €100 and €250 depending on the plan they're currently on.
It's not all doom and gloom though as according to health insurance expert Dermot Goode of totalhealthcover.ie; some plans such as the popular Health Plan 16.1 will reduce by 3% or €92 due to a reduction in the child rate from June.
Can I get a better deal?
Dermot Goode says that there is a ‘creeping effect’ of health insurance price hikes and we can expect more of the same with the next increase likely in quarter 4 of this year.
As such, it might seem like trying to find a better deal is a hopeless endeavour but there are steps you can take to minimise the impact of the increases. In fact, it is estimated that 75% of Irish households are paying more than they have to for health insurance. Hence, a good first step to take is to review your existing plan and see if there's a better plan available for your requirements.
You can now book a consultation with an expert health insurance adviser on bonkers.ie. Your existing plan will be thoroughly reviewed, a full market comparison will be conducted and you'll be given a list of the best options available to you.
By arranging a review, you can not only protect yourself against the full impact of the new price increases, you can gain the peace of mind of knowing that you're on the right health insurance plan for you and your family.