Ireland’s largest health insurance provider, VHI, is to increase prices by an average of 2% from May 1st, in a move which will impact up to one million households in Ireland.
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Health insurance premiums have been on the rise for some time.
Just last month, Laya Healthcare announced its fourth hike in two years and today’s news from VHI comes just three months after its last increase.
Why are prices increasing?
VHI has pointed to the rising cost of claims caused by Ireland’s ageing population as the main reason behind its price hikes.
Meanwhile, Laya Healthcare blamed new hospital charges on its increases.
The well-documented long waiting lists at public hospitals are having an impact too, with more and more people making claims to jump the queues and get treatment in private hospitals.
Unfortunately for consumers, more hikes may be on the way, according to industry experts.
How will the price hikes affect me?
If you’re a Laya Healthcare customer, it is estimated that the latest price increase will cost you an extra €150 a year.
And if you’re on VHI’s ‘One-Plan Family’ plan, you’re likely to see an increase of €7.06 a month from May 1st, which is a rise of almost €85 over the course of a year.
What can I do about it?
To minimise the impact of the increases, it's vital 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.
It is estimated that 75% of Irish households are paying more than they have to for health insurance, but 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.