Health Insurance Premiums Soar for Thousands of Consumers in Ireland..
Several major health insurance providers in Ireland have silently raised premiums on select plans, causing significant financial burdens for consumers. VHI, one of the leading insurers, increased the cost of 12 corporate plans by up to 10%, potentially adding €480 to family expenses upon renewal. Laya also implemented premium hikes of up to 6% on 14 corporate plans, resulting in an annual increase of €210 for families.
This follows a recent uptick in Irish Life Health premiums and signifies a trend of escalating healthcare costs. Renewal costs for various plans have surged by 15% to 20% over the past year, translating to an additional €150 to €550 for a family of two adults and two children. In some instances, families are experiencing rises of up to €800 on the same plan.
Health insurance broker Dermot Goode emphasised that around half a million consumers renew their health cover this month, with many VHI plans due for renewal in the coming weeks. The cumulative effect of successive rate increases over the past year contributes to the current financial strain on policyholders.
Irish Life Health initiated a 4.8% premium increase for its 510,000 customers at the beginning of the month, marking the third hike within the last 12 months. This could result in certain plans soaring by €600 annually for families. Subsequently, VHI quietly raised the cost of 12 corporate plans from January 1, ranging from 2% to 10% increases.
The unexpected rises in premiums come amid a reduction in the level of tax relief on health insurance plans from 20% to 19%, leading to additional costs for consumers. The change may add approximately €10 per adult or €5 per child to the overall cover expenses.
Health insurance experts advise consumers to explore alternative plans and providers to mitigate the impact of these unanticipated price hikes. As the landscape of health insurance continuously evolves, individuals are encouraged to shop around for better-value cover, considering new plans and deals that may offer more favourable terms.
Irish Samachar English News
Kindly click the link below to join WhatsApp group chat to get important news and breaking news from Irish Samachar.
Comments are closed.