Consumers are facing another round of health insurance price increases, adding to the financial strain of multiple hikes over the past year.
Irish Life Health has hiked the cost of 130 of its plans, while Laya is increasing premiums on 13 schemes and VHI on 11 plans.
This marks the fourth price hike announced by Irish Life Health in just over a year. Some of Irish Life Health’s previously announced increases took effect earlier this month, adding to the burden on policyholders.
Meanwhile, new entrant Level Health has scaled back discounts on two of its four plans, signaling further cost challenges for consumers in the market.
The timing of these increases is significant, as approximately 600,000 people are set to renew their health insurance this month. For many, this will mean higher premiums and fewer options for affordable coverage.
Last year, a series of rate hikes and benefit reductions left customers facing increased costs. In November, Irish Life Health announced its third price rise in just over a year, resulting in an average increase of nearly 4 per cent starting this January.
Both VHI and Laya also introduced two price hikes last year, contributing to the ongoing trend of rising premiums.
As prices continue to climb, policyholders are advised to review their plans carefully and explore alternatives to mitigate the impact of these changes.