Vhi has announced that its health insurance premiums will be increased by an average of 3.5 per cent from the beginning of October.
This is the second time that the Vhi, Ireland’s largest health insurer, has hiked its premiums this year, following a 7 per cent increase in March, affecting a total of 1.2 million customers.
The insurer attributed the latest hike to the ongoing rise in both the volume and cost of healthcare claims.
According to Vhi, the costs associated with private hospital claims have surged significantly, with a 14 per cent increase reported in the first half of this year compared to the same period in 2023.
This rise in claim costs is primarily driven by higher expenses in private hospitals and increased fees for healthcare professionals.
Vhi, however, said there will be a reduction in the cost of children’s premiums. From October 1st, selected plans will see a 25 per cent decrease in children’s premiums, offering some financial relief to families.
The move also comes on the heels of Laya Healthcare’s decision to hike its premiums by an average of 6.5 per cent for its 700,000 customers from October.