Applicant filling in company application form document applying for job, or registering claim for health insurance
Health insurance policyholders with Irish Life can expect to pay more for their cover in just over a months’ time.
The company said customers will see a 5% jump in premiums from the start of July.
It comes after the insurance provider increased costs by 4.5% in January.
Irish Life Health said it was increasing prices because of a rise in the number of claims made.
Health insurance expert Dermot Goode said the price hike was potentially a return to the days of double-digit increases.
“The primary reason for both of these increases is the high level of claims being received,” he said.
“In particular, the latest price hike seems to be driven by a significant increase in claims coming through private and high-tech hospitals.”
Mr Goode estimated that the increase will cost a typical family of two adults and two children approximately €160 extra if they are on the 4D Health 1 plan; an additional €166 if on Benefit Plan; or €220 extra if they are on a higher plan such as 4D Health 3.
“Those renewing on or after 1st July will also be hit by the January increase so their actual year-on-year increase could be double these figures,” he added.
Other insurance providers have also increased their rates this year.
VHI premiums increased by an average 4.8% on March 1st, and Laya rates jumped by an average of 4.4% on April 1.
More in this section
News and analysis on business, money and jobs from Munster and beyond by our expert team of business writers.
News and analysis on business, money and jobs from Munster and beyond by our expert team of business writers.
Analysis
A lunchtime summary of content highlights on the Irish Examiner website. Delivered at 1pm each day.
Sign up to the best reads of the week from irishexaminer.com selected just for you.
Wednesday, May 24, 2023 – 7:00 PM
Wednesday, May 24, 2023 – 11:00 AM
Wednesday, May 24, 2023 – 12:00 PM
© Irish Examiner Ltd, Linn Dubh, Assumption Road, Blackpool, Cork. Registered in Ireland: 523712.
© Irish Examiner Ltd