Irish Life announces further price hikes for health insurance plans
Irish Life is increasing the cost of most of its health insurance plans by an average of 3 per cent.
The changes will take effect from October, and could add between €60 and €185 to the average family's total bill.
The latest increase is the third from the company this year, following rises in January and April.
It comes less than a week after Laya Healthcare announced it would increase the average cost of plans by 4.5 per cent.
In a statement, the Health Insurance Authority said price increases were "unwelcome", particularly during a time of rising living costs.
"While insurers are free to set their prices based on commercial factors such as medical inflation and claims costs, affordability must remain a priority," the regulatory body said.
"Consumers may be able to find better value by shopping around and thinking about what benefits are most important to you."
Dermot Goode from Health Insurance Ireland said the trend of regular price hikes throughout the year is set to continue, similar to what was experienced in 2023 and 2024.
"Further price hikes are expected as all insurers prepare for the peak renewal period from October onwards when over half the market renews their cover (c. 1.25 million members).
"This latest increase from Irish Life Health could cost from €25 to €70 per adult depending on the plan held. For a typical family, it could add anything from €60 to €185 to their total bill. For those stuck on dated plans, the increases could be much higher.
"Our initial analysis shows that not all plans especially those recently launched will be increasing so consumers might escape this latest increase."
Mr Goode advised anyone impacted by the cost increases to not allow their cover to auto-renew and instead negotiate with their insurer.
"All members should contact their health insurer well before their renewal and challenge them to source similar cover at a lower premium. Don’t be afraid to disclose your budget for the coming year and have them fully explain the benefit differentials of any alternative plan you may be considering."