One million face hike in cost of health cover
Families face €160 rise and other plans could increase by up to €266
MORE than one million health insurance customers are facing higher premiums when they renew their policies in the coming weeks.
Families face paying up to €160 more to renew the same plans, while couples who are on some of the more expensive plans favoured by older people are set to be hit with additional annual costs of up to €266.
Consumers have also been warned that some plans are being scrapped, with the alternatives being offered set to cost more.
Over the next three months, about one million consumers will get renewal notices.
Dermot Goode of TotalHealthCover.ie advised policyholders to begin the “review-before-yourenew” process early to try to reduce the impact of any price hikes, and avoid finding themselves on more expensive plans that offer inferior cover for the next year.
Mr Goode said: “Despite the fact that all members received some level of rebate earlier in the year, all rates are increasing across the board.”
A number of increases were announced by the three main health insurers over the course of this year. “Consumers need to be aware of these increases and consider the cumulative effect of these on their renewal,” Mr Goode said.
MORE than one million health insurance customers are facing higher premiums when they renew their policies in the coming weeks.
Families face paying up to €160 more to renew on the same plans, while couples who are on some of the more expensive plans favoured by older people are set to be hit with additional annual costs of up to €266.
Consumers have also been warned that some plans are being scrapped, with the alternatives being offered set to cost more.
Over the next three months around one million consumers will receive renewal notices.
Dermot Goode of TotalHealthCover.ie advised policyholders to begin the “review-before-you-renew” process early to try to reduce the impact of any price hikes, and avoid finding themselves on more expensive plans that offer inferior cover for the next year.
Mr Goode said: “Despite the fact that all members received some level of rebate earlier in the year, all rates are increasing across the board.”
A number of increases were announced by the three main health insurers over the course of this year.
In January Irish Life Health announced an average rise in plan premiums of 4.4pc, with Vhi announcing an average rise of 2.2pc in March, and 1pc from Laya in April.
Then last month Irish Life put customers on notice of another 2.5pc rise, while Laya will raise prices by 2.9pc from the start of January.
Vhi has not announced any further increases across all its plans, but it is increasing the cost of three older corporate schemes from December 1.
“Consumers need to be aware of these increases and consider the cumulative effect
of these on their renewal,” Mr Goode said.
The cumulative rise will mean typical family plans, for two adults and two children, will shoot up.
Vhi’s One Plan Family will rise in price to €3,006 for a family of four, which is an annual rise of €74.
Laya’s Inspire scheme will go up by €158 a year to €2,908 for the same size of family, Mr Goode calculated.
And Irish Life Health’s Benefit plan will be €160 dearer for a family of four, coming in at €2,570.
High-end plans, favoured by older people, will rise by even more. Vhi’s Health Plus Access is increasing by €136 for a couple, for example.
And the State-owned insurer is replacing its Health Plus Choice with a plan called Advanced Care Extra Day-toDay at an extra cost of €264 for a couple.
Laya’s Connect Care 100 is increasing by €156 for a couple.
Its Simply Connect scheme is going up by €266 for a couple, with another rise to come.
Irish Life Health Be Fit 1 will increase by €194 for a couple, while its 4D Health 2 scheme will increase by €168 for the same couple.
Co-payment
Mr Goode said Vhi is reducing psychiatric cover on a number of its plans, which could affect members who rely on this benefit.
Laya is introducing co-payments on plans such as Connect Choice, Care Select, 360 Care, 360 Care Select and Simply Health Plus for orthopaedic and ophthalmic procedures.
Mr Goode said this will mean costs for consumers of between €2,000 and €3,000 for procedures such as hip, knee and shoulder replacements.