VHI Healthcare, Ireland's largest private health insurer, has implemented a 3% average price increase across its health insurance plans, effective from March 1st. The company attributed the hike to rising healthcare costs, including a 12.5% surge in private hospital claims last year and increased expenses for healthcare professionals and daily care. VHI emphasized that this trend is mirrored globally, with health insurers facing similar pressures. The Health Insurance Authority (HIA) acknowledged the price increase and urged consumers to review their plans annually, considering switching if necessary, to ensure a competitive and innovative health insurance market.
VHI Healthcare has announced an average price increase of 3 per cent across its health insurance plans effective from the beginning of March.
In a statement it said there had been a 12.5 per cent increase in private hospital claims costs last year compared to 2023. The company pointed to the availability of new drugs, technologies and procedures and a said that while they were “contributing to medical inflation crucial as they save and extend lives.”
in response the Health Insurance Authority notes the price move and said the cost of health insurance policies in Ireland increased by 11 per cent on average in the first three quarters of 2024 “and we are aware that many consumers are facing price increases when they renew this year“.
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