HEALTH INSURANCE PROVIDER Laya Healthcare has announced that premiums on a number of its plans will increase by an average of 2.7% from October.
The latest price hike, affecting around 65 schemes, could cost an adult an extra €58 yearly, while a typical family could see around €140 added to their annual bill.
The latest move marks Laya’s second price increase in the past 12 months, following a price hike in April.
Several plans, including the Inspire schemes, Prosper range and Optimum range, will not increase in October, while Laya’s lowest-priced plan, Assure Protect, is set to reduce in price by 10%. Laya is also introducing young adult rates across most of its plans.
Health insurance expert Dermot Goode of www.healthinsuranceireland.ie, said consumers “need to be careful” with the average figure quoted, as some plans could increase by around 9%.
“The 2.7% average increase may not sound too bad, but consumers need to look at what is happening with their own plan rather than focusing on the headline figure,” he said.
”Some plans are increasing by considerably more, and consumers also need to factor in the increases already introduced earlier this year.”
Goode said people on higher-level plans that include full cover for major orthopaedic procedures could see at least €75 added to their annual bill.
“As with the other health insurers, Laya has pointed to the rising cost of claims as a key factor behind these increases, and we are expecting further price increases from other insurers ahead of the busy October renewal period,” he said.
He advised consumers to never accept a premium increase at renewal without first reviewing their cover.
The managing director of Laya Healthcare, said: “We know members and families want value from their health insurance. So, when costs rise, as they have across the whole healthcare system, our job is to keep that increase as small as possible and make sure members see real value coming back to them.”
“That’s what’s behind this review: a 10% cut on our most popular plan, Young Adult Rates on almost every plan we offer, expanded Free Kids cover, a new pharmacy benefit, and stronger mental health support for adults and children alike.
“We’re not standing still on rising costs, we’re working with the hospitals and healthcare providers to manage costs, using new tools to stop fraudulent claims, and helping members stay well and get the right care faster. That’s money we can put back into keeping cover affordable for members.”