2 weeks Ago By [email protected] (Ciara O'Loughlin)
Almost half of the population now has private health insurance, as the number of people with policies continues to increase. Despite prices increasing by as much as 26% in the past year, 46% of people in Ireland have coverage. Those with private health insurance are paying an average of €1,740 annually, up almost €300 since 2023.
On average, policies have increased by 12.2% compared to last year. While the number of adults with private health insurance continues to grow, coverage for children has decreased.
Some 21.6% of children are insured, which is down from over 23% in 2019. This is according to the 2024 annual market report published by the Health Insurance Authority (HIA).
People over the age of 65 are paying significantly more for health insurance, 44% more than the average policyholder. However, the HIA pointed out that this age group is likely on plans for higher coverage. Those aged 18-39 have the lowest level of health insurance coverage.
Only two in five 18 to 29-year-olds have private health insurance. There are now four providers in the market- VHI Healthcare, Laya Healthcare, Irish Life Health, and Level Health. VHI remains the most popular company for health coverage, insuring 48.
4% of all policies in Ireland. HIA chief Brian Lee said after a significant increase in claims after the Covid-19 pandemic, they are now slowing down. In 2023 there was a 15% hike in claims compared to the year previous.
Insurers have said this is why there have been significant price hikes. Last year, claims increased by 6% compared to the year before. Mr Lee said: “Despite recent price increases, our report shows more people are buying health insurance, with almost half of the population holding health insurance policies, so it’s clear it is a product that many people in Ireland value.
“However, our research shows that affordability is the main reason consumers choose to cancel their health insurance plans as many consumers are under financial strain and can’t sustain the current rate of price increases alongside other increasing costs and inflation.” The expert said there is a low percentage of people switching providers. However, he always recommends shopping around every year.
He added: “Particularly as you move through different stages of life and your needs will change, and you could be paying for more than you need. Consumers don’t necessarily have to change provider, as switching between plans with the same providers is also an option.” Subscribe to our newsletter for the latest news from the Irish Mirror direct to your inbox: Sign up here.
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