Over the past two years, health insurance premiums in Ireland have surged by approximately €480, with current averages nearing €2,000. This increase, attributed to rising medical claims and costs, has caused a slowdown in market growth. The Health Insurance Authority reported only 7,318 new sign-ups in early 2023, significantly less than the previous year. As the number of insured children drops and with the arrival of new market entrants like Level Health, experts caution that rising costs may deter potential buyers from securing private health insurance, prompting discussions on the importance of comparing plans for savings.
Insurers blamed an increase in medical claims, higher costs of medicines, and a big increase in procedures for the rise in premium costs.
Although health insurance continues to be a very popular product purchased by almost half of the population, rising prices could potentially be affecting further growth in the market.
At an average cost of almost €2,000, it may be that many potential consumers no longer choose to buy private health insurance due to financial pressures.
The average cost of a plan is now close to €2,000, an increase of almost €200 compared with the average price for last year.
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