In comparison to 2022, health insurance expenses for a family of four increased by about €500 the previous year, as per a current report from the health insurance regulatory body. The report also highlights that older individuals typically pay almost 50% more for cover than their younger counterparts.
The Health Insurance Authority’s (HIA) 2023 market report reveals that whilst health insurance is held by nearly half the Irish population, the rate of acquiring insurance cover has decelerated since 2022. The average health insurance cost has escalated by 10% from 2022, costing €1,594, with all three health insurers increasing prices consistently throughout 2023. As per the HIA, the primary cause for the decline in the growth rate of health insurance buyers is a perceived lack of affordability, particularly in view of the ongoing cost-of-living crisis.
The investigation found that individuals aged over 65 pay an average of 43% more for health insurance, largely due to the higher orthopaedic and joint replacement cover cost. 66% of over-65s are on extensive orthopaedic cover, compared to 27% of those under 65. About three-quarters of the under-65s have limited orthopaedic cover, requiring them to contribute towards the cost in case they needed such care.
47% of the population hold health insurance, a number that increased by a meagre 1.6% since 2022. Even though there are 350 plans and three insurance firms operating in the health insurance market, less than 10% of the available plans have been subscribed to by half the customers.
The combined premium income for the three insurers stands at €3.2 billion, signifying a 15% rise in claims from 2022. Hospital day admissions rose more rapidly than overnight stays the previous year.
HIA’s Chief Executive, Ray Dolan, stated that the insurer’s annual market report is instrumental in understanding current market dynamics. By tracking industry trends, they can effectively influence policies.