Rise in health insurance costs start on Wednesday

Health insurance prices will increase on Wednesday with providers VHI, Irish Life Health and Laya.

Rates for VHI and Irish Life Health will increase an average of 3 per cent, while Laya will see an increase of 4.5 per cent.

Speaking on Newstalk, Dermot Goode, an expert with Health Insurance Ireland, said this is on top of other recent increases:

"A lot of the plans, particularly the older plans, will increase by multiples of those averages.

"People think, 'I can handle 3 or 4%.' They're forgetting there was other increases in January, in March, April, and also some in August."

The Irish Examiner reported that the average adult premium paid is now €1,830, with VHI the dominant player in Ireland, followed by Laya.

Health Insurance Authority chief executive, Brian Lee, said: "Health insurance remains a popular choice for nearly half of the population, but rising costs may be starting to impact growth in the market, and some consumers may be considering whether private health insurance fits within their budget.

"If you're renewing your plan soon, it's important to review what you're paying for and what you actually use. Even if you're happy with your provider, you might find a better-value plan that suits your needs."

Health Insurance Authority provides a free comparison tool, as well as phone or email consultations, for those looking for advice on the best plan.