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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 individual an extra €30–€70 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.

Health insurance broker 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%.

“Those on higher-level plans that include full cover for major orthopaedic procedures could see at least €75 added to the annual cost per adult. The popular Simply Connect Plus scheme, for example, is set to increase by 8.5%, or around €250 per adult,” he said.

Several popular 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, which Goode may help families with young adult dependents insured on their policies.

“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,” Goode said.

“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.”

“Some plans are increasing by considerably more, and consumers also need to factor in the increases already introduced earlier this year.”

He advised consumers to never accept a premium increase at renewal without first reviewing their cover.

Laya Healthcare has been contacted for comment.

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