Just days into 2025, health insurances companies have already announced price hikes. 

Irish Life has said it will increase the cost of 130 of its plans - its fourth increase in 12 months. 

Laya is also set to increase its premiums on 13 schemes and VHI will push up costs on 11 plans.

Charlie Weston, Personal Finance Editor of the Irish Independent, said the increases come just as 600,000 customers are due to renew their cover. 

“It is absolutely relentless,” he said. 

“So, anybody who is renewing at the moment, they would be very foolish just to auto renew on the same plan without checking out if they can’t do better.”

A doctor having a consultation with a patient. Picture by: Aleksandr Davydov / Alamy Stock Photo

Mr Weston said healthcare firms cite increased costs as the primary factor behind the price hikes. 

“We’re constantly being told there’s a huge increase in claims,” he said. 

“So, the insurers have to pay out more and also medical inflation. 

“Medical inflation is because the cost of equipment in hospitals and clinics is very expensive. 

“The cost of medicine tends to be very expensive as well and is rising in price.; so, the combination of more claims and high medical inflation means we’re seeing constant price rises.” 

According to the Health Insurance Authority, 2.44 million in Ireland had health insurance in 2022.

Main image: A doctor examining a patient. Picture by: Chris Rout / Alamy Stock Photo