Health insurance prices will likely rise “at least 10% every year”, an industry expert has predicted. 

Last week, customers with Level Health were informed that their health insurance plans would increase yet again in April. 

Overall, Dermot Goode of TotalHealthCover.ie described it as a “pretty challenging year”. 

“Irish Life Health went up on January 1st by about 3.5%,” he told The Pat Kenny Show. 

“We had VHI follow on March 1st, they went up about 3% on average. 

“Irish Life have just announced another small increase because of levy changes, so there’s another 2% going on April 1st. 

“Laya Healthcare has announced a 6.6% average [increase] from April 1st as well. 

“Now the new entrant, Level Health, who just came in last November, they’re increasing their rates as well - depending on what plan. 

“Anything from 6% up to 16%, also in April.” 

A doctor and a patient. Picture by: Alamy.com. 

Anyone who has renewed their insurance for a full year will not be impacted. 

However, Mr Goode said if your policy is up for renewal, it makes sense to shop around. 

“There is no such thing as loyalty in the health insurance industry,” he said. 

“Whether I am with one insurance company for five-years or 35-years, I’m treated the exact same. 

“They simply go by my contract, the terms and conditions of my contract for my last renewal. 

“So, I would say to everybody now - and particularly older members - because we know from research that older members are probably overpaying.” 

A doctor and a patient. Picture by: Alamy.com. 

Mr Goode said this is particularly the case for people who are over 60. 

“Anybody over 60 over paying by about 50%, they are terrified of making any changes,” he said. 

“Even listening to this, they’ll probably think, ‘He’s going to suggest switching to another insurance company.’ 

“That’s not the case; 50% of people can get a better deal by shopping around and staying with the same insurance company. 

“There’s new plans coming on stream all the time.”  

For anyone who feels nervous or worried about switching plans, Mr Goode suggested calling the insurance company. 

“The message to everybody is, if you want to keep the exact same cover, you’re going to have to budget for at least 10% every year of an increase,” he said. 

“But there’s numerous things people can do to bring down the costs and still keep good cover in place.” 

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Main image: A doctor with a patient. Picture by: Alamy.com