The average cost of health insurance is now €1,685 with an average price increase of 4 per cent so far this year, according to the Health Insurance Authority (HIA).
On Thursday, the HIA released its quarterly market statistics for the first quarter of 2024, which shows that the average adult premium is now €1,685 - an increase of almost 13 per cent on the first quarter of 2023.
Vhi Healthcare retained the largest market share, followed by Laya Healthcare and Irish Life Health.
There were 351 plans on the market as of April 1st, and the majority of consumers have plans with substantial cover in private hospitals (semi-private accommodation), while just 10 per cent of consumers have plans with cover mainly in public hospitals.
The research shows that health insurance continues to grow with 46.8 per cent of the population now has private health insurance, a slight increase on last quarter.
The most popular plans from each insurer are:
VHI: Company Plan Plus Level 1, Company Plan Plus Level 1.3,One Plus Plan, PMI 35 13 and Public Plus Care Day to Day.
Laya: Essential Health, Inspire, Inspire Plus, Simply Connect and Simply Connect Plus
Irish Life Health: 4D Health 2, 4D Health 4, Benefit, Horizon 2 and Nurture Plan ILH
Commenting on the research, Ray Dolan, chief executive of the HIA said: “This research provides valuable insights into market and consumer trends in the private health insurance sector.
"The latest statistics show a steady growth in the number of people securing health insurance, with many choosing substantial cover, this may reflect an increased awareness and prioritisation of health among the Irish population.
"There have been a number of health insurance price increases across the market in the past 12 months which is attributed to medical inflation and an increase in claims.
"We would always encourage consumers to shop around and find the best fit and value for their lifestyle needs.”
