Irish Private Health Insurance Prices Up 10.6% in 2024, Cover Reduced
Irish private health insurance prices rose by 10.6% last year, while cover, especially for orthopaedic procedures, was reduced. Over 70% of insured individuals now have restricted orthopaedic cover. Despite this, the market grew to 2.55 million people, with the HIA urging consumers to understand their plans.
The cost of private health insurance in Ireland increased by an average of 10.6% last year, according to the Health Insurance Authority (HIA) annual market report. This rise occurred even as providers reduced the level of cover, particularly for orthopaedic procedures.
Over 70% of insured individuals last year were on plans with restricted orthopaedic cover, up from 68% in 2024 and nearly 10 percentage points over four years. This shift towards reduced benefits, often accompanied by price increases, means common procedures like hip and knee replacements may not be fully covered, leading to substantial out-of-pocket costs.
Despite higher premiums and reduced cover, the market grew, with 2.55 million people in Ireland holding private health insurance by year-end, a 1.2% increase. HIA chief executive Brian Lee noted that while more people have insurance, many plans do not fully cover common and costly procedures. He urged consumers to understand their cover levels and use the HIA comparison tool.
The report also highlighted an increase in consumers paying a lifetime community rating loading, reaching 5.7% last year, up from 4.9% in 2024. This rating encourages earlier and continuous cover, impacting those who take out insurance after age 34 or have breaks in cover.