Vhi to increase prices by average of 2.75% from October

Vhi, Ireland's largest health insurance provider with around 1.2 million customers, plans to raise its policy prices by an average of 2.75% from October. This marks the second price increase this year for Vhi, following a 3% hike in March. The most notable impact will be on the EnhancedCare 250 plan, popular among young adults, which will see its annual cost increase to €1,300 from €1,278.

Additionally, a two-adult and two-child policy on the same plan will rise by approximately €175 annually. Other plans will experience similar increases, with an adult on the AdvancedCare Day to Day plan facing an extra €117 per year.

Vhi attributes these price hikes to the rising demand for healthcare services and the increasing costs of delivering healthcare. Private hospital claim costs have risen by over 9% this year, while day-to-day care claims, such as GP visits, physiotherapy, and consultations, have increased by around 14%. The company expects the trend of increasing rates to continue, particularly as the peak renewal period approaches.

While not all plans will see price increases in October, Vhi anticipates further hikes for its corporate plans throughout the year.

Managing Director Aaron Keogh emphasized that Vhi is committed to providing the best possible healthcare services for its members, and the price increases are necessary to cover the growing costs. He urged consumers to be cautious when evaluating the average price increases quoted by insurers, as individual plans could see much higher increases. Keogh also advised consumers to engage with their insurers and explore alternative plans that may better suit their budget.