Laya Healthcare is set to increase its premiums by an average of 7% from April 1 as it said the cost of delivering healthcare continues to hit new record highs.
Dónal Clancy, managing director at Laya Healthcare, said that while demand for healthcare has reached an all-time high, so too has the cost of delivering healthcare.
Mr Clancy said the company was seeing the highest volumes of claims in two decades and the highest cost of claims in over 25 years.
Overall claim costs have sharply increased by 35% in the past 24 months alone and the Laya chief said he expects this upward pressure to continue into 2024 as demand is sustained and medical inflation remains exceptionally high.
“While we have to make the difficult decision to increase premium rates, we have protected the benefits and services our members value and benefit from,” Mr Clancy said.
The healthcare company also today announced that from April 1, it will re- introduce its “Kids Go Free” offer on six of its plans.
This a limited term offer where members can pay for one child, and the rest go free.
Last month, Vhi, the largest provider of private health insurance in the State, said it would increase its premiums by an average of 7% from March 1.
