Laya Healthcare to raise premiums by 4.7% from April

Follows similar prices rises by the other main health insurance firms

The move by Laya follows similar actions by the other health insurers. Irish Life Health increased its rates in January. Level Health increased their rates earlier this month and VHI will be increasing their rates from March 1.

Laya Healthcare is raising prices on the majority of its policies by 4.7% from April 1, costing approximately €80 per adult per year.

The insurer has more than 700,000 customers in Ireland and blamed the price rise on rising healthcare costs. They said the increased demand for private care, particularly in oncology, cardiology, orthopaedics and spinal surgery, led to a 15% rise in private and high‑tech hospital costs.

Laya previously imposed a 4.5% rise in premiums in October. Health Insurance expert Dermot Goode said this latest increase would see policies increase by between €62 and €217 for one adult, depending on the plan held. 

"Looking at some of their mid-level schemes, this could cost a typical family an extra €148 to €203 for the year," he said.

"We understand that Laya will be introducing more free cover options for children under 18 which is good news for families. However, they will be introducing shortfalls on orthopaedic and ophthalmic procedures across more plans," Mr Goode said.

The move by Laya follows similar actions by the other health insurers. Irish Life Health increased its rates in January. Level Health increased their rates earlier this month and VHI will be increasing their rates from March 1.

Laya's Managing Director D.O. O’Connor said they are holding prices on a third of their plans, with the increase impacting 65 policies. Customers will see the price rise at renewal time. Laya said it is also retiring 16 older plans.

The industry regulator, the Health Insurance Authority (HIA), said it has been notified of the planned increase. They reminded consumers that the price rise will only take effect when they renew their policies.

“Price changes can be concerning for households, particularly at a time when many families are already managing rising costs," HIA’s Chief Executive, Brian Lee, said.

"With insurers regularly updating their products and prices, we strongly encourage people to review their plan at every renewal. There may be better value options available that still meet your needs.

“Consumers should focus on the benefits that matter most to them and take the time to compare plans. Even when prices increase, switching or adjusting cover can lead to meaningful savings. Our free Comparison Tool is designed to make this process easier and more transparent.”