IRISH LIFE HEALTH prices are increasing for the third time within a year as insurance plan premiums will be 3.7% higher from 1 January 2025.

The price of plans will be more expensive for ever new customer and every existing customer renewing its plan from that date, as the firm claims that high-cost drugs are increasing the cost of delivering plans.

Irish Life Health, a long-established insurance company, hiked costs by an average of around 5% in January and 5.3% in July of this year. The firm said both increases were driven by “ongoing, increasing demand”.

Today, managing director Ger Davis said the company is “regretfully” increasing prices due to “sustained demand” for healthcare and associated costs with claims. Davis said Irish Life has looked at making reductions “where possible”.

Child prices on the MyPlan range and Benefit plan will fall to €200 per child and will reduce prices to €500 for First Cover, annually.

Irish Life Health dac recorded a €24.1 million post-tax profit in 2023, a €9.3 million loss compared the previous year.

It’s parent company, Irish Life Group, recorded a post-tax profit of €238 million in 2023 – a €15 million gain compared to the previous year.

Irish Life Health has cited high-cost drugs are increasing the cost of delivering plans. The firm claims that these costs have increased by 58% since 2021.