HEALTH INSURANCE PROVIDER Irish Life Health is to raise the price of its health insurance plans for the third time in a year.

The insurer said the price hikes would result in an average increase of 5.3% on the gross adult premium plan. The increases will vary from 1.6% to 7.9% across its plans.

The changes are due to come into effect from 1 July for new customers. And will affect existing customers whose renewal is due after 1 July.

Irish Life said the increase was as a result of “the ongoing, increasing demand for healthcare right across both public and private hospitals”.

“This has resulted in the very significant and continued increase in the volume and size of claims. This trend is particularly noticeable from private & high-tech hospitals for healthcare provided to our customers,” the company said in a statement.

Irish Life raised its prices by an average of 4.8% at the start of the year and also raised its premiums last July.

It comes as the latest Health Insurance Authority (HIA) annual market report found that last year there was a 15% increase in the total level of claims paid out by all insurers compared to 2022.

“While we are aware that these price increases may have an impact on some consumers, the health insurance market in Ireland is an open market, and insurance providers can make price changes as they see fit,” the HIA said in a statement.

These prices are ultimately based on the cost of the claims that the insurers receive.

Vhi and Laya Healthcare have also brought in average price increases of 7% this year.