HEALTH insurance customers are set to face a major blow as a huge provider is planning is hiking prices. Laya Healthcare is set to bring up its premiums by an average of 6.5 per cent for an estimated 700,000 customers in October.
The company explained that the price hike is needed due to the increased demand for services and rising costs. This comes after the company announced a seven per cent increase in costs in April, as well as another last October. The new prices are set to come into effect from October 1.
Dónal Clancy, Managing Director at Laya Healthcare told RTE: "While advances in modern healthcare, including new technologies and high-cost drugs are delivering better outcomes for our members, they are significantly driving costs up, particularly in private and hi-tech hospitals. "A pricing and product review is needed in order for us to meet the current and future needs of our members." Laya has said that there are now more members accessing more healthcare services than ever before.
In the first half of 2024, the company has seen an 11 per cent increase in private hospital costs compared to the previous period. This has risen due to cardiology and cancer claims, as well as high drug costs . They have also announced that benefit changes will also be introduced in addition to the price hikes.
These changes are set to be communicated directly to members who will be impacted ahead of their renewal. The new changes include a "per visit" excess on the QuickCare benefit..