The Health Insurance Authority (HIA ), the State Authority which monitors compliance with the Health Insurance Acts, have published their 2022 Report on the Health Insurance Market.
Key findings show that health insurance coverage continues to grow, with 47% of people in Ireland holding health insurance, a 3.4% increase on 2021.
The report also finds that at the start of 2023, there were 327 plans in the market, yet half of those holding health insurance are on one of 27 plans, with 32% on just one of five most popular plans with each insurer. This shows that although there are almost 330 plans in the market, the choice between plans is concentrated.
The report identifies other key health insurance trends and provides important insights into the evolving health insurance market, including:
The average premium in 2022 was €1488, a decrease of 1.2% on 2021. Within that, the average premium reduced by 0.9% for under 65s and 2.4% for over 65’s from January 2022 to January 2023. This could be due to new entrants or existing policy holders choosing lower cost plans, as well as insurers passing on the reduction in the 2022 Stamp Duty via lower prices.
However, over 65s are paying on average 42% more for health insurance, and therefore may not be on the cost- effective plan for their needs.
In 2022, the number of children insured continued to decrease and now stands at 22.1% of all those with insurance.
4% of people paying Lifetime Community Rating (LCR )* loading on premium.
In 2022, while Vhi healthcare (VHI ) continues to have the largest market share and ended the year at 48.4% the rate of decline has slowed considerably compared to 15 years ago when VHI’s market share was close to 70%.
Welcoming the report, Minister for Health Stephen Donnelly TD, said the report provides valuable insight into market and consumer trends.
“This report provides valuable insight into market and consumer trends in the private health insurance sector. I look forward to my department continuing to work together with the HIA, and other stakeholders, to ensure a competitive and well-regulated health insurance market,” Minister Donnelly stated.
Commenting on the report, HIA CEO, Laura Brien, noted that all health insurance customers should continuously review their policies.
“While average premiums declined in 2022, all three insurers have increased their prices in 2023. We would always encourage health insurance customers to review their policies before they renew, and to use the free comparison tool on the HIA website to compare plans to see if they can save any money on their premium. The HIA offers impartial information to consumers on their health insurance options,” Ms Brien added.
