In a recently published report, the Health Insurance Authority (HIA ) has confirmed a reduction in stamp duty for all health insurance policies.
After a number of health insurance price increases in 2023, the HIA’s view is that the health insurance companies should incorporate the reduction in stamp duty into their pricing so that consumers can feel the full benefit.
The recommendation to reduce the stamp duty is based on recent trends in the health insurance industry as well as consultation with the health insurance companies. The annual stamp duty supports the community rating system which allows everyone, regardless of their health status and other risk factors, to buy the same health insurance policy at the same price.
“The reduction in stamp duty is something that we hope will provide a small saving to consumers. We estimate that at this particular time of year, over 50% of people are renewing their health insurance, and we would hope that consumers see this saving in their renewal premium. Of course, we would always encourage people to review their existing policy and see is it meeting your health needs. You can compare all plans on hia.ie,” advising policy holders who are due to renew their policy soon, Ray Dolan, CEO of the HIA, said.
The reductions vary, but most (72% ) consumers will see an €18 reduction in stamp duty for their advanced policies, which are policies that generally provide cover for both public and private hospitals. Advanced policies are held by 93% of people with private health insurance.
