Laya Healthcare rolls out fresh round of price increases

Laya Healthcare is to increase the cost of its premiums by an average of just under 3 per cent from early October, although some policies will climb in price by closer to 10 per cent. The company also stressed that it was reducing the cost of some of its most popular policies and enhancing the level of cover others give. While the increase will be unwelcome for more than half a million Laya customers, the hike is, experts have said, less than might have been anticipated. The price increase could mean the cost of health insurance for one person climbs by between €30 and €70 a year, while a typical family might see the cost escalate by about €140. READ MOREDermot Goode of online brokers Healthinsuranceireland.com warned that people would have to be careful with the average figures being quoted by the second largest health insurance provider in the State “as it doesn’t tell the full story”. He said the highest increase on some plans would be closer to 9 per cent, meaning the additional cost for policyholders would be considerably higher.“Those on higher-level plans that include full cover for major orthopaedic procedures could see at least €75 added to the annual cost per adult,” he said. “The popular Simply Connect Plus scheme, for example, is set to increase by 8.5 per cent, or about €250 per adult,” he added.However, Goode said the increase announced was “lower than might have been expected given Laya’s previous increases, which averaged about 4.5 per cent and 4.7 per cent”.Not all plans are affected, with approximately 65 schemes understood to be increasing as part of these latest changes.Several popular plans, including the Inspire schemes, Prosper range and Optimum range, will not increase in October. Laya’s lowest-priced plan, Assure Protect, is also set to reduce in price by 10 per cent, with some benefit enhancements included. Laya is also introducing young adult rates across most of its plans. Several new plans are also being introduced for members who need orthopaedic cover but are struggling with the cost of some of the higher-level schemes.“We know members and families want value from their health insurance. So, when costs rise ... our job is to keep that increase as small as possible,” said Laya Healthcare managing director D. O. O’Connor.He highlighted the cut on what he described as the company’s most popular plan and the young adult rates “on almost every plan we offer” and noted the expanded “free kids cover, a new pharmacy benefit, and stronger mental health support for adults and children”.