Average cost of health insurance increases by 10 per cent to almost €1,600

In 2023, Ireland’s three health insurers received over €3 billion in income from insurance premiums. The average cost of health insurance was €1,594, up 10% from 2022, with over-65s paying 43% more on average. The growth of new insurance customers has slowed due to rising prices and the cost-of-living crisis. The Health Insurance Authority attributes this slow growth to insurers increasing prices and high inflation rates. Orthopaedic and joint replacement cover is a key factor in higher costs for older individuals. Other trends include a 15% increase in claims, 350 plans in the market, and a higher rate of hospital day admissions compared to overnight stays.

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