Dáil Éireann Debate, Wednesday - 8 March 2017
189. Deputy Brendan Griffin asked the Minister for Health if he will introduce measures to reduce the costs of health insurance in view of the further planned price increases; and if he will make a statement on the matter. [12207/17]
View answerInsurance companies operate as commercial providers and as Minister for Health, I have no legal power to intervene in relation to any insurer’s prices. The cost of private health insurance is influenced by a number of factors such as the number of persons in the market, the age profile of those holding private health insurance and ongoing medical innovations. Each of these are contributors to the cost of care, the cost of claims and therefore the cost of premiums payable.
A community-rated health insurance market depends on inter-generational solidarity and requires a constant influx of young healthy members to support the older, less healthy members. Lifetime Community Rating was introduced in 2015 and has encouraged people to take out health insurance at a younger age. In a community rated market this helps to spread the costs of older and less healthy people across all insured persons. The introduction of young adult rates in 2015 has reduced the cost of insurance for individuals up to age 25 and increased the numbers retaining private health insurance which contributes positively to controlling premium inflation.
We have a highly competitive insurance market. Many consumers can make savings on their health insurance premiums by taking advantage of promotional offers and by reviewing their level of cover to ensure that their needs are being met, without being over-insured. The Health Insurance Authority website offers a clear price comparison and can be accessed at www.hia.ie. All of the health insurers provide plans at a variety of price points, which provides scope for consumers to find value in the market and to access the level of cover appropriate to their individual or family needs.
