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Health Insurance Prices

Dáil Éireann Debate, Tuesday - 18 October 2016

Tuesday, 18 October 2016

Ceisteanna (561)

Bernard Durkan

Ceist:

561. Deputy Bernard J. Durkan asked the Minister for Health the extent to which his Department continues to monitor the health insurance sector with a view to ensuring that the public continue to have access to competitive rates of health insurance; and if he will make a statement on the matter. [30980/16]

Amharc ar fhreagra

Freagraí scríofa

Insurance 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 premia 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 and "Young Adult" rates of premium were introduced last year to encourage young people into the market. Following on from their introduction, the number of people now holding private health insurance is 2.133 million, or 46% of the Irish population, which includes an increase of over 104,000 from January 2015 to January 2016. This upward trend has continued in 2016 when the market grew by a further 11,000 to end-June. An increase in the numbers taking out health insurance helps to control premium inflation, thereby keeping health insurance more affordable for those who wish to avail of it.

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.

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