Health Insurance Fathers Laya policy- shocked by price jump

Hi, I'm just hoping to double check something with regards to a price increase on a policy, just to see what people think?

I bought my dad health insurance with laya in may of last year. It was my first time purchasing it, and his first time having insurance. He's 69 years old.

His policy is Control 600 Total. Last year it was 1697e for the year. This year the quote is 1993e

This strikes me as an enormous jump, essentially 20%. I'm just wondering if this is typical of price rises year on year?

Many thanks

B.

Control 600 total is €1121 according to the HIA.ie website.

Precision 600 complete and precision 600 total at €1016 and €905 seem good options. precision 600 complete looks a good option to me, they all have different cover but compare them to each other on has.ie

@BONJOURNO Prior to you purchasing the policy in May 2021, was your father previously covered by health insurance, and when did that cover end?

Clamball said:

Control 600 total is €1121 according to the HIA.ie website.

Precision 600 complete and precision 600 total at €1016 and €905 seem good options. precision 600 complete looks a good option to me, they all have different cover but compare them to each other on has.ie

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He would have been subject to age loading as it was his first time getting insurance at presumably the age of either 68 or 69. Every year of age above 34 before starting insurance for the first time brings a 2% per year loading, payable for a maximum of 10 years. So at 69 it would be the full maximum allowable loading of 70% of the premium.

BONJOURNO said:

Hi, I'm just hoping to double check something with regards to a price increase on a policy, just to see what people think?

I bought my dad health insurance with laya in may of last year. It was my first time purchasing it, and his first time having insurance. He's 69 years old.

His policy is Control 600 Total. Last year it was 1697e for the year. This year the quote is 1993e

This strikes me as an enormous jump, essentially 20%. I'm just wondering if this is typical of price rises year on year?

Many thanks

B.

Click to expand...

The premium seems to have gone up nearly €300 for him. That means that the plan without age loading must have gone up in price by about €170 or so. This is not really acceptable as the government will reduce the health insurance levy by €43 for advanced plans this April. This means every health insurance customer in Ireland should expect this or at least very close to this to be passed onto them. Even if the insurer claims the need to pass on medical inflation, previously running at about 3-4%, this should at the very least cancel out the levy reduction and you should see no increase in premiums come renewal. Laya unfortunately have only reduced the cost of 5 selected plans in response to the levy cut. Irish Life Health will reduce the price of all plans. Vhi have announced all plans wil reduce by an average of 3% in May. On top of that VHI is refunding between €75 to €300 in their 3rd premium waiver since covid started ( Irish life and Laya have only done 1 refund).
Clamball above has suggested some alternative Laya plans. I would strongly recommend you look at other plans with Laya and consider switching to other providers. Use the HIA website to compare plans, then add the age loading to the price.

MugsGame said:

@BONJOURNO Prior to you purchasing the policy in May 2021, was your father previously covered by health insurance, and when did that cover end?

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This was his first time having health insurance- bought in may 2021, due for renew in may 2022. I'm aware of

Thanks all for the feedback. I'm aware that policies are subject to loading over the age of 35, and this is our first year having health insurance. Im just shocked by the extent of the increase in price on renewal, even allowing for loading.