VHI has announced a price increase for its customers that will come into effect from March.
Customers will see their premiums jump by an average of 4.8 per cent with officials citing "increased demand for healthcare and the rising costs of providing healthcare to customers" as the reasons for the hike.
This will mark the first time in two years that VHI has bumped its prices and comes after a reduction was put into effect in 2022.
A statement published on the health insurance provider’s website said the cost of meeting customers’ healthcare needs "has increased significantly in the last twelve months" alongside the demand for healthcare services, which have returned to pre-pandemic levels.
It went on to say: "There has been a significant increase in the costs associated with the delivery of healthcare due to increases in wage, energy and other costs, including infection control.
"Many of these supply cost pressures are amplified by world events, impacting all sectors and all industries."
Some examples of the price increase per plan are as follows:
Speaking about the upcoming price increase, Mr. Aaron Keogh, MD, VHI Insurance DAC said: "We understand that our customers are already dealing with the pressure of rising costs across the economy and we have made every effort to keep the price increase as low as possible. However, because of these cost pressures, the price increase is necessary.
"This is to ensure that we continue to meet the healthcare needs of our customers, giving them access to new and innovative drugs, procedures, technologies and services as required to meet their medical needs now and into the future."
He concluded: "VHI exists solely to meet the healthcare needs of our customers and all premium income received is dedicated to delivering and meeting the healthcare needs of our customers and patients.
"Any surplus generated is invested in improving services, expanding the care that we deliver or is returned as value to our customers.
"We continue to focus on managing costs and managing efficiencies in our business in order to keep prices affordable."
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