'Spiraling health insurance prices heaping more pressure on households'

Sinn Féin spokesperson on Finance, Pearse Doherty TD, has called on the government to stand up to health insurance companies as prices continue to spiral upwards.

He said this is more bad news for households already getting hit hard by the cost-of-living crisis.

Teachta Doherty said: “VHI has announced another hike in health insurance prices, this time increasing their prices by a further 3%. This comes on the back of recent price increases by Irish Life and Laya.

“This will heap even more pressure on households at a time when they are already struggling with the relentless cost-of-living crisis. Health insurance prices have increased a staggering 60% on pre-covid levels. That is before we account for this new wave of prices hikes.

“People are now forking out €2,000 every year for health insurance. This affects almost 2.5 million people in this state, many of whom were already struggling to afford to keep their coverage. “The government needs to stand up to these companies. Private health care in Ireland is completely reliant on the public system. Private insurance is directly subsidised to the tune of over €400 million annually.

“The government has leverage. They should be demanding to meet with the heads of private insurance companies. It can’t be a free-for-all all. Private hospitals are increasing prices, health insurance companies are hiking premiums. Costs need to be controlled. This will only happen when the government does its job and steps in.

“Health insurance companies monitor the market, and they know that the biggest reason people get private health insurance is because people they feel the public system is inadequate and it takes too long to access care. They know they can jack up prices and people will try to scrape together the money to pay. We need a reliable public healthcare system with adequate public healthcare capacity.

“We need the government to finally wake up and stand up to the private health insurance sector to ensure fair and stable prices.”