Irish Life Health is to reduce the premiums for its hospital health insurance plans.

The company said a cut of €43 in the Government's Health Insurance Levy for advanced plans would be passed on to adult policy holders.

A similar cut of €35 for non-advanced plans would also be fed through to those adult customers.

The savings for child policies would be €15 or €11 respectively.

The reduction takes effect from April 1 with the reduction to appear at next renewal.

The only exception to this is the HealthGuide plan range where it will take effect the following day.

"We are extremely supportive of the Government’s decision to reduce the Levy charged on Private Health Insurance for one year," said Gerard Davis, Managing Director, Irish Life Health.

"As part of our continued commitment to our customers, Irish Life Health will reflect this reduction in all annual premiums at the time of renewal so that customers experience the benefit of the savings."

The cut to the levy arose after the Health Insurance Authority recommended to Government that it be reduced on a one-off bases to reflect lower claims during the pandemic which had led to a surplus in the Risk Equalisation Fund.

The company has urged the Health Insurance Authority and Department of Health to implement changes in the Risk Equalisation Scheme, which it claims would lead to further reductions in the levy for customers.