The average cost of health insurance has increased by 10% since 2022 to €1,594, the Health Insurance Authority's Market Report for 2023 shows.
The report also finds that 47% of the population have health insurance. It noted that the growth in people taking up policies has slowed and there has been an increase of only 1.6% since 2022.
The HIA said that price increases last year by all three health insurers as well as the cost-of-living crisis would suggest that lack of affordability is the main reason for the slowing growth in the number of people buying health insurance.
Today's report reveals that 18-39 year olds have the lowest level of health insurance coverage, while hospital day admissions continue to increase at a faster rate than overnight stays.
It also shows that people over the age of 65 are paying 43% more on average for health insurance.
The HIA said this suggests that orthopaedic/joint replacement cover is one of the main reasons that this age group is paying more as 66% of over 65s are on high orthopaedic cover compared with only 27% of under 65-year-olds.
Total premium income for the three health insurers - Vhi, Laya and Irish Life Health - is €3.2 billion.
The HIA noted that those three health insurers offer their customers 350 plans, but 50% of people are on one of just 30 plans.
Ray Dolan, CEO of the Health Insurance Authority, said today's annual market report informs the HIA, the regulator for private health insurance, as to the state of play in the market.
"It is very useful to see the landscape of the sector and means we are able to assess and monitor trends in the industry and inform policy on that basis," he added.
