VHI and BUPA Ireland have both promised to hold off on price increases until next year. VHI was denied a 9.5 per cent increase by Minister for Health, Mr Martin earlier this month due to concerns about rising inflation.

The health insurance company decided not to re-apply for a lower rate increase this year. Competitor, BUPA Ireland claims this means its current mainstream plan Essential Plus is on average approximately 15 per cent cheaper.

However, BUPA Ireland usually raises its rates in the Spring of each year rather than VHI which announces increases in September.