Six money changes to hit Irish people this month – from electricity to insurance

SUMMER can be an expensive time for families planning holiday budgets and preparing for back to school.

There are some upcoming price increases in July to be aware of so you can make sure your budget stretches to cover costs but there is some good news on price decreases too.

The cost-of-living crisis is continuing to hit the pockets of Irish households across the country.

And it’s important to be aware of all the changes coming up so you can prepare for the month ahead.

The cost of life insurance and health insurance is about to get more expensive.

However, mortgage rates and electricity costs have been slashed.

Two Government schemes have also been expanded allowing for free services for thousands.

We have outlined all the key changes you should be aware of.

Life insurance

The price of life insurance will rise with Irish Life from today.

The increase will amount to 5.3 per cent on its gross adult premium.

Across its range of plans the increase will range from 1.6 per cent and 7.9 per cent.

The price increase will kick if for new customers and existing customers who are renewing existing policies from today.

This is the fourth price increase by the company over the past 18 months and follows recent increased pricing from both Laya and VHI by about 7 percent.

Health Insurance

VHI have increased the price of one of their policies from today.

The PMI 01 10 plan which is a private medical insurance contract which provides cover for treatment in hospital as a private patient.

This includes maternity and baby health checks including scans and epidurals, fertility treatments, mental health treatment, GP visits and hospital visits as well as urgent care.

The cost is increasing to €2108.83 for adults, 505.49 for children and €708.67 for young adults aged 18-20.

Prices vary for young adults each year up until the age of 25 after which the full adult rate applies.

Electricity bills

SSE Airtricty have announced a slash in their pricing starting this month.

Customers who are on the variable tariffs will see a 10 per cent reduction in electricity and gas from today.

This will see customers save €150 on their electricity annual plan and €100 on their gas annual plan, dual fuel plan customers will save €250 per year.

The cost cut apply to all customers on a variable tariff automatically, but there will be no change for those on fixed-rate tariffs.

This the supplier’s third price cut in less than a year and there is good news as it is expected other energy providers will follow suit with price cuts throughout the summer.

Mortgage rates

There is good news for home owners this month as AIB are reducing their four-year fixed mortgage rate for customers borrowing €250,000.

The rate will be slashed by 0.25 per cent from July 3rd.

The new rate will also be available to AIB customers who have a mortgage balance of at least €250,000.

Switcher customers who meet the criteria and want to avail of the fixed rate will also benefit from AIB’s €3,000 Switcher cash offer.

Travel

A new free travel scheme is now in place that will allow free travel for thousands.

Individuals who are medically unfit to drive for at least one year or may never be able to drive due to a medical condition can now apply for free travel.

Applications for those who meet the criteria opened on June 29 and around 32,000 people are expected to benefit.

To apply you must hold a Public Services Card and submit the new Free Travel Application form, signed and stamped by a GP confirming that you are medically unfit to drive for at least a year.

The scheme is open for those between 17 – 66 and there is no requirement to be on any other social welfare payment and it is not means tested.

Forms to apply are available in INTREO offices.

Contraception

From today Ireland’s free contraception scheme has been extended to women up to the age of 35.

The scheme was launched in 2022 providing free contraception to 17-25 year olds and has gradually increased its age range since then.

Women from the age of 17 up to 35 can receive free GP visits and check ups relating to contraception.

The fitting and removal of long term contraceptives is also covered under the scheme.

Over the counter emergency contraception and prescriptions for contraception such as the pill or the patch are also covered.