Irish health insurer Level Health is reducing the price of its most popular health insurance plan by 10%, bucking a trend of sustained premium increases across the Irish private health insurance market.

According to a report by the Irish Independent, Level Health, which is backed by Aviva, will reduce the price of its Plan B 300 from 1 July, with the lower price in place until at least the end of August. The reduction applies to new members only.

From 1 July, an adult can be covered under Plan B 300 for €995, while a family of two adults and two children can be covered from €2,250. Based on current published Health Insurance Authority rates, a family choosing Plan B 300 can save €469 compared to VHI Enhanced Care 350, €722 compared to Irish Life Health MyPlan 350, and €944 compared to Laya Signify, according to Level Health.

The Plan B 300 reduction follows a separate 10% price cut on Level Health's Plan A, which the company said makes Plan A the lowest-priced health insurance plan on the Irish market at €463.60 for adults over the age of 26.

Jim Dowdall, chief executive of Level Health, said: "Consumers across Ireland continue to face significant financial pressures, and we believe people should not have to choose between affordability and access to quality healthcare."

The move comes as Laya Healthcare raises the price of its 360 Care Select plan by €175, an increase of 8%, from 1 July, alongside a reduction in benefits. VHI Healthcare, Laya Healthcare, and Irish Life have been announcing three to four price rises per year in recent times, with typical cumulative increases over the past year running between 15% and 20%. A family of two adults and two children now faces paying an extra €500 to €650 per year if steps are not taken to reduce the cost of their cover, according to insurance adviser Dermot Goode of HealthInsuranceIreland.ie.

A survey commissioned by NFP Ireland and carried out by iReach found that 76% of adults who pay for their own private health insurance either do not think, or are unsure whether, they will be able to afford private health cover over the next two to five years.