David Cullinane (Waterford, Sinn Fein) | Oireachtas source

I move amendment No. 7:

In page 3, between lines 12 and 13, to insert the following: “Amendment of Section 7F of Principal Act

2. Section 7F is amended in section 4A by the deletion of paragraph (c) and the insertion of:

“(c) In respect of each of the following applicable 3 year periods—

(i) the 3 year period from 1 January 2023 to the end of 2025, and

(ii) the 3 year period from 1 January 2026 to the end of 2028,

the reference in paragraph (a) to 6 per cent per annum shall, as respects the applicable 3 year period referred to in subparagraph (i), be read as a reference to 5 per cent per annum and, as respects the applicable 3 year period referred to in subparagraph (ii), be read as a reference to 5 per cent per annum, and paragraph (a) shall apply accordingly.”.”.

I spoke about this proposed amendment previously and I raised this issue last year too. This amendment is intended to limit the reasonable profit for providers to 5%, which is similar to the rate of reasonable profit from 2016 to 2020, when this Government increased it to 6% and higher. I made the point that families are struggling with all sorts of costs now. Unfortunately, private health insurance premiums have gone up considerably over the past two years, as the Minister knows. In recent months, we have had announcements of further increases, all of which add to the pressures families are under. We did have a lower rate of 5% before, but it was dropped. I would like to see this reinstated and this is the intended purpose of this amendment.

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