Two in five people are planning to cancel their private health insurance altogether as a result of spiralling prices, according to our latest readers poll.

Insurance premia have increased by nearly 60% over the past five years and a number of increases have already been implemented this year by the main insurance companies.

Among the reasons being given for the increase is the new levy imposed on insurers to help fund a risk equalisaiton system. This system compensates insurers who have a higher proportion of older and more expensive subscribers.

We asked Irishhealth.com readers what they planned to do this year to cope with the spiralling cost of health insurance.

Forty per cent said they planned to cancel their insurance completely, while 37% said they planned to move to a cheaper plan.

Only 23% said they planned to stay on their existing health insurance plan.

Latest figures show around 65,000 people cancelled their health insurance last year.

View the poll results and results of previous polls here.

See also: Negotiating the health insurance minefield