Health Insurance a sore point among FiftyUps
It’s that time of year again, when Health Insurance premiums usually rise by hundreds of dollars for the average family.
Last year, Health Minister Peter Dutton signed off on an average annual increase of 6.2% in private health insurance premiums, with Insurer NIB reported to be the highest of the 34 insurers with an average of 8%.
“We desperately need discounted medical [insurance],” FiftyUp Club member Sandra wrote in our Forum. “I just received my updated monthly rate and it’s gone up $23.30 per month, from 1st April 2014.”
“I have also just had notification of a 10% increase,” said Cheryl, “whereas Medibank say the average is around 6%”.
Glen used to pay $65 per month, and now he pays $150. “On the first of April it will go up again. It’s getting to the stage where I will have to drop out of private cover.”
Bill is also “Back on the public health system” after seeing his cover soar from $3717 to $5317!
Margaret paid Private Health Insurance while her children were growing up but she too had to give it up due to soaring costs after they left home.
“The reality is the FiftyUps actually need Private Insurance more than any time in their life – as we are more prone to everything. Let’s face it, we are probably going to be around for at least another 30years – and the Public system just can’t cope anymore.”
We hear you, and we are currently looking into what we can negotiate for FiftyUp members to help with the impact of Health Insurance on their household budgets. Please watch this space.
In the meantime, some members are coming up with innovative ways to pay the bill.
Peter, whose premium went up 15%, had a novel idea: “We should be able to insure ourselves for a set amount just like we do our cars and houses. If we make a claim and the claim is less than our set amount, the fund pays. If the claim is more than the set amount, we pay.”
Marlene from NSW has gone to extraordinary lengths to afford health cover. She suggests: “speak to the health fund about different policies; [we’re] in the process of converting our unused pool into a veggie patch; don’t buy takeaway food or go out for meals very often; reduced the Christmas present list to just children, no adults, and put a limit on the amount; cleared out anything we don’t need and sold it on eBay. Hard to do but hopefully we will be able to keep the health cover.”
And Margaret, who received a price rise notice of $50 per month, negotiated with her insurer and dispensed with some “extras” cover she didn’t need “and got it down to less than we are paying now!”
What has been your premium increase? What have you done to cope? Do you have any tips for other members?
