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NewsRBA goes easy, but Health Insurance shoots up again
RBA goes easy, but Health Insurance shoots up again

RBA goes easy, but Health Insurance shoots up again

Last updated by John Mangos on

broken-piggy-bankIf you blinked last Friday afternoon, you’d have missed it.

The Federal Government agreed to put up your private health insurance by an average 6.18%, to take effect from April 1.

But don’t be fooled. Most of us FiftyUps will be paying more than the average.

We conducted a study around this time last year which found we are paying about one-and-a-half times the average, depending on your cover.

I even took a petition of 15,000 of your signatures to the then-Health Minister Peter Dutton, complaining of the lack of transparency. He gave us a good hearing, to be fair, but clearly nothing has changed.

These premium increases are well above the rate of Australia’s inflation, which is currently running at 2.2%.

Consumers Health Forum Chief executive Adam Stankevicius says the annual rise in premiums is “crazy and unsustainable”.

We agree with him, and we also would like to see a Productivity Commission inquiry into private health insurance so we can have a reasoned, rational and evidence-based debate about its future role in our health system.

Meanwhile, we FiftyUps had better find more pennies to put aside, or look for a better deal (see below), because we will be paying hundreds more again this year.

Thankfully the RBA stopped short of cutting rates again today, which would have been disastrous for many older Australians who rely on interest from their savings.

And the federal government has just confirmed they will rethink their GP co-payment plan, which would have hit a lot of us hard.

We have to take these small wins wherever we can get them!

From John & The FiftyUp Club team

Originally posted on .

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RBA goes easy, but Health Insurance shoots up again

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Bob
Bob from NSW commented:

My premium rose from $145.45 to $161.15, a rise of $15.70 or 10.81%. What category am I in that my increase should be so much higher than the average. 

Denis
Denis from NSW commented:

At 75 and 74 my wife and I are still paying $330 per month for top hospital and ancillaries. My question to the government is why they name and shame the companies who are over charging or charging more than the average. We should not have to go shopping for a "good deal". Why doesn't powers that be show where we can be treated fairly so that we can still do our share of the "heavy lifting before we are forced to walk away from something some of us have been paying all of our adult lives??? 

Barry
Barry from QLD commented:

I do not know where the arrived in the news that the top figure of Health rises would be 6.18% . On checking ours it was revealed that in effect our increase was 12.24%. On querying our Health provider i was advised that the 6.18 % was for lower policies if you had top Health including Hospital and top extras prices vary hence our 12.24% levy. We were then advised to phone our provider and they would advise what to "drop" to bring the payment down. We now pay $411.00 per month increased from $392.00 for a policy to cover my wife and self. We could pay the same amount and have 6 children plus to have as many benefits. 

Barry
Barry from QLD commented:

I do not know where the top figure of Health Rises would be 6.18%. 

Someone
Someone from WA commented:

over priced.. and government controlled .. I was with medibank private when the recession hit and the government was looking at sucking the money out of the health fund 330 million .. makes me laugh why the premiums are so high.. 

Rodney
Rodney from NSW commented:

I have been with Medibank Private for ever. My policy just went up 16%.. I went to I-Select to find a better price with same benefits , they came up with NIB. $25 cheaper and better returns. Medibank rang to change my mind but they said they couldn't compete with NIB's price. Shop around you might be surprised! 

peter
peter from NSW commented:

I am in Canada at present - health care borne by this social democracy, and economy is not a disaster. In the UK - health care through the NHS, no economic disaster. In many parts of Europe - free health care, and no economic disaster. Why oh why, are our politicans so intent on placating the pharmaceutical and combined "now privatized" (once mutuals) insurance industries (ostensibly US-led)?? The FTA we have signed with the US will only see premiums and prescriptions rise again, as Australia's traditional PBS and medicare benefits diminish.....and all thanks to successive (mainly) Coalition governments. 

Paul
Paul from NSW commented:

Extras cover usually costs half, or more, of your premium. Closely look at the value you get back from you plan coverage. Remember, until you actually receive back more than the cover cost you in the first place, you are just being given back some of the premium you already paid! If you are fit, lose the Extra Cover and pay as you go for service you use. 

Paul
Paul from NSW commented:

6.18% average increase; my Aunt Matilda! My HCF cover increase is 16%. Talk'in bout average increase is a smoke screen, most of us are paying twice this or more. Corporate Welfare seems to be all our elected reps are about; certainly not looking after the interests of the electorate! 

Robyn
Robyn from NSW commented:

As from 1st April, I'm paying $191.15 per month with Medibank Private for health cover. I am 69 years of age and have been with Medibank since it began. Being only on the pension that's a lot of money to scrape together each month. Due to ongoing health issues I need this coverage and unfortunately would not, as far as I know, even be accepted by another health fund that offered a cheaper premium. Is it any wonder that so few people take out private health insurance and that the public system is overloaded? 

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