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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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Barry
Barry from NSW commented:

Barry NSW In today's mail BUPA monthly payment increased from $207.45 to $232.15. Too much. Will be reluctantly looking about 

Susan
Susan from NSW commented:

My premium went up 11% . So is anyone watching the health funds apply their increase fairly? Seems they can do what they like 

Pamela
Pamela from WA commented:

Hi I would like someone to explain the Lifetime Health Cover loading? My latest advice from my Health fund (HBF) states "Unfortunately Government regulations mean we're no longer able to provide this discount from April 1 your loading will increase." My increase is now a further $12. I am an age pensioner. If you are able to explain this to me, I would be most grateful. Pamela 

Maria
Maria from NSW commented:

my health insurance Medibank will cost now $4014.60 per year not sure if the price is reasonable or not. it is due to renweal soon. 

Darryl
Darryl from NT commented:

I live were there are no private hospital's. When I visit the doctor I then have a $50+ out of pocket cost. I don't have the luxury of bulk billing like the First Australian's, some earn more than I do (single) 50,000+ attend an Aboriginal Cth funded Clinic they are bulk billed and receive free prescription medicines. The clinic receives funding from the Cth plus the Medicare rebate for the patients visit. Little no wonder our Medicare & Health system is up the creek. 

stephen
stephen from NSW commented:

I would like to be able to pay only 5 or 7 dollars co - payment to see the doctor as I have to pay 72.00 dollars up front and only get 33.60 back from Medicare. Bring in a co-payment and stop the bludgers from ripping off the system. They do not need to go to the doctors every time they have a sniffle. The Doctors would have had the flexability to discontinue the co-payment for seriously ill patients. Only ten payments then the rest are free that is one visit for me. The system need to change. Steve 

Joy
Joy from QLD replied to stephen:

I would be happy with the co payment as well but the bludgers and people born after Medicare came have no idea how to support themselves. We did not complain when we used pay to go to the doctors. Trouble here governments hand outs are to generous and need to be reined in make the bludgers stand on their own 2 feet and get a job 

dian
dian from TAS commented:

Di from Tasmania, i am in a Medibank Private the highest fun, have been thinking of dropping out of it. i am 52, only be use in for teeth a glasses. i have been looking around for another cover. they all just as bad in price. look it just comes that the government only care about there self, an they get paid. 

Beverley
Beverley from VIC commented:

Even paying for private cover leaves you with huge gap bills. Most friends our age are frightened to let cover go just as we really need more care, but it takes a huge slice of our income. I have compared public care with ours and although it is free, it is obvious the quality and depth of care is, sadly. not the same. 

Monica
Monica from WA commented:

I pay $1500 per year It costs $400 just for my Hearing Aids how many people can not afford to do this if they are lost or stolen they can't afford to replace them. The Government only rebate every few years surely they could be insured for less. 

Robin
Robin from WA commented:

We as self funded retirees are paying in health insurance as of April 1st per month just under $500. Work that out 

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