Campaign Target Smashed!
We’re coming towards the end of our private health insurance (PHI) scheme with more than 30,000 of you registering your support.
The numbers are terrific especially since we’d given ourselves a month to reach the target of 25,000 and now we'll comfortably exceed it.
But behind the figures are some real stories as relayed to us via the survey you have filled in and also thanks to the usual high standard and volume of comments shared.
One in three respondents report that concern over the standards in public hospitals, and there have been a number of adverse reports of late, make them more likely to keep up their PHI cover.
And a large 80% admit to using the following strategies to help shoulder the burden of rising costs; A quarter reduced their level of cover either by excluding certain conditions or opting for less comprehensive policies.
Some 19% increased the excess, that’s to say the amount they pay before any insurance kicks in, and 11% paid premiums using credit cards to manage their cash flow better.
The annual increase in premiums, usually about six per cent on average, has caused more than half of those surveyed to consider downgrading their cover.
But while it’s comparatively easy to reduce cover and increase excesses it comes with risks. You may need treatment for a condition now not listed on your policy and excesses can add up for multiple treatments.
It’s one reason why we launched the Great Aussie Health Check to provide another way for over 50s to get better value from their PHI by creating an offer they couldn’t find themselves and letting you compare it with the market.
Another reason is to spread the word on strategies you can use yourself to get more, and hopefully even pay less, for your PHI.
Our poll found 71% of respondents had been with their fund for more than six years yet only 5% felt they got any sort of loyalty benefit.
And just 25% think they are getting good value for money!
It may be that switching your plan or provider can help move you from the priciest end of the market to the more economical at largely equivalent levels of cover.
There’s little doubt though the fear of waiting times in the public sector is a primary reason for insuring.
In NSW, which already has the longest waiting times in the country, in the past quarter an extra 400 non-urgent patients waited more than a year for surgery.
It’s better news if you’re considered urgent, perhaps by the hospitals’ definitions and not your own, as a concerted effort has reduced the number of such patients to ‘just’ 158 from last year’s 596.
I’ll leave you with some pithy comments from some of the FiftyUp crew about the whole health insurance dilemma.
We can’t solve all the problems with this campaign but if it helps you make some better decisions around your cover it’s a worthwhile start.
I know it opens doors to better services. I know I should have it. I know I get more anxious as I get older. What I also know is that I can't trust Private Health Insurance Funds to do the right thing by anonymously loyal 8-digit member! Anon from QLD
I have many friends who have had very positive experiences in the public health system and have often thought I should just stop paying for private health. This is a dilemma to me and others who actually want to stay in private health but could use the money elsewhere. Anon from Vic
We will survive on Vegemite on toast to still afford our cover on a pension. Something needs to change in favour of older people who are not a burden on the public health system.
Anon from SA
Upset that despite paying $4,500 pa for private health, I am still having to pay thousands of $ whilst public health patients pay absolutely nothing!
Anon from QLD]
