News

5 Things You Should Know about the sale of Medibank

With health insurance premiums about to be hit by the biggest increase in a decade, the federal government has confirmed it plans to sell health insurer Medibank Private, the country’s largest fund, in the next financial year. 1. The government says there is “no reason” why the sale of Mediabnk would push prices up, according to a “scoping study” it […]

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Beware this common trap for Electricity customers

When Asmar, 72, got to the end of her discounted two-year electricity contract, her provider automatically moved her off a 12% discount onto a plan with a 7% discount and informed her she was now subject to a new two-year contract. Sadly, it’s a common practice. Electricity retailers often revert customers to an inferior discount once their contract expires, and […]

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The Facts begin to flow on Health Insurance for FiftyUps

More than 3000 members of the FiftyUp Club have already answered our 2-minute Health Insurance Survey in less than 24 hours, to help us unearth some sorely-needed Facts about premium increases for the over-50s. It’s a fantastic response and it means we will soon have enough data to scrutinise the real cost of premium increases for FiftyUps. The concept is […]

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Is $1 million enough to retire on?

Even $1 million in savings may not be enough for a ‘comfortable’ retirement, according to an analysis by financial journalist John Collett in Fairfax Media publications this week. A million bucks will be barely enough for most people, Collett writes, based on estimates by the Association of Superannuation Funds of Australia (ASFA) which reveal the annual budget needed by Australians […]

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5 Things You Should Know about the new Credit Reporting Rules

As of Wednesday 12th March, the way your credit history is recorded has changed. Here’s how, in a nutshell: 1. You will have a mark against your credit history if you pay a loan or credit card bill more than 5 days after the due date. What’s more, if you’ve paid one of those bills 5 days late anytime since […]

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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],” […]

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Big thrills without the big bills

The Oscars were the hottest party in the world this week. We didn’t score an invite, but not to worry. We’ve put on our glad rags and gone in search of the best entertainment bargains in town. And the winners are … 1. See – and hear – the stars of tomorrow strut their stuff at free or ridiculously cheap […]

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Living Longer, Living Better

What’s the secret to ageing well? It’s a combination of a healthy lifestyle, independence, social engagement, financial security and access to health services, according to a wide-ranging report designed to better understand FiftyUps. The Council on the Ageing NSW Consumer Survey 2013, released last month, asked 1804 people aged over 50 living in NSW for their views on health and […]

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Somebody call a doctor! Medicare faces major surgery

Free visits to the GP could soon be a thing of the past for most people, after the Health Minister Peter Dutton last week proposed a radical overhaul of Australia’s health system. In a hardline speech in Brisbane, Dutton described the current system as “riddled with inefficiency and waste”, saying he wanted to “modernise and strengthen Medicare”. The upshot? You […]

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Everything you need to know about the age pension (and a few things you probably don’t)

Treasurer Joe Hockey’s “Age of Entitlement” schtick is proving to be the gift that keeps on giving. (Or taking, as the case may be.) Speaking at the start of the G20 finance ministers’ meeting in Sydney last week, the Treasurer again flagged raising the retirement age, saying longer life expectancies imposed costs – including the age pension – which may […]

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