CHOICE membership

Private health premium increases

Everything you need to know about the latest private health insurance premium increases.

Have a question about your health insurance? Ask us in the comments below.

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I remember a refrain “The Rich get richer and the poor get poorer”…Someone must be making a killing out of these companies but not most of the population.

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I’ve long questioned whether insurance is a natural commercial market. To my mind, it’s a better fit for a mutual - and isn’t government the ultimate mutual?

Health insurance is probably least suited of all to dog-eat-dog capitalism. In measures such as life expectancy, child mortality and maternal mortality, the public sector consistently yields superior outcomes for lower expenditure than excessively privatised alternatives.

I reckon it’s time to consider shifting the line between the public and the private sectors of Australia’s health care system. On the face of it, the more we can shift out of the private sphere, the more we’ll save as a nation.

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That discussion usually gets lost in ‘follow the money’; there is not a lot of money in pockets via the public service but much via pollies and political donations. Australia (all parties) has signed on to follow the US-UK model of capitalism but with a uniquely local libertarian twist (the coalition) for better or worse.

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Well the Health Insurance rate rises certainly made some people review their policies and they then dumped them. Nice article about it can be read by following the link:

https://thenewdaily.com.au/money/finance-news/2018/05/16/mass-exodus-health-insurance/

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Yet not any nod to the huge increases from the small Tassie funds. Seems even the New Daily is getting beholden to governmental ‘party lines’ :frowning:

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More private health insurance increases are on the way:

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Another year later and health insurance price rises continue to outpace wage growth and inflation:

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They are unaffordable for those of us on pensions. I keep checking but am always disappointed.

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It always strikes me that health insurance is mostly a for profit industry in most of the world where it exists. The funds/insurers are vilified for raising premiums every year and claim it is the cost of care that forces it, and then they report record profits for themselves.

Even the not for profits seem to struggle under the march of more costly care, but it remains curious they ‘keep up’ with the for profit premiums yet do not have to pay dividends.

It is an interesting comparison where they are supposedly different, one working for members and the other for shareholders, yet they have broadly similar plan costs to their customers.

So many profit centres to keep track of. Public and private hospitals, surgeons, anaesthetists, labs, and all the extras (especially the escalating cost of dental care) for starters. While not paid by private health a local GP clinic charged $8 dollars under 2X the medicare rebate in 2002, and now charge $15 above the 2X (basic short consult) in 2020. Some would blame this on the medicare rebate being held down by policy but it reflects governmental policy to shift costs from treasury back to individuals, and they are. All while the myriad providers have rarely been shy about the value of their own services…

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With prices set to rise on 1 April, here’s what you should consider before signing up for health insurance or a higher premium:

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Thanks for the reminder.

I have added your post to an existing stream relating to these increases.

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