55 per cent of Australians have health insurance. Do you?

Rising healthcare costs have put pressure on private health insurers* to increase premiums. At a time when the cost of living is a pressing concern for many Australians, particularly those over 60 who are often on fixed incomes, the prospect of rising health insurance premiums* can be particularly daunting.

However, there's some potentially good news* on the horizon that could ease this financial burden.

The government has drawn a line, rejecting the health insurance industry's proposal for a significant increase in premiums, which could have seen rates rise by as much as 6 per cent. This would have marked the largest hike in at least six years and added additional strain to household budgets already stretched thin by inflation and other economic pressures.

By rejecting the proposed 6 per cent hike, Health Minister Mark Butler hopes to ease the cost of living pressures and ensure health insurance remains affordable.

What sort of increase can we expect? Image Credit: SDC

But this isn’t yet set in stone, which is why we recommend comparing your health insurance options*: whether you’re already covered or not. The April 1 premium increase is fast approaching, and now is the time to act.

Experts estimate over a million Australians have taken up cover since 2020 due to factors like long public hospital wait times, with 55 per cent of Australians now holding health insurance cover. But large premium hikes risk pricing some out of the system.

If you don’t have health insurance* yet, what are you missing out on?

Here’s a short list of private patient costs that Medicare doesn’t cover*:

• Hospital accommodation
• Operating theatre fees
• Recovery room fees
• Inpatient services (e.g. physiotherapy, etc.)
• Choice of doctor/specialist
• Choice of a shared or private room
• Private ambulances
• Dental surgery

Health insurance delivers the highest return compared to other forms of insurance, with 86 cents in every dollar spent on premiums going back to members in benefits*.

Expected price hike: What do we know?

Private Healthcare Australia CEO Dr Rachel David said any approved premium rise for 2024 is likely to fall well short of other types of insurance, such as home and car insurance (14 per cent rise) and electricity (13 per cent rise).

According to Dr David, ‘Health funds are working closely with the Federal Government to keep health insurance premiums as low as possible in 2024.’

‘The Federal Government, the Department of Health, and the Australian Prudential Regulation Authority are rightly subjecting health fund pricing to detailed scrutiny and negotiating to get premiums as low as possible.’

So, what can you do?

• Consider policies with lower annual limits* that still provides substantial cover if your needs allow.
• Review optional extras* you may not need.
• Ask your provider if you're eligible for means-tested discounts*.
• Check which tier covers the services you need*.
  • Basic*: The cheapest cover includes ambulance and emergency services.
  • Bronze*: 18 types of surgery and treatments, including joint reconstructions and dental surgery.
  • Silver*: 26 types of surgery and treatments, including dental surgeries.
  • Gold*: 38 types of surgery and treatments, including hip replacements.
• Contact Compare Club* for free expert help comparing health insurers.
  • If your needs fall between tiers, ask Compare Club’s experts* about ‘Plus’ policies that cover items from higher tiers at a lower cost.

Why we trust Compare Club*

They’re one of our long-term partners* with whom we have personally compared health insurers! You can read about Maddie’s experience here*.

The team at Compare Club* will make sure you have the health cover you need while paying a price you’re comfortable with*.

You get the peace of mind that comes with working with trusted professionals who have the years of experience* needed to navigate the complicated health insurance system and keep you from any further confusion.

So why not reach out to Compare Club* today and find out if you’re eligible for a better deal?

You won’t lose anything by comparing; you only stand to save*! After all, if you don’t like the quote you receive from Compare Club*, you don’t have to do anything.

With the right choices, you could keep more money in your pocket* while still getting important healthcare protections in place.

*Please note, members, that this is a sponsored article. All content of ours that has an asterisk next to it means we may get a commission to write an article or post a deal. We do this to assist with the costs of running the SDC. Thank you!

 

[Ezzy]

Like you Jan I have been in HBF since 1974 (Now 75 yrs old) and my mum since 1981 (now 100). She has been in hospital twice already this year. Own room etc. The last thing I would give away is my private health insurance.

We have been with HBF since 1972 & all these increases caused alarm bells. My wife went to the Branch & spoke to a Representative who had recently been through the same process herself. The final outcome was to maintain the level of cover for as long as possible. We dropped cover for pregnancy etc. years ago & structured cover to suit ourselves. I may need another shoulder operation soon so l need to maintain some sort of cover. I don't want to take Tramadol for the next 12 months in the Public system with this pain.

In our case it became a matter of going to the source, asking the questions, receiving answers & going from there.

 

[mylittletibbies]

I dropped my cover a long time ago, when it became too ridiculously expensive.
My daughter who is on a disability pension has had oral cancer three times
She has received excellent care from the public health system.
No waiting time for treatment, private room, 15 years of ongoing care, checkups, speech therapy, OT services, dietician, etc.
I hate to think what this would have cost if we had private insurance and been paying the gap.
Last year my husband was extremely ill, close to death.
He spent nearly 4 months in hospital with long aftercare.
He received prompt excellent care, again private room and no out of pocket expenses.
Health insurance, like all insurance is a rort, IMO

 

[Luckyus]

Must be the runup to the polls?.

 

[Luckyus]

The government has drawn a line, rejecting the health insurance industry's proposal for a significant increase in premiums. Won't make great deal of difference in the long run, what we need is an impossible cut to the cost of living.

 

[IAN3005]

The government has drawn a line, rejecting the health insurance industry's proposal for a significant increase in premiums. Won't make great deal of difference in the long run, what we need is an impossible cut to the cost of living.

They won't do a thing about the cost of living..... higher prices = more GST

 

[Squizzy1]

How does a so called 3% increase add up to a +5% in real terms?

 

[Fair go mate]

We are insured with a major insurer We have just received a notice from our Health Insurer saying our 2024/25 premium would remain the same as the previous year . NO INCREASE!! Members have been frightened into believing fees will rise significantly via your on going barrage of threats of huge increases in premiums. That's Rubbish . Seniors Discount club and its members are being abused by Health company scammers. We are so annoyed by this. Perhaps the Club might want to explain. Is your commission that great that you are prepared to allow your members to be misled. Members don't be sucked in and if you choose to remain a member query the legitimacy of every post you read.

 

[mylittletibbies]

We are insured with a major insurer We have just received a notice from our Health Insurer saying our 2024/25 premium would remain the same as the previous year . NO INCREASE!! Members have been frightened into believing fees will rise significantly via your on going barrage of threats of huge increases in premiums. That's Rubbish . Seniors Discount club and its members are being abused by Health company scammers. We are so annoyed by this. Perhaps the Club might want to explain. Is your commission that great that you are prepared to allow your members to be misled. Members don't be sucked in and if you choose to remain a member query the legitimacy of every post you read.

I don't think you can blame SDC
for this. After all it has been all over the news. It's not as if they are making it up
Maybe your premiums aren't rising, but not everybody is that lucky.
I think you owe SDC an apology for such a rude assumption.

 

[IAN3005]

We are insured with a major insurer We have just received a notice from our Health Insurer saying our 2024/25 premium would remain the same as the previous year . NO INCREASE!! Members have been frightened into believing fees will rise significantly via your on going barrage of threats of huge increases in premiums. That's Rubbish . Seniors Discount club and its members are being abused by Health company scammers. We are so annoyed by this. Perhaps the Club might want to explain. Is your commission that great that you are prepared to allow your members to be misled. Members don't be sucked in and if you choose to remain a member query the legitimacy of every post you read.

Agree about Compare Club..... nothing but pests with the barrage of phone calls.
Perhaps you would like to share your health fund..... I have reduced mine from $375 down to $173.99 but that is increasing come April and I am thinking of doing away with it altogether.

 

[ToniaKisliakov]

Remember which govt has to approve any such rises

 

[Taurusgirl]

My husband and I have been with HBF for 50 years but their premiums kept going up so we have now switched to Nib with the yearly premium being $1400 less but we have managed to keep our silver plus and extras so I’ll let you know in 6-12 months whether it was worth it .