Health Insurance Costs have increased by an astonishing 56.7% over the last 10 years alone. This was statement was made by Ian Henschke, the Chief Advocate for National Seniors Australia, who are the peak body for representing seniors within Australia. Mr Henschke outlined that the underlying cause of the increase in rates still remains unaddressed, and it means that seniors will be facing further increases in their health insurance premiums, which have increased by a an even larger 66 per cent over the same 10 years period.
On April 1, private health funds upped their rates by 3.25 per cent, an increase which has left more Aussies struggling to make ends meet. Seniors are also being impacted heavily by a reduced government rebate. This as a result means that the cost of health insurance for Seniors from 1st April will be higher unless action is taken.
Australian comparison companies such as Billy Sumo, are experiencing a surge in demand from Senior customers wanting to quickly compare their funds before the April 1 rate rise. Rather than go direct to the health retailer, by going through an Australian comparison company seniors might be able to save hundreds off the cost of your health insurance.
How to do it – It’s simple:
- Step 1: Select your current life stage below.
- Step 2: Once you select your preferred coverage options, you will have the opportunity to compare quotes from multiple health funds.
Why Should Seniors Care?
Australians seniors are generally more prone to age-related illnesses and injuries. If this is you, then senior health insurance might assist you in maintaining and improving your quality of life.
While Medicare can subsidise some of the medical cost for seniors’ health needs, private health insurance might considerably reduce out-of-pocket costs. For example, a Hospital policy to help cover treatments for heart disease, eye surgery and joint replacement. And an Extras policy to provide benefits toward remedial massage, occupational therapy, dental and palliative care.
Six thousand National Seniors Australia members recently completed a survey which revealed that older Australians need lower out-of-pocket fees for specialists, cost-effective private health cover premiums, and more funding from Medicare across more services, including public hospitals. “People on low and fixed incomes are particularly hard hit and are forced to put off medical treatment or cut their private health cover,” said Henschke, in a recent interview*. “Gap costs are a major contributor to rising out-of-pocket expenses”. It is therefore paramount that Australians know that they do have the option to potentially lower their health insurance costs, rather than become a victim of these rate increases.
Enter Billy Sumo. Billysumo.com.au launched in 2018 has disrupted the Health Insurance industry by offering transparency and the opportunity for older Australian customers to see how much they might be overpaying for their policy. This is done by offering consumers the ability to compare health insurance policies from the larger and the smaller retailers. By looking at both the rates and inclusions side by side, it’s quickly easy to see what the cheaper rates are available, as well as how much money you might be able to save immediately by switching to an improved provider.
Get Started Now:
- Step 1: Select your state below.
- Step 2: After answering a few questions, you will have the opportunity to compare quotes in your area and could be eligible for significant savings.
Since launching, thousands of Australians have already jumped on board. Over 100,000 Australians have used Billysumo.com.au to compare their household expenses, with the ability to reduce their every costs being referenced as their number one reason for using the site.
Billysumo.com.au is a trusted online service that makes comparison shopping for vital health insurance easy. With the click of a button, they can help you find an affordable policy by stripping away the cover you don’t use, while saving you money on what matters to you.
This article is opinion only and should not be taken as medical or financial advice. Check with a financial professional before making any decisions. *Source for Mr Henschke: https://nationalseniors.com.au/news/media-release/spiralling-out-of-pocket-health-costs-biggest-worry-for-seniors