Now, let’s find out what price can senior Australians expect their Health Insurance to be.
On average, over 50s who haven’t compared their premiums lately can expect that their costs have gone up by 2.92% on average. But there’s something important to remember here – 2.92% is just the average. It’s very possible that some insurers have increased their premiums by much more than that. In fact, some were set to go as high as 5.63% on Oct 1st, which is almost double the national average.
Let’s dig into the numbers. The following is the average amount that seniors paid for health insurance before the price increase based on where they live, compared to how much they are paying after the premium increase that took place on October 1st:
Average payment for health cover prior to Oct 1st
Average payment for health cover after Oct 1st
Highest possible payment for health cover after Oct 1st
So, people who are too lazy to compare their rates could very possibly be paying up to $160 more per year following October 1st. That’s why it’s so important to review your policy each year, compare the current policy against others – and consider making a switch if needed. There could always be an improved deal on offer.
One of the main questions we are asked lately is what should be done first, compare alternatives or check what the current insurer has to offer?
In this case the answer is clear and simple – compare. The reality is that not all insurers offer their customers the transparency that you expect from them. We saw this recently with the $5 million fine handed down to Medibank. They got that fine because they falsified benefits and illegally refused nearly 1,400 legitimate claims*.
The point is that you can’t assume you know everything that you need to know. Check your policy against competitors to find out what is the most suitable option for you and your family.