When Numbers Don’t Reveal The Full Picture
You’ve probably heard the health insurance industry make a song and dance about how modest this year’s increase is. They’re saying it’s “only” 2.92%. And yes, while that may be the average, it doesn’t mean that’s the extra you’ll pay.
There’s a chance you could pay up to double. Yes, up to 5.63% more. And for people in their retirement years that can translate to serious extra money!
Source: The Department of Health
Here’s a breakdown of insurance premiums for mature singles by regions:
● NSW – $2,700
● VIC – $2,780
● QLD – $2,760
● SA – $2,658
● WA – $2,546
● TAS – $2,652
● NT – $2,345
After applying the average 2.92% increase, you can expect the following premiums starting in October 2020:
● NSW – $2,779
● VIC – $2,861
● QLD – $2,841
● SA – $2,736
● WA – $2.620
● TAS – $2,729
● NT – $2,413
But remember, that’s the average. You could be paying up to almost twice as much.
The Picture Is Far Worse Once We Dig Deeper
Very quickly a darker picture emerges when we go back in time. Since 2015 you’ll see how steeply health insurance premiums have been rising:
● 2015 – 6.18%
● 2016 – 5.59%
● 2017 – 4.84%
● 2018 – 3.95%
● 2019 – 3.25%
Since 2015 prices have gone up by a whopping 29.8%. And if we go back to 2001, private insurance costs have gone up by a whopping 300% over inflation!
So it begs one question…
Have your benefits followed suit and expanded with the price hikes?
If you’re like most people, you’re probably not sure.
This is how Medibank almost got away with falsely rejecting 849 claims. In fact, over the past five years, they rejected thousands of genuine claims and enquiries. They only got busted for it later and were fined $5 million.
What to do: Check your policy. Check the fine print. And get an expert comparison of your policy versus others.
Should You Consider Switching?
Have you thought about switching insurance providers? Truth is, most seniors don’t do it out of fear they’ll miss coverage they’ve already got. And the insurance industry hasn’t really tried to clamp down those fears because it suits them.
Did you know that insurance companies have to honour your waiting periods, by law. It’s true!
But if the Medibank court case has proven anything, you have to check the fine print. And you should always be willing to at least explore your options.
We offer free insurance comparisons that include a broad range of providers.
Click here to get your comparison and see if there’s a policy that better suits your needs and maybe even at a lower cost.
There’s no obligation. And there’s no cost. Yes, it’s FREE.