Here’s how prices increased each year since 2014:
● 2014 – 6.20%
● 2015 – 6.18%
● 2016 – 5.59%
● 2017 – 4.84%
● 2018 – 3.95%
● 2019 – 3.25%
● 2020 – 2.92% coming up 1 Oct
Source: The Department of Health
So here’s a question…
Every year prices have been increasing, but have your benefits increased? Probably not!
Worse, you might be paying for things that you’ll never use! Let’s look at one common offender…
The One Thing You Probably Don’t Need in Your Policy
For more than 20 years, Maggie Copp had been using the same insurer. The 75-year-old pensioner never considered switching.
That’s until one day when she noticed something strange. Ms. Copp found out that she’d been paying for IVF and pregnancy services, even though…
… she never opted in for those services…
… And she never had a chance to opt out!
Think about it…
A 75-year old pensioner paying for a service she’ll never, ever claim on. Worse yet, she’d been paying for years and didn’t even know.
How did she find out? Her insurance company didn’t tell her, that’s for sure. It wasn’t until she used a comparison company that the penny dropped.
But it gets worse…
After Ms. Copp brought up the discrepancy, the insurer declined to issue a refund. In her own words…
‘I don’t understand how they can take my money for years and years and then say “too bad”,’ said Ms. Copp.
She added that she was concerned that many other seniors might be wasting their money, too.
What to do: Review your policy. And always be willing to compare providers to see if you can get more for your buck.
The Fine Print
Many seniors don’t fully understand their policies. But don’t expect your insurer to voluntarily help you out. In some cases, don’t even expect them to pay out on your claims!
Did you know that Medibank recently had to pay $5 million in penalties for misrepresenting coverage information?
The company falsely told hundreds of policyholders that they couldn’t claim joint reconstruction or investigation services.
Source: The ACCC
So get advice and check that fine print. Always be willing to look at other providers, too.
Choose a Policy that Suits You
If Ms. Copp hadn’t compared insurers, she would’ve never found out about her overpayments. But most seniors don’t compare their providers. That’s because, if they do switch, they’re fearful of missing out on coverage they’ve already got. They’re also concerned about waiting periods.
Most, however, don’t know that insurance companies have to honour your waiting periods, by law!
But if the Medibank court case has proven anything, you have to check your provider. 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.
Which is why, at no charge and no obligation, we review a wide spectrum of providers and see how your policy stacks up against the rest. We’ll also give you the honest-to-earth truth about the price increase of your policy.