An April 1 increase in private health insurance premiums is just around the corner for the more than 15 million Australians with cover.
Private health insurance premiums will increase 3.73 per cent, on average. So, with cost-of-living biting, what can you do to minimise the impact of this year’s premium increase on your family budget?
Firstly, look to see if you are one of the more than 5.4 million Australians with a Members Health fund. Members Health funds operate as mutuals. That means they are not-for-profit or member owned. It can make a big difference as unlike the large for-profit insurers, Members Health funds don’t have to generate big financial returns for the top end of town. They keep health premiums lower than would otherwise be the case and return more of the premium you pay, back to you in healthcare benefits.
On 1 April, as a group, Members Health funds will put their premiums up by much less than the big for-profit insurers, while still paying more of the premium back to help cover health care claims.
Secondly, review your existing health insurance policy to make sure you have the appropriate level of cover for your needs. Members Health funds are entirely consumer centric. They are owned by members for members, so are an excellent source for advice on what insurance product best fits your individual circumstances.
Thirdly, always talk directly with a health insurance fund before making a health insurance purchase. Commercial online comparator websites can be a useful resource when shopping around but if you read the fine print, you will see they don’t actually compare all insurers and may not even display every policy on offer by those insurers they do feature. Commercial comparators also charge fees or take commissions from insurers that will have to be passed on to consumers. The policy best suited to your needs and price point, may in fact only be available directly from an insurer. So always contact a few insurance funds and talk to their helpful staff before making a final decision.
Finally, if you live in regional Australia or are connected to a particular industry – such as teaching, nursing and midwifery, police, emergency services, a doctor, a union, the Commonwealth Bank, the Reserve Bank, Seventh Day Adventists or the military (Defence Health & Navy Health) – there are some amazing not-for-profit and member owned health funds focused on serving your community that are well worth exploring.
Whether you are from a big city, the regions or you’re part of a particular industry, there is a not-for-profit and member owned health insurer out there for you. Not-for-profit health insurers can be found on the Members Health website, which is an especially useful launching point for those looking to make the switch from a for-profit or for those looking to take out health insurance for the first time.
Members Health Fund Alliance, comprises 24 health funds that are not-for-profit or part of a member-owned group, regional or community based and represent the interests of more than 5.4 million Australians.
Media Contact
Brenton.Baldwin@membershealth.com.au
0409 517 176