Breaking: Health insurance premiums may rise dramatically in 2020 after government deal fails to deliver savings

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At 3.25%, 2019 saw the lowest health insurance premium increase in almost two decades. This lower premium increase was based on a deal Health Minister Greg Hunt negotiated with the Medical Technology Association of Australia that was supposed to lower the costs of devices on the Prostheses List.

Despite the government’s best efforts, the costs of these devices increased by 8.6%, now Mr. Hunt’s ambitious goal of limiting health insurance premiums to 3% is looking more and more unlikely. This makes it increasingly likely that Aussies may be facing a premium increase in 2020 that’s more than double the price of inflation.

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A spokesman for Mr. Hunt said the government is working towards a solution to keep costs down, saying they continue to “work with the sector on the next wave of positive reforms”.

However, with last year’s deal falling short, the government’s boast of making health cover more affordable has been short-lived. Aussies were paying a record $83.77 out of pocket for specialist treatment in 2018-2019. The fallout from this most recent deal increases the potential for these costs to climb even more.

This is why it’s important to make sure you’re getting value out of every dollar you spend on your health cover. With the help of our advisers at Health Insurance Comparison it’s never been easier to understand what you’re paying for and why. You can compare your current level of cover to similar policies and see exactly what you could be saving, all at no cost to you.

Last year, our customers saved an average of $340.68 off their health insurance premiums. Don’t wait around for the government to save you — click through now and see how much you could save before the 2020 storm hits.

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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.

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This article is opinion only and should not be taken as medical or financial advice. Check with a financial professional before making any decisions.

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