Health insurers are finally feeling the heat and it’s about time. With Australians heavily locked down for much of 2020, health insurance extras claims decreased by 6.4%* and big chunks of savings were left looming in the hands of health funds.
It was much harder to see a dentist, let alone use your health insurance for anything major like elective surgery, so why are customers still being asked to pay high premiums now?
This is today’s heavy question being posed to Australian health insurers by the Australian Competition and Consumer Commission (ACCC)*. So if yours is not willing to pass on cost savings, it may be time to look somewhere else for a more fair dinkum deal.
The Australian Competition and Consumer Commission (ACCC) is currently all over health insurance providers. They’re being explicit in their expectations that they want to see Australians benefit from the $500m** that insurers didn’t pay in healthcare benefits across 2019-20.
However, most insurers are still not coming to the party, still opting to raise their premiums in October 2020 and again in April 2021.
With waiting times for elective surgery being pushed back 18 months or more***, Aussies are still being asked to pay high prices despite not knowing when they’ll be able to use their coverage.
Unfortunately, ditching your health insurance isn’t an option either as being in the public health system could cause an even longer delay if you need surgery in hospital.
It seems that the best option for people paying too much is to look for better deals with health insurers that won’t poke holes in their pockets.
The good news is that there are often cheaper health insurance providers available. These providers offer cheaper, but similar, cover often without the need to serve any new waiting periods.
It’s not as much of a hassle as it might seem.
Health Insurance Comparison’s specialists saved customers $312 on average in 2020****. So comparing and switching with us today could offer you better value if your current health insurance providers are failing to give you value.
It’s a simple process and you can get started right now.
Get Started Now:
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.
This article is opinion only and should not be taken as medical or financial advice. Check with a financial professional before making any decisions.
*ACCC, Private Health Insurance Report To The Australian Senate, 17 December 2020.
**Your Life Choices, Health Funds Pay Out $500m less, December 2020.
***Your Life Choices, Elective Surgery Backlog Unlikely To Be Resolved AnyTime Soon, August 2021.
****Based on 25,311 policies in 2020.