Lower health insurance premiums in 2020? That *was* the plan

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Brace yourself. Private health insurance costs are set to rise again on April 1, 2020, and premiums are likely to increase at double the rate of inflation thanks to a recent deal between Health Minister Greg Hunt and the medical devices industry failing to deliver the anticipated savings.

Aussies will be dumped with an estimated rise of 3.25 percent*—but why should you pay more for false promises? While health funds have no choice but to pass costs onto loyal customers, you can take back control by comparing your cover with this easy-to-use, award winning tool.

Review your health cover before the rate rise to secure a great-value deal for 2020. If you pay in advance you can even lock in 2019 prices for up to another year. Don’t risk it and wait for next year’s price hike to decide what your premium will look like.

Lock in lower rates now:

Step 1: Select your current life stage below.
Step 2: Once you select your preferred coverage options, you will have the opportunity to compare quotes from multiple health funds.

The latest statistics show 65,000 fewer Australians held health insurance in December 2018 compared to a year earlier. With regular premium increases and confusing reforms coming into play, it’s no surprise that an increasing number of Aussies are giving up their cover, especially the younger generation struggling to see the value in maintaining a policy.

With that being said, private health cover remains an extremely valuable asset for many Australians. Hospital cover alone allows you to get the medical attention you need at a reasonable time and place, rather than being stuck on a public hospital waiting list through Medicare. However, shopping for health cover isn’t as simple as picking out a new outfit or test driving a car. There’s no easy, one-size-fits-all solution for everyone, and buying the right policy can feel like finding a needle in a haystack.

And that’s because it is. There’s no denying health insurance will cost more in 2020 for some policyholders, but not all insurers will increase prices. What’s more—you’d be surprised just how much money can be saved by switching to a more cost-effective policy with the same level of cover. Aussies who reviewed their cover with Health Insurance Comparison saved an average of $340.68* on their premium annually, while potentially getting more comprehensive cover along with the savings. That’s an extra $340 that could be put towards the mortgage or a much-needed getaway every year.

At the end of the day, we’re talking about your wallet and your hard-earned cash. Don’t let reforms and rate rises that are out of your control dictate how much you’ll pay for the healthcare you need—no one can take away your right to compare for a fairer deal and a more suitable policy.

What will premiums look like in 2020?

A spokesman for Mr Hunt stated “the government continues to work with the sector on the next wave of positive reforms to continue to improve private health insurance and we expect private health insurers to play their part in delivering value for money for consumers and policyholders.”

We know that the average increase is expected to be around 3.25%, but individual health insurers are currently in the process of submitting their proposed premium hikes for 2020. They will later be approved by the Health Department, so stay tuned—we’ll know more by late December when Hunt announces the approved price increase.

In the meantime, don’t take chances—compare policies in minutes to lock in a great-value deal for 2020—simply click on your state below and potentially save hundreds in premiums.

https://www.smh.com.au/politics/federal/health-insurance-premiums-to-rise-after-government-deal-fails-to-reduce-costs-20191022-p5331g.html

*Based on average annual customer savings in 2018

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.

See Your Low Rates

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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