Health insurance rates to increase at nearly double the rate of inflation in 2020

From April 1 2020, health insurance premiums will rise on average by 2.92%—nearly double the rate of inflation*, with some funds set to have average increases as high as 5.6%.

This means families will cough up an extra $1.99 per week, while singles will see an increase of 68 cents (on average).** This might not sound like a lot, but it adds up to over $100 for families per year. And we can’t help but ask: why are those who are actively preparing for their future paying disproportionately more for cover?

The constant reordering of value-for-money health funds has created an industry that only rewards active shoppers. Because, while prices simply rise for the loyal customers stuck on outdated policies, funds regularly offer new and better policies to bring in new customers. It’s a system that relies on loyal customers believing that it’s too hard to switch.

Award-winning comparison service, Health Insurance Comparison, knows that fair premiums start with smart shopping. Let their friendly advisers do the heavy lifting for you—they’ll find great value quotes for your needs from a panel of leading health funds.

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Get fairer premiums, 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.

Choose your life stage.

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Health Minister Greg Hunt said it himself.

“…I encourage consumers to shop around to get the best deal for themselves and their families.”

Every dollar matters, and staying stagnant is often more damaging for your wallet than making a move.

You might be wondering how switching policies works or whether it’s worth your time. Maybe you’re worried about re-serving waiting periods and leaving your family in the dark, without health cover, at a crucial time.

We get it.

Health Insurance Comparison deals with parents and families every day, with the same concerns. But, contrary to popular belief:

  • There’s no need to re-serve waiting periods when switching to an equal or lower level of health cover
  • You’ll only serve waiting periods on new services added to your policy or any higher benefits for existing services
  • Switching health funds is free with Health Insurance Comparison and takes only a few minutes
  • Your adviser will deal with the policy transfer process from start to finish and help with paperwork
  • If you have any questions about your policy, Health Insurance Comparison’s qualified advisers are available to help

“Work has already commenced on the next wave of improvements for private healthcare to continue to improve the affordability and value for consumers,” says Mr Hunt.

But when will we actually see premiums improve?

You decide.

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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.
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*https://www.abs.gov.au/AUSSTATS/abs@.nsf/0/938DA570A34A8EDACA2568A900139350?Opendocument
**https://www.smh.com.au/politics/federal/government-unveils-lowest-health-insurance-premium-increase-in-19-years-20191207-p53hsu.html
***https://www.theguardian.com/business/grogonomics/2019/oct/31/still-no-inflation-to-speak-of-in-a-stagnant-australian-economy

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*Average savings based off 15178 customers during FY18/19.

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

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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