Millions of Australians could be hit with private health insurance premium increases of up to 25 per cent next month, far exceeding the official average rise approved by the federal government.
Health Minister Mark Butler recently signed off on a 4.41 per cent average increase from April the steepest jump in almost a decade. But new analysis from consumer advocacy group CHOICE shows many policyholders, particularly those on top‑tier cover, will pay far more.
CHOICE examined premiums from the nation’s five biggest health funds Bupa, HCF, HBF, Medibank and NIB and found some customers will face increases five times higher than the national average. The steepest rise was recorded in HCF’s Hospital Optimal Gold policy, which will jump by 25 per cent, despite not including extras.
The sharpest pain will be felt by Australians with gold‑level hospital cover, held by more than 3.5 million people. CHOICE found premiums in this tier will rise by an average of 13.3 per cent, highlighting what the group describes as a long‑running structural crisis in the private health system.
“There’s a deep structural problem with comprehensive healthcare overall, and this has just been creeping along for decades now we’re seeing astronomical figures,” CHOICE spokesperson Jodi Blades said.
With around 15 million Australians holding some form of private health insurance, consumer advocates are urging people to reassess their policies rather than absorb the increases.
“We would hope consumers look at these substantial rises and think, ‘Maybe I should shop around,’” Blades said.
As premiums climb and household budgets tighten, the pressure on Australia’s private health system and the people who rely on it is only set to intensify.
+ There are no comments
Add yours