News

NewsShocking early results from member poll!
Shocking early results from member poll!

Shocking early results from member poll!

Last updated by Kayley Harris on

There’s been a very interesting result to our latest Private Health Insurance poll of members.

We wanted to test the theory that over-50s pay bigger increases than the average of 3.95%

And lo and behold, 70% of respondents say they’re getting a 5% increase or greater!

1 in 12 of you even said your increase was more than 10%!

But here’s the thing: only 100 members have so far answered the survey: we need to know whether these results are true across the board.

Click here to take the two-minute survey about Health Premiums now

Click here to see the members’ offer from HCF


My own experience fits with the early results. Even though the government approved an average increase in Health premiums of 3.95%, my health fund increase was 5.45%

So I had a look at one of the other funds that claim an average increase this year of 2.28%, well below the government recommendation. When I asked for an online quote, it came in at $120 more per month or an increase of 47% from what I am paying now! Is it any wonder we get confused with private health cover?

Some funds are leaving members with little time to review their policies before the price rises on April 1. Health insurance funds can notify members anytime before April 1 about their price rises but must allow between four to six weeks if there are “detrimental changes” to the policies.

So many of us are time-poor already and the idea of trying to work out your health insurance situation can be overwhelming. Many businesses rely on you putting your health insurance into the “too-hard” basket.

Like many of your household bills, knowledge is the key. Remember to consider what stage of life you are at when determining cover. I’m over 50 so I don’t need pregnancy cover but after a visit to the gym this week, I could well need a hip replacement down the track!

OUR TOP TIPS TO SAVE ON HEALTH

  1. Review your policy.
  2. Pay by direct debit — this can result in a discount.
  3. Pay one year’s premium in advance to save, if you can.
  4. Consider increasing your excess to reduce premium cost.
  5. Check if you can get an employer discount.
     

Click here to see the members’ offer from HCF

Originally posted on .

Join the conversation

FiftyUp Club
Shocking early results from member poll!

Share your views with other members. 

Want to leave a comment? or .
Read our moderation policy here.
Rod
Rod from NSW commented:

I am with CBHS and I have found my premiums to be about 2/3 of the cost of any fund I compared and my benefits in my quarantined fund are much higher as well... Wont be changing Health fund but am very interested in NBN plans, Power options with SOLAR and phone plans 

Someone
Someone from NSW commented:

I have reviewed my health insurance, however, I found that HCF was slightly more expensive than my existing health insurer (AHM). Having said that, my premiums are increasing by 4.72% in April. I’m in my senior years when health insurance, I think, is a necessity and, like many others like me, have been paying health insurance since I started work. I have never been without private health insurance and now, when there is more likelihood that I may need to use it, I’m continually hit up with increases above the government approved ‘average’. Chris from NSW 

Morelle
Morelle from NSW commented:

Australian Unity are increasing my premium by 10.55%. They don't have a "shop front" so all communication is either through their website or phone. Even though the staff are efficient, it's very difficult to achieve a final result as they still direct me back to the website. 

martin
martin from QLD commented:

And Don't forget that the Government REBATE is being slowly and insidiously being reduced each year! 

Anthony
Anthony from WA commented:

It,s shocking the when you have paid many many years into your private health fund and now in one,s senior year and when you need it most the fund whacks up the premium significantly. I am with HBF in WA and my premiums have gone up consistently higher than the average - the increases have been between 5.5 and 8% Health care at the present rates of increase is and will increase to be unsustainable to many and in particular pensioners! Tony Casella W.A. 

Comment Guidelines