About the 2008 premium rate rise
Health insurance premiums have fluctuated over the years; premiums rose by an average of 4.5 per cent last year (2007), 5.7 per cent in 2006, 8 per cent in 2005 and 7.6 per cent in 2004.
For 2008 the Australian Government reviewed a number of applications for premium increases, (some increases of double figures in percentage terms) and advised that it attempted to put downward pressures on the increases. This year’s increases will take effect from 1 April 2008.
Whilst we understand that the Government does all it can to make health insurance affordable for Australians, iSelect believes it is wise to think about what you are currently covered for, and check your policy against your life-stage. iSelect may be able to help you change to more appropriate cover based on your stated needs. Importantly, in most cases, your waiting periods are protected by government legislation when changing to similar levels of cover.
Not all health funds will increase their premiums by the full 4.99% average; there are funds whose average premium increase will be less than 4.99%, and there will be funds whose average premium increase will be greater than 4.99%.
In the main health funds increase their premiums to cover a range of rising costs they incur.
iSelect recommends you consider the following prior to the new premiums taking effect on the first day of April 2008.
SOURCE DISCLAIMER
*Source: Dept. Health and Ageing web site, 6 March 2008 (www.health.gov.au)
**Source: Private Health Insurance Administration Council Annual Report 2007 (www.phiac.gov.au)
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