Over60

Money & Banking

Do Aussies need more reforms to get better health cover?

Do Aussies need more reforms to get better health cover?

Do you want better value from your health cover? Recent reforms went into effect to make health insurance simpler, but figuring out your policy can still be a headache.

Fortunately, this article shows you what the reforms changed and what your options are to save money without sacrificing coverage.

What is health reform?

Government reforms went into effect just a year ago, but more changes are suggested. In fact, a recent study by the Grattan Institute on public policy shows that up to 60 per cent of Australians will drop their private cover by 2030 if nothing changes.

Among the recent reforms is a change in how insurers can price premiums. Insurers now have the option to offer lower premiums to younger individuals while providing them with the same coverage.

The truth is, incentivising more 18 to 29 year-olds to keep private cover might actually help to lower overall prices for everyone’s insurance. Keep reading to find out why.

Find better health cover

High premiums can cause young people to drop out of the private cover system. Consequently, premiums then go up for everyone else to make up the cost, creating a vicious circle where more young adults then drop out.

Unfortunately, many people don’t have that option. They need the cover. And that means they will have to ride out price fluctuations — unless there’s a better solution. The bottom line is that it benefits all of us to make private cover simpler and more appealing to everyone.

Although health insurance reforms are still settling and may change again in the future, there are options to find better value now.

Here’s how you do it:

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.

Many Aussies are switching cover and finding more value, even with a system that isn’t perfect. Health Insurance Comparison helps with that. We offer a free way to compare prices and policy options online.

Using our free health cover comparison tool means:

  • Convenient, at-home cover comparisons.
  • Realistic quotes for premium prices.
  • Assistance from experts to ensure proper coverage.
Private health insurance has long been criticised for being too expensive and too difficult to understand. And most of us can agree that changes need to happen. But that doesn’t help people who need cover in the meantime.

Currently, more than half of all Aussies have private health insurance. But is having cover the same as having the best value cover? It’s important to understand what your cover includes and what you’re getting for the price you’re paying, and we can help with this. You can’t afford to wait for more government reforms to make private health insurance simpler and easier to understand.

Fortunately, online tools like Health Insurance Comparison simplify the process for finding better value in cover. All you have to do is visit the online comparison tool, enter your life stage, postcode, and age, and you’ll be directed to the most affordable policies for you.

Find better health cover at Health Insurance Comparison.

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.

References

The Guardian https://www.theguardian.com/australia-news/2019/dec/04/up-to-60-of-australians-will-drop-private-health-by-2030-without-reform-report-finds

iSelect https://www.iselect.com.au/health-insurance/reforms/

Department of Health https://www.health.gov.au/health-topics/private-health-insurance/private-health-insurance-reforms

Department of Health https://www1.health.gov.au/internet/main/publishing.nsf/Content/private-health-insurance-reform-rules-2018

PrivateHealth.gov.au https://www.privatehealth.gov.au/health_insurance/phichanges/index.htm

NIB https://www.nib.com.au/health-information/healthcare-in-australia/private-health-insurance-reforms

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 made in partnership with Health Insurance Comparison.