Private health insurance premium rise is no April fool’s joke
Private health insurance premiums have risen an average 2.74 per cent for 2021, yet membership has fallen continuously for almost five years.
The AMA is encouraging the Government to take immediate action on private health insurance reform and introduce a regulator to instil confidence into the system which left unchanged would continue to see decline.
Membership has fallen continuously for nearly five years and is increasingly unattainable for so many Australians.
Younger people continue to drop their private health insurance, while those over 65 are signing up in increasing numbers.
“To bring young people back into the system we need to increase the value of their insurance while also decreasing pressure on premiums,” AMA President Dr Omar Khorshid said.
“That’s why we are calling for an independent regulator as part of a broader reform package – an independent ‘cop on the beat’ to protect consumers while we look at new models of care, increased value and lowered costs in the system.
“With all insurers offering different products, different levels of cover, and with different levels of premium increases starting tomorrow, now is also the time for Australians to shop around.
“The AMA’s Private Health Insurance Report Card can help consumers understand the complexity of the insurance sector,” Dr Khorshid said.