The government has announced it will investigate health insurers for using a loophole to raise their prices. In December last year, Minister of Health Mark Butler warned health insurers to stop ‘phoenixing’ policies after a Commonwealth Ombudsman report brought the practice to light. By law, health insurers can only raise prices once a year, but...
Most Australians will pay more for health insurance next week due to a reduction in a rebate designed to make health cover cheaper. Cuts to the Private Health Insurance Rebate take effect on April 1 at the same time as most policies are increasing in price by an average of 3.7% – which adds up...
Out-of-pocket payments for Private Health Insurance claims continue to rise, putting more pressure on Australian households during the cost-of-living crisis. New data from Australian Prudential Regulation Authority (APRA), which regulates the health insurance industry, found a 7% increase in Gaps paid for Hospital Cover claims for the quarter finishing December 2024, compared with the same...
Health insurance will increase by an average of 3.7% in April – the highest premium increase since 2018. Every year health insurers are allowed to raise their premiums only once. This year, Minister of Health Mark Butler rejected insurers’ proposed increases (reportedly up to 6%) at least twice before agreeing on an average premium increase...
Australian private health insurers have been criticised for using a loophole to raise the prices of Gold Cover policies. This week the Commonwealth Ombudsman found evidence some insurers have been raising prices through ‘product phoenixing’ – closing existing policies to new customers, and creating almost identical policies at a higher price. As a result, new...
Australians with Private Health Insurance are paying higher out-of-pocket payments for hospital treatment than a year ago, new data shows. The latest statistics from Australian Prudential Regulation Authority (APRA), which regulates the health insurance industry, show out-of-pocket fees for private hospital treatment increased by 8% in the 12 months from October 2023 to September 2024....
If you’ve used health insurance to pay for surgery in a private hospital or clinic, check your bill to make sure you haven’t been charged a Gap incorrectly. That’s the advice from Private Healthcare Australia, the peak body for the health insurance industry, after allegations that some specialists (including surgeons and anaesthetists) have been ‘double...
A ‘health tax’ passed by NSW government last week means NSW residents could face higher premiums for health insurance in 2025. The new legislation means the state government can increase its existing tax on private health insurance if insurers do not agree to pay a higher ‘bed rate’ of $892 for private patients in public...
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Like any aspect of life that’s complicated, health insurance is an area that’s shrouded in myths and misconceptions. Since some of those misconceptions could be costing you money, we at healthslips.com.au – your health insurance experts – are here to sort fact from fiction. To help you get health insurance savvy, here are some of...
Maybe you’ve just finished studying or you’re moving out of home. Maybe you’ve entered your 30s or got married. Whatever your reasons for getting your own health insurance in your 20s instead of relying on your parents’ health cover, it’s a good feeling to be taking control of your finances and becoming independent. It can,...
So, you just got married. Congratulations! If you’ve been living together for a while, you might already have a joint bank account, but have you thought about a joint health insurance policy? Sure, it’s probably not your first priority after the wedding, but Health Insurance when you’re married is definitely worth considering. Before you and...
We asked chartered accountant and tax expert Marianna Agostino, director of Conscious Wealth Creation, for advice on how private health insurance could affect how much you pay (or get back from) the ATO. How the Medicare Levy Surcharge affects your tax return According to Marianna, the biggest mistake people make is taking out health insurance...
So, you’ve taken a look at your health insurance policy and have decided it’s not right for you. Maybe it doesn’t fit your budget, or maybe it’s not meeting your healthcare needs any longer. Whatever the reason you have to switch, we’re here to help you with changing health insurance, without the headaches. Should I...
If you’re aged 60-plus, you might be hearing a few more creaks and groans from your body than you used to, and you may be finding yourself attending more medical appointments than in previous years. For that reason, you might be considering getting private health insurance. And if you already have health cover, you may...
With many Australian households under financial pressure, you might be wondering whether you should ditch your health insurance to save money. Before you take that step, there’s an option you may not have considered: taking a break from your health insurance. It’s a little-known fact that health insurers allow you to hit pause on your...
Whether you’re reading this because the cost of health insurance in Australia has gone up or you just want general advice to save money on health insurance, we’re here to help. We’ve compiled a list of 5 common health insurance mistakes made by Australians… Mistake #1 – setting and forgetting Many Aussies take out a...