About the premium rate rise
Private Health Insurance premiums will increase by an average of 5.78% from 1st April 2010.*
Generally private health insurance funds are permitted each year by the relevant current Australian health Minister to alter the premiums of their policies. This is usually due to increased medical treatment and other costs. We note that selected health funds may also make changes in specific policy details and coverage, including changes to rebates or annual limits, or in the services covered by the policy/health fund.
However, it is important to note that not all health funds will increase their premiums by an average or same amount. There are funds whose average premium increase may be less than the average amount, and it is likely there will be funds whose average premium increase will be greater than the average amount.
iSelect recommend 2 great ways to avoid paying the higher premium:
- Lock in your premium prior to the rate rise taking affect by paying in advance; and/or
- See if you can better match your policy to your needs. Call us on 13 19 20 or get a quote online.
*Source: Dept. Health and Ageing website 23 Feb 2010 (www.health.gov.au)
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