Health funds keep premium rise under inflation but rising costs remain a challenge
Health fund premiums will rise by an average 3.03% this year, much lower than inflation. Premium increases for other insurance types have surged by up to 16%.
Health fund premiums will rise by an average 3.03% this year, much lower than inflation. Premium increases for other insurance types have surged by up to 16%.
Australian health funds paid a record $23.6 billion for healthcare in 2023 as claims by health funds members hit a new high, exceeding pre-pandemic levels.
A report on the front page of ‘The Australian’ newspaper suggesting the health insurance industry is in a ‘war of words with Mark Butler’ and in ‘fear’ about the timing of the premium announcement is false.
All specialist doctors’ fees should be published on the Government’s Medical Cost Finder website so consumers know who is charging egregiously, the peak body for health funds says.
Private Healthcare Australia CEO Dr Rachel David said a successful universal health scheme requires a strong and vibrant private scheme to increase funding for healthcare, promote equity, provide choice and ensure that the most vulnerable Australians are able to access care.
Australia needs tougher laws to protect consumers from unexpected bills in the private health system, where 60 percent of all elective surgical procedures occur, the peak body for private health funds say.
The latest data from Private Healthcare Australia – the peak body for health insurers – reveals seven children aged under 15 were hospitalised due to a vaping related disorder or injury since 2020, including a two-year-old. Another 19 young people aged 15 – 24 required hospital treatment connected to vaping. The average time spent in hospital was 5.6 days.
CEO of Private Healthcare Australia Dr Rachel David said a survey of consumers published today by Pain Australia should be interpreted with extreme caution because it was commissioned and fully funded by the Neuromodulation Society of Australia – a group representing the providers of spinal cord stimulators.
Inflation and soaring use of private healthcare will affect the cost of health insurance over the next year, but health funds are doing everything they can to keep premiums as low as possible for Australians.
Private Healthcare Australia CEO Dr Rachel David said health funds’ submissions to Government to increase health insurance premiums for 2024 reflect inflation, record claims over the past year, and essential costs such as IT upgrades to combat the ever-growing threat of cyber-attacks.
More Australians than ever before are relying on private health insurance for their healthcare needs. Timely access to surgery, mental health treatment, and flexible, convenient care options has seen more than one million Australians sign up since January 2020 and the latest APRA data shows that almost 14.7 million people (55.1% of the population) now have private health cover.