Health insurers are tipped to deliver one of the lowest premium increases on record this year, thanks to an influx of new customers and fewer claims.
Steven Siewerthe expected the industry-wide average premium increase this year to be between 2 and 3 per cent, well below the general rate of inflation, which is running at 7.3 per cent.
, with fewer consumers making claims due to a pause on elective surgery, leading the sector to build up large cash reserves. “I think it demonstrates the industry is in good shape at the moment, and the industry is working very dutifully towards keeping premiums affordable and compensating members for the downturn in activity during COVID.”
Private Healthcare Australia chief executive Rachel David said she expected premium increases to come in “well under” the general rate of inflation.Dr David said insurers were not seeing people rebook deferred surgeries, keeping pressure on premiums down. “And unfortunately, we are still seeing the cost of generic medical devices – the cost per procedure – rising out of proportion to the number of procedures performed.”Dr David said one of the major risks to insurers was that consumers will cancel their policies as cost of living pressures force them to make cutbacks.“Whenever we survey members, the premium cost always comes back as their major concern.
Philippines Latest News, Philippines Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
New rules mean you can get a Commonwealth health card on $90kWhat you need to know if you want cheaper medicines, medical expenses and other concessions that will save you money as a self-funded retiree.
Read more »
Health minister defends contradicting chief medical officer's advice, as China restarts travelMark Butler says the government has to keep in line with international expectations as well as Australian health officials, after going against formal advice not to require pre-flight COVID tests on travellers from China.
Read more »
New rules mean you can get a Commonwealth health card on $90kWhat you need to know if you want cheaper medicines, medical expenses and other concessions that will save you money as a self-funded retiree.
Read more »
Qld Health construction blowouts ‘no different to mum and dad renovators’Rising construction costs have been blamed for budget blowouts totalling $150 million at Queensland Health projects across the state.
Read more »
Health Minister defends China travel restrictionsHealth Minister Mark Butler has defended the government's decision to impose pre-departure COVID-19 testing on travellers from China, arguing he has acted in line with counties comparable to Australia.
Read more »
Australia's frontline health care system is on the verge of collapse | 7NEWSA warning that Australia's frontline health care system is on the verge of collapse. NSW, Victoria and Queensland are all demanding a Medicare overhaul as underpaid GPs, overcrowded emergency departments and worsening chronic disease all take their toll.
Read more »