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The 2015 health insurance annual rate rise is here

RateRise

We knew it was coming, and now it’s here!

Last Friday the Australian Federal Health Minister announced that health insurance premiums have been approved to rise, on average, by 6.18%. This increase reflects the growing cost and utilisation of health services.

Taking effect in a few weeks time on 1 April 2015, this increase is almost triple the rate of inflation, and will add approximately $200 a year to the cost of the average family policy.

Whilst all the prices have increased, there are still major differences between the thousands of policies available from various funds. Here at Choosewell, our expertise is to identify a health insurance policy that is better suited to your needs and is priced the most competitively.

Now is the time to review your cover to ensure you are covered for the things that you need. Even on the same level of cover there can be significant price differences between the funds as well as the benefits offered.

View all average price increases

RateRise_GraphAverage Price Increase

 


We answer some commonly asked questions…

Q: Why do rates go up every year and by so much..?
The costs of medical services paid for by the insurers increases each year, typically by more than the increase to premiums.

Q: So, how can Choosewell help me if the higher prices are inevitable..?
Whilst all the prices have increased, there are still major differences between the thousands of policies of the various funds. Our expertise is in identifying a health policy that is better suited to your needs, and is priced most competitively. Often customers who review their cover at this time of the year are able to achieve better cover at the same or a lower price than what they were previously paying.

Q: How much is my increase..?
You’ll receive a letter from your health fund telling you what the new premium will be. You can work out the increase by calculating the difference between the old and new premiums.

Q: Do I need to reduce my cover if I can’t afford to pay more..?
No, not necessarily. You should review your cover to ensure you are covered for the things that you need. Even on the same level of cover there can be significant price differences between the funds.

Q: Will I have waiting periods if I change cover..?
If you’ve had cover for less 12 months, and you’re not upgrading your cover there are no waiting periods. If you upgrade, there will be waiting periods only on those services that have been upgraded.

Talk to us today about how to reduce to impact of the rate rise and get the most out of your cover.

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