Health insurers given an inch but take a mile by increasing prices up to 45%

  • The annual health insurance rise set down on April 1 was advertised at 3.95% 
  • Some health insurers have raised their policy prices by as much as 45% instead 
  • St Luke’s Health was one of the insurers who raised prices from 4.5% to 45.1%

Some families will have to pay up to $800 more a year for their health insurance policies after the annual health insurance rises exceeded advertised prices by up to 41%.

Hundreds of health insurance policies have jumped up in price by double digits after the introduction on April 1, despite the advertised price hike being announced as only 3.95%. 

New research and analysis shows more than a dozen policies took the opportunity and hiked prices as much as 45% The Sunday Telegraph reported.

Some families will have to pay up to $800 more a year for their health insurance policies after the annual health insurance rises exceeded advertised prices by up to 41%

Consumer advocacy company Choice’s spokesperson Tom Godfrey said consumers had to avoid being fooled into thinking their insurance policy ‘only went up by 3.95%’. 

‘Hardly anyone will actually receive this rise of 3.95%, a lot of people will be worryingly hit with price increases well in excess of this,’ he said. 

Bupa and Medibank were also among other insurers who raised their prices by more than the average

Bupa and Medibank were also among other insurers who raised their prices by more than the average

He is encouraging people with health insurance to get their insurer on the phone to find out ‘what your actually premium hike was’. 

The Sunday Telegraph reported that St Luke’s Health was by far the worst offender when it came to taking advantage of the price change by increasing single policies by 4.5% to 45.1%. 

Hospital cover prices by Australian Unity was the worst when they announced their platinum hospital cover was risen by at least 11% across the country.

Bupa and Medibank were also among other insurers who raised their prices by more than the average.  

Consumer advocacy group Choice is encouraging people with health insurance to get their insurer on the phone to find out 'what your actually premium hike was'

Consumer advocacy group Choice is encouraging people with health insurance to get their insurer on the phone to find out ‘what your actually premium hike was’

 

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