The National Seniors Association estimates that over the last decade health costs have increased by 56.7%, despite inflation increasing by just 23.5% over the same period.
That’s concerning for older Australians. The NSA has warned that health insurance premiums could increase by as much as 66% by the end of this decade unless the underlying issues are addressed**.
That’s why comparing health policies regularly can help keep costs down but your cover intact.
This year insurers raised their premiums on 1 April 2021, six months after 2020’s COVID-delayed annual increase in October.
These increases come on top of a a reduction in the government rebate for older Australians. That means there’s a good chance the over 60s are already seeing higher health insurance costs.
Compare Club regularly speaks to thousands of Australians looking to cut costs after premiums get too high. It’s one way to knock hundreds off the cost of your health insurance.
A recent survey of six thousand NSA members revealed that seniors want lower out-of-pocket fees for specialists, cost-effective private health cover premiums, and more funding from Medicare across more services, including public hospitals.
That’s why Compare Club has been working to put more back in the pocket of older Australians. Last year we saved customers who switched with us $312* on their health insurance premiums.
To get help comparing your health insurance, click here. To find out more about the NSA campaign to help Australian seniors pay less for health, click here.
This article is opinion only and should not be taken as medical or financial advice. Check with a financial professional before making any decisions.
*Based on 25,311 customers in 2020.
** National Seniors Australia, Sept 2021