Leading health insurance comparison service, comparethemarket.com.au (CTM), supports the government’s decision to overhaul the private health insurance industry by making cover simpler and more affordable for consumers.
“With household budgets under intense pressure, these changes have been a long time coming and will be welcomed by the 13 million Australians who hold some form of private health cover,” said Abigail Koch, spokesperson from comparethermarket.com.au.
“It’s important to note that many of these changes don’t take effect until April 2019, which is why we encourage consumers to review their policy now to see if they could save, rather than wait 18 months.”
“The government vowed to reform private health insurance as so many Australians voiced their dissatisfaction with the coverage and cost of their policies. It is people who have the wrong level of cover and continue to pay for things they don’t need, who could enjoy the biggest savings by reviewing their policy.”
CTM has always believed in the importance of empowering consumers with information, so they can make better choices when it comes to finding the right policy.
“We support the government’s introduction of a simple gold, silver and bronze classification system, which should help people better understand their level of cover and prevent them from being caught out when they go to make a claim.”
The necessity of these reforms is evidenced by the thousands of Australians who have dropped or downgraded their cover having faced annual premium increases of up to triple the rate of inflation for sixteen consecutive years.
In particular, industry figures show a steep decline in the number of younger Australians holding private health insurance. Discounting premiums for the under-30s should lead to significant savings, with some people enjoying the full 10 per cent reduction in their policy costs for up to 17 years.
“This will make private health insurance much more attractive to younger Australians, encouraging them to take out cover earlier and therefore helping to keep premiums lower for all,” said Abigail.
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Comparethemarket.com.au is an online comparison service that takes the hard work out of shopping around. We help Australians to quickly and easily compare and buy products from a wide range of providers. Our easy-to-use comparison tool enables consumers to find a product that best suits their needs and their back pocket. We’re also in the business of comparing personal finance products, utilities and can help find the lowest fuel prices in your area. Whether it’s car, health or home & contents insurance, we provide a completely free service, that empowers Australians to make buying decisions with greater trust, knowledge and savings. We’ve got your back, simples.