A research released by the Australian Medical Association (AMA) revealed that younger, healthier people are enrolling in private health insurance at an increasing rate despite mounting cost of living pressures (including with recent electricity and gas price increases).
The investigation also discovered that refunds given to patients of other funds who underwent the same surgery done by the same doctor in the same hospital varied by up to $700! That’s a massive difference, and something that Billy Explores thinks is terrible (hence why you should always compare health insurance through Billy Explores)!
Prior to the pandemic, fewer people had health insurance for hospital care due to unclear policies that provided poor value for money. Particularly young people were choosing against private insurance. The percentage of persons with hospital insurance, however, increased from 43.6% in June 2020 to 45.2% by June 2022, according to the Australian Medical Association’s (AMA) Private Health Insurance Report Card for 2022.
The Australian Medical Association’s president, Prof. Steve Robson, called on insurers to give members more value for their money in response to the findings.
Consumers find it aggravating that different insurance companies charge vastly different sums for the same medical procedure, according to Robson.
This variation in out-of-pocket costs is one of the reasons the American Medical Association (AMA) has called for an independent regulator – a private health system authority – to oversee private health insurance. This would ensure that policyholders are receiving fair value for their money through a mandated minimum amount that every insurer is required to return to patient care.
The analysis represented the most recent quarterly private health insurance numbers from the Australian Prudential Regulation Authority, according to Ian McAuley, a research fellow at the Centre for Policy Development who has conducted considerable research into the private health insurance business.
“The data shows older people are still enrolling in private health insurance, but there has been a substantial surge in membership in the age range of 35 to 54,” McAuley added.
With more younger Aussies taking out private health insurance, it also makes sense that they need to do a health insurance comparison through Billy Explores! You can do a health insurance comparison at any time through Billy Explores. Save time and effort and explore potential savings, and potentially get a better deal from our panel of providers. Of course, it’s also important for this age group to do life insurance comparison as well!
So come on young people, it’s time to do a health insurance comparison Australia! Simply click the links below.
Important Links For Health Insurance Comparison