Australian private health insurance premiums soaring
Australian private health insurance premiums soaringBy Michelle Stevens28 March 2017As of April 1, private health insurance premiums will rise by an average of 4.84 percent—3.3 times the official inflation rate. Together with the profits raked in by private health corporations, two other factors are driving up premiums—Lifetime Health Cover (LHC) loading and changes to the private health insurance rebate. Each year private health insurance companies are required by legislation to submit proposed premium increases to the federal health minister for approval. The health insurance rebate, first introduced in 1999, was portrayed as another "incentive" for people to purchase insurance. Data from health insurance broker iSelect also showed a drop off in the number of new people aged under 40 joining health funds.
Letter: Competition benefits health insurance
collected by :Lucy William
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