Health funds cut benefits and get more expensive – have you checked yours? 85



View Profile

According to the Sydney Morning Herald, Australian health funds are going through a time of change offering less lifestyle benefits and more expensive premiums.

Insurance companies have, for a long time, been battling it out for memberships so have increased their offers of alternative remedies and unconventional treatments. However now, insurer NIB has reduced the amount it will pay for “healthier lifestyle benefits” under the wellbeing extras cover from $400 to $150.

NIB is the fourth biggest insurer Australia and has joined other funds including Medibank and BUPA in lifting its premiums on 1 April 2015.

The SMH reports that NIB will increase premiums by an average of 6.55 per cent and across the board premiums will increase from at least 4 per cent. To take a look at your own health fund, click here.

High claims activity for remedial health services has triggered these changes as more people use them for purposes not strictly related to health in some cases costing 88 cents of every dollar paid by a premium.

So on 1 April make sure you know and understand just what the changes are to your health care and make sure that you’re getting the right bang for your buck.


Who is your current health insurance provider?

Starts at 60 Writers

The Starts at 60 writers team seek out interesting topics and write them especially for you.

  1. I think people will leave and more will go onto the Public Health System, then the Government will complain some more about Boomers. My son has private Health and hardly ever uses it. He pays for top cover, I can’t see him wanting to pay anymore

    2 REPLY
    • My daughter has private health insurance, she is 38 single, she has the lowest cover, thats only because when she gets older ( also now) she will not have to pay a premium, later in life. May be thats what your son could look at, unless he has a family

  2. And then will come this

    5 REPLY
  3. Dropped out of a fund years ago- got to be a luxury item we couldn’t afford. I know a few people with private insurance and they are pretty peeved that despite holding insurance, they can be left thousands out of pocket

    1 REPLY
    • My fund had a $1000 gap now is $400 which is fantastic , over the past 35 years have paid out many,many thousands of $, as Husband had many back ops , discs out, discs in, steel rods in ,not enough 4 more put in, plus when not able to get out of bed Public wouldn’t take him, but Private would . these rods come in3 grades, we get A, or B , but pay, Medicare get C as it couldn’t afford the A ones. Its the Theatres that cause waiting lists , as M/Care only pay $200 to for them Private pay $600, so we do get preferential treatment . If it is an emergency like heart etc, they have to take you, Have ortho in family .He has many public patients on books, Hips etc, but only a few ever get done under a year.

  4. It’s expensive, but at this stage we wouldn’t drop out of it. My husband had a heart attack a few years back was on the table having stents in a matter of an hour , no waiting.

    3 REPLY
    • Glenice, just to help you decide, we don’t have health cover – never have – and my hubby had a heart attack in 2011 and was operated on to have a stent inserted just as quickly. Any emergency is treated immediately no matter whether you’re insured or not. Hope your hubby is okay now 🙂

    • No choice.GP recommends specialist.No other specialist will touch you because of professional ethics.”You’re XXX ‘s patient.

  5. Every single commodity , permit,fee,lease,licence, item, object, part of an object, every single thing will go up and continue to go up til you can’t afford it and can’t have it. Sad to say but it is Greed and survival .. .and screwed up.

  6. I have had it for many years (hospital only) and have never used it, no “no claim bonus” with them. I now discover knee and hip replacement have been removed from my cover, and now yet another price hike, I think I am now on borrowed time with them.

    2 REPLY
    • Mike here-does ‘no claim bonus’exist anywhere in the insurance industry, my car insurance recently says not. We have a life time ‘no claim bonus’ with our insurer, we have the car insured on an agreed value. 3 years ago the ‘agreed value’ was a tad short of $20k & the policy was worth $470 last year the car was worth $16k with a policy of $520. This year the car is worth $12k & the policy is worth $570. But $12k is not neccessarily representtative of what we will pay as a result of complete loss, it could be less when circumstances like the cause of the accident, ‘your age’ are taken into account. I thought that was illegal?

  7. We will be changing the amount of cover we will be opting for just hospital cover and if the cost of that is expensive, then I’ll be ditching my cover. Paying way much now for services we don’t use and don’t need.
    Ridiculous state of affairs though.

  8. They are so expensive and when on a pension it is getting impossible to keep up with it. They do not even give pensioners a discount, we are paying the same rates as a family. I do not think this is fair.

    3 REPLY

Leave a Reply

Your email address will not be published. Required fields are marked *