Medibank will be increasing insurance premiums by 4.6% from April 1st.
See link: https://www.medibank.com.au/content/about/media-centre/2017/…
If you have the spare cash earning 3% (really ~2% after tax) in a savings account, you're better off prepaying the maximum 12 months to avoid the increase effectively earning 4.6% tax free.
What else is new? It increases every year.
If they pass the proposed changes so that the Medicare Levy Surcharge is payable by everyone regardless of private health or not, I'm out.
I'm waiting until the annual 4% increase hits 100% …. I think it would just be cheaper to buy a new electric body from Tesla then, and upload my consciousness to the latest iBrain server.
In 2005 when I first took out private health, the cost was $76/month.
I have since lowered my hospital cover so that things like hip replacement and pregnancy-related services aren't part of the cover. Today, that lower level of cover is costing me $193/month.
That's almost a 300% increase over the last 12 years - maybe more if I stayed on the higher level of cover.
All up, I've made less than $2000 in claims - most of that I've used and claimed services just for the sake of it, not because I really needed it.
+1 I really hope this happens.
I abhor paying $2000/yr for some entirely useless policy just because it's the rational decision to make.
I'd happily pay the extra tax once the option to avoid it was removed, knowing that it's actually going toward our health system.
Doubt it will happen though.
I think that is the only reason people have private health in the first place - to avoid that damn Medicare surcharge.
Feature request: an Ozbargain calendar with this one set annually. Is there anything else people can think of that would go in it?
mine went up 8.4%
its mental. i might just pull all my teeth out, and be done with it
Check out this story:
Bill shock: couple faces $7000 health insurance price rise
http://www.smh.com.au/federal-politics/political-news/bill-s…
crikey.. i pay ~4k sorta sucks, but im shit at brushing my teeth, so i get my moneys worth from the dentist….
I'm considering cancelling my NIB cover given that the dentist is around $300 for a check up without private Heath care
Glasses are $300 with lenses and brand name frames online
A massage costs $60 x4 per year
A total of $840 if you pay directly.
While you pay $1500 a year for it with a private Heath fund
Most emergency stuff can be done at a public hospital and 90% of the time when you even go private you'll get transported back to a public hospital to see specialists and get treatments.
Hope you earn less than the threshold
Don't forget the Medicare Surcharge on top of that.
Only if you earn less than threshold then drop it, man…
I was looking around for private health care before 1st April, but when I read what it covers I wasnt too impressed. I have perfect vision so I wouldnt use any optical part, I go to the dentist when I need to (I am a contractor so I dont get sick/annual leave) so I generally dont have time to go to for a checkup, rarely take sick days or have any issues. Feels like I would just be paying for nothing really… Even if I got it from ambulance cover, the amount I save from not having PHI would cover a few ambulances. Might just wait til I'm 30 and get a basic one to avoid the loading >_>
We changed our provider and when we contacted our existing one, they price matched our new offer which is $130 cheaper per MONTH, but the new one is giving us 6 weeks fre cover. I suggest you contacting your current one after doing a research on other providers
I'm with a fairly specific one (through work)… been happy with what i get for what i pay.
I'm still not convinced what's the bigger scam: private health insurance or the "medicare scheduled fee".
How much are people paying?
When I used search comparisons before, I found comparative covers expensive compared to what I currently pay.
My example:
2 adults + 2 kids (2 y/o and 5 y/o) = $265 month from April 1st, an increase of 8.5%.
I would say its a medium cover.
However, they've given a HUGE sweetener by offering gap-free chiro for kids. I'm sure that will come in handy!!
There must be better value out there!!
I went to Private Health cover because I was sick of getting slugged with the Medicare Surcharge every year. I think Private Health Cover is a complete rip off. I wouldn't mind paying the medicare surcharge if it actually gave me something in return. I might go to the doctor maybe once a year but always get treated like a second class citizen compared to all their regulars (pregnant women and pensioners who are there every other week). Now I guarantee you the majority of these people are not paying that surcharge. Why not give the people who pay the surcharge a card that enables bulk billing or priority appointments or at least something in return?
Other funds are doing this also - marketing ploy to be honest. Time to shop around.
Here is HIF trying to justify it also
http://www.hif.com.au/health-insurance/information/2017-prem…