After April 20th 2020, Private health funds will be raising their premiums. Estimates vary between 1.64% and 5.91%. Consumers in general will simply absorb these increases without looking seriously into what they are actually getting for their money. Many funds are simply reducing what they will cover and give rebates on, and continue to find excuses to avoid covering their members for various extras, citing obscure and often confusing reasons for not providing cover.
Consumers have been lowering their policies or scrapping them all together in the face of rising premiums, as higher out of pocket costs are placing even more pressure on household budgets.
It is time for a comprehensive look into the more than 30 private health insurers which reportedly have as many as 40,000 variations in their policies. This causes major confusion and consumers are left sceptical and bewildered. Is it really worth being in a private health fund? What do you really get for your money?