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Commonwealth Ombudsman - Health insurance premium on the rise

There are increasing grounds and lawsuits behind the premiums, and your choices when you are considering modifying your health insurance. Health insurance payments may be increased if there is an increased need for health care, whether in the form of higher health care, health care or other health-related expenses, and if their members make more use of health care as well. Among the drivers of rising healthcare bills may be nurse and nurse salaries, physician expenses, healthcare device and technological expenses, and more sophisticated and expensive practices offered in residential clinics.

Whilst all insurance companies have provisions to meet unforeseen rises in expenses, this can only help on a temporary basis. Wherever insurance companies are experiencing or expecting a continuous rise in claims expenditure, they must raise their premium revenues by raising premiums in order to remain affordable. To what extent have the premiums of my funds risen?

When your premiums have risen, your health insurance company is obliged to inform you in written form and you will be provided with up-to-date insurance documentation with further information about the changes. When your growth was above avarage, the funds were able to prove that the growth was necessary to meet the needs of your policies.

As a rule, such rises are an indicator that the respective health insurance company politics were previously undervalued. Under the Private Health Insurance Act 2007, health insurance companies are required to present the Commonwealth Minister of Health with detail of the rate hikes they propose before they can raise premiums for any of their cover. Insurance companies must include in their premiums comprehensive financials and cost-benefit forecasts to warrant the targeted increments.

Amendments will be reviewed by the Ministry of Health and the Australia Prudential Regulation Authority (APRA). The APRA is the autonomous tax authority for health insurance. The APRA has the authority to ask insurance companies to provide reports on their financials and transactions, and may review insurance companies' financials separately. The health insurance funds must obtain the consent of the minister before raising the tariff.

There is no amendment to the rate if insurance companies cannot supply enough information to prove to the Minister that an increment would be necessary to fulfil their obligation to make payments to entitled policyholders. However, your existing health insurance company or other insurance company may be able to give you a better value for money alternate health insurance that suits your needs.

Review the advantages of your current insurance and see if you need this amount and kind of protection. When it comes to health insurance, most insurance companies can provide more favourable treatment if you are willing to make a higher starting contribution (deductible or co-payment) towards the costs of hospitalisation. You should, however, be careful to fully appreciate the scope of the services and any terms or limitations before deciding on a more favourable insurance plan.

Generally, we advise you to give preference to the maintenance of high value health insurance to avoid the risks of large medical invoices. You can find out which issues you can ask yourself and which criteria you should consider when choosing a health insurance in our booklet "Choosing a health insurance policy".

"The Ten Golden Rules" offers you useful information to help you prevent health insurance hassles. "Right to change" gives you information on what to bear in mind when deciding to switch health insurance companies or insurance companies. On the website, you can compare your existing health insurance with other insurance products available for sale and see if your insurance offers the best coverage and value for money.

In order to review and improve your insurance coverage, please consult your health insurance company.