Know your numbers when reviewing premiums

Know your numbers when reviewing premiums

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With the announcement of the average private health insurance premium increases by Health Minister Greg Hunt today, Nurses & Midwives is encouraging members and Australians alike to understand the numbers that matter.

Mr Brad Joyce, Chief Executive Officer of Nurses & Midwives Health, has welcomed today’s announcement of the lowest private health insurance premium increase in 18 years but questions whether the average premium increase percentage figures reflect an accurate comparison between insurers of the actual dollar increase and the true value of a health fund and/or their health insurance products.

“What these figures don’t take into account is the current individual premiums that health fund members may be paying and the benefits available under a specific product. Rather, it’s the weighted average premium increase across the entire product range which doesn’t provide much insight or an accurate comparison,” Mr Joyce said.

The discrepancy between the average increase and individual increases is clear when looking at Nurses & Midwives Health’s most popular product combination – Top Hospital 500 and Top Extras.

“Nurses & Midwives Health’s premiums remain low within the industry as they are coming off such a low base, despite not having the lowest average premium increase for 2019,” Mr Joyce said.

“For example, the premium for Top Hospital combined with Top Extras, one of the most popular product combinations at Nurses & Midwives Health, is below the major insurers, a result that would have occurred even if they were to have a zero increase at 1 April 2019 [1].”

As one of the fastest growing Australian private health insurers, Nurses & Midwives Health is focusing on the long term financial stability of the business. This outlook focuses on the best interests for members.

“As a not-for-profit health fund, UniHealth is committed to keeping premiums as low as financially sustainable, while continuing to provide value for money, quality cover our members have come to expect,” Mr Joyce said.