Overall, the amount you pay will rise by an average 5.59 per cent. It's left some worried about the affordability of private health cover, and that puts them at risk. Should you act on instinct alone, you are prone to remove levels of insurance that you may need later on; after all, no one will want to find themselves under- or un-insured should they fall into health difficulties.
There are a couple of simple ways to keep within your health insurance budget.
While healthcare quality is an Australian's number-one concern, there are a couple of simple ways to keep within your health insurance budget, too.
See what others can offer you
Industry experts are advising people look at their options and use Australia's deregulated health insurance market to their advantage, By comparing private health cover, you could find a health fund with a product that better suits your situation and budget.
It's not a one-off option for this time of year; it pays to compare health insurance regularly to make sure you're getting an attractive rate. HICA is able to do this for free for individuals, couples or families. However, with the premium rate rise incoming, now is an ideal time to shop around.
Act before April 1
With April 1 coming up, the deadline is set for Australian people and even businesses to avoid the premium increases for another year. By paying your premiums annually, you can secure today's rate for the coming 12 months.
That means if your corporate health insurance budget is getting out of control, your broker will aim to keep costs down. If you're worried about your ability to pay your family health insurance premiums for another year, acting now can help you secure today's rate, not the increased one next month.
DTN Australia: Private health insurance premiums to rise by 5.6 per cent in April: Private health insurance pr… https://t.co/wicexPjeTV
— DTN Australia (@DTNAustralia) March 1, 2016
If you want to make a move before your health fund does, give HICA a call on 1300 44 22 01. We'll act quickly to help keep your insurance costs down and your cover quality high.