Sticking with a household budget can be difficult at the best of times, but as health insurance premiums creep higher, you may find your budget stretching thinner and thinner.
In 2013 the average private health insurance premium rose by 5.6 per cent while the Australian median household income increased by only 4 per cent.
This means a larger proportion of the household budget in many homes is being used to cover Australian health insurance premiums.
When this is added to increasing living costs – such as housing expenses, food prices and inflation – disproportionate premium rises can create a significant financial burden on Australian households.
If you've found your health insurance premiums are beginning to overwhelm your family budget, you may want to consider reviewing your policy options.
It is possible to save money by identifying areas of redundant cover or by switching policies or providers.
For further information and an in-depth health insurance comparison, speak with HICA today.
We are a health insurance broker who is on your side, which means we will ensure you are receiving the best private health cover for your individual needs and budget.