Ditch private health premium rises: Choice
Consumer advocacy group Choice says private health funds should dump their upcoming October price rises, due to sustained “mega profits” in the industry.
Dean Price, Choice health campaigner, said reports that private health funds made mega profits out of COVID-19 showed it should provide some relief to Australians.
“This is disgraceful. Funds are charging full price while not delivering the full range of healthcare services,” Price said.
“They can’t get away with doing the bare minimum while raking in these profits. The October price rises must be scrapped for the good of the community.
“To increase people's premiums on 1 October, as most funds plan to do, would be cruel in light of these abnormal profits.”
Price criticised health funds for promises made back as early as April, for returning profits to members but never stating how they would do it.
“This industry has played an aggressive game of PR bluster – promising to return abnormal profits at the start of the COVID-19 crisis and then backtracking, deflecting and going on the attack to avoid their promise,” Price said.
“The community doesn’t need games right now - put money back in people’s pockets so they can get through this crisis”.
Not-for-profit HBF was the only insurer that had given any relief, with a 12 month pause on premium increases.
“All health funds need to join HBF in deferring the 2020 premium increase for the full year,” Price said.
AUTHOR
Chris Dastoor
Recommended for you
Licensing regulation should prioritise consumer outcomes over institutional convenience, according to Assured Support, and the compliance firm has suggested an alternative framework to the “licensed and self-licensed” model.
The chair of the Platinum Capital listed investment company admits the vehicle “is at a crossroads” in its 31-year history, with both L1 Capital and Wilson Asset Management bidding to take over its investment management.
AMP has settled on two court proceedings: one class action which affected superannuation members and a second regarding insurer policies.
With a large group of advisers expecting to exit before the 2026 education deadline, an industry expert shares how these practices can best prepare themselves for sale to compete in a “buyer’s market”.
