Australians Hit with 3.73% Health Insurance Hike Despite Rate Cuts
Australians will see a 3.73% increase in health insurance premiums. Tune in to Australian Punjabi News to find out what you can do to bear the expenses
Despite of Government making efforts to cut down costs, approximately 15 million Australians are going to face a tough situation as the Minister for Health & Aged Care, Mr Mark Butler MP, has announced a 3.73% increase in the premiums people pay for their health insurance. This is a major concern for those who have bought private medical insurance, and it will add up more to their cost of living. Well, maybe some of you are fine with this rise, but people who find it hard to make ends meet are now worried about their rising premiums. If we go back to the previous hikes in the insurance premiums, this one would be considered as the highest annual rise counted for private health insurance policies.Ā
What does the Australian Government have to say about it?Ā
The Australian Government believes that this decision will help people to get value for their money from the insurance policies after clarifying that this was the best deal they have cracked for their people. According to the Australian Punjabi News Channel, this hike tops the mark of the biggest premium range in the last seven years, and with this change, several Australians may need to reconsider their options, which include policy cancellations, switching to other policy service providers, or downgrading.Ā
Is this hike beneficial for Senior Australians?Ā
After the announcement, the CEO of National Seniors Australia issued a statement saying that private health insurance is undoubtedly the main concern for senior people who struggle to live a normal life in Australia, and at the same point, they need medical insurance because they are easily vulnerable to chronic health issues. People now believe that the government has left them with no choice because the hike will be effective from the 1st of April 2025, making it hard for them to explore the choices they have and choose what is best and, at the same time, inexpensive for them.Ā
On the other hand, the government is advising people to find out the best deals around, especially if they are paying individual premiums. Even the Punjabi Australian News has explored that people are now demanding a review of the private health insurance policies to ensure that there is affordability for the people who are left with no choice but to drop the coverage as they cannot pay for the policy anymore after the 1st of April, 2015.Ā
What can be the safer way out here?Ā
So, with this growing financial pressure, you may be thinking about a way out to the safer side and to check out what is on the other side of the road, its time to stay tuned with Australia Indian radio station where the experts are sharing their views on this important decision and advising people how they can manage their health insurance costs. In addition, we have come up with some of the essential tips you should keep in mind before taking a step further.Ā
Start Comparing Policies: You need to shop around for better deals and check if your current coverage still meets your needs or not.
Try Increasing Your Excess: If you choose a higher excess, it can reduce your premium charges.
Do Not Miss Discounts: As the market is fluctuating with this latest announcement regarding private medical insurance, do not miss discounts for direct debit payments or prepaying your policy.
Always Use Extras Wisely: You can maximize the benefits of your extras if you cover it by using services even before the changes in the policy take effect.
Start with Reviewing Family or Couples Policies: Before you plan to pay for your policy, make sure that you review family or couple policies to make sure that you are not paying extra for nothing.Ā
Conclusion:Ā
Last but not least, it's time to gear up and find the best insurance policies that will offer you services worth the money you shall pay to them. Call your insurance provider and clear your doubts because they owe you that! Moreover, to stay updated with such important news, make sure you tune in to the top radio station Melbourne and listen to what is happening in Australia and the other cities around.Ā
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