Thanks for taking the time .. to update all of us. It seems to me that when all these problems are .............. worked out . .we will have a better system . ...
Not one that doesn't need more work ... but still more equitable to consumers
F6, 6.1% avg premium increase, Australian private healthcare funds .. just out of interest .. excerpt ..
In the five years preceding 2009, health insurance premiums have increased on average by 6.1% each year. Over the same period benefits have increased, on average, by 8.0% per year. Part of the difference has been met through investment returns. However, lower investment returns in 2007-8 and ongoing market uncertainty means that insurers are placing more focus on premiums to meet increases in benefit payments.
Approval of Premium Increases
The Private Health Insurance Act 2007 requires health insurers to submit details of proposed premium increases to the Commonwealth Minister for Health and Ageing before they can increase premiums on any of their policies. In their submissions, insurers must provide detailed financial information and cost and benefit projections to justify any increases they seek. An accredited professional actuary must have certified this information.
The proposed increases are examined by the Department of Health and Ageing and by the Private Health Insurance Administration Council (PHIAC). PHIAC is the independent health insurance financial regulator. PHIAC has the power to require insurers to report on their finances and operations and can independently audit insurers’ finances.
Health insurers must obtain approval from the Minister before applying a rate increase. If the insurers cannot provide sufficient information to demonstrate to the Minister that an increase would be necessary to meet their obligations to pay benefits to eligible contributors, then there is no change to the premium. .. more ..
News 
Market Data 
Discover 
AI
