Health Funds and Industry News

When it comes to technological development, there is one particular law that is often quoted. Or rather, not a law, but a prediction. Moore's Law, developed by the eponymous Gordon E. Moore in the 1970s, to be exact. This concept in simple terms states that the overall processing power of a computer will double every two years.

Every year, the Commonwealth Ombudsman (formerly the Private Health Insurance Ombudsman, or PHIO) releases its annual report on the industry. The latest edition has recently been published, taking in the 2014-2015 financial year.

In this 12-month period, Australian policyholders got to have their say by taking to the Commonwealth Ombudsman (CO) website and making complaints if they felt aggrieved by their health fund.

By now, every Australian private health insurance member will begin paying more for their cover. Every year, health insurance premiums rise, and this year was no different.

Like all things related to health insurance, it's important to be informed. That's a note that rings particularly true with all Australian health funds increasing the amount they charge their clients on  April 1.

The average premium rise will be 5.59 per cent, the government announced in March. However, your health fund could be dramatically lower or higher than that - and their rate change is sure to influence you in the back pocket.