Health Funds and Industry News

Do you have any complaints or concerns surrounding your private health insurance?

Some Australians do, and will turn to their health funds for advice. However, many others are not receiving the level of service they would like from their insurance providers, a recent report suggests.

The Private Health Insurance Ombudsman (PHIO) - the body responsible for monitoring the industry and handling customer problems and enquiries - has released its annual report over the concerns of private health insurance customers.

Last Friday, the Australian Government announced the extent of the private health insurance premium rise. It was expected to be around 6 per cent - an amount many thought was on the high side.

The actual increase was announced as averaging 6.18 per cent, though varied between 3.98 and 6.99 per cent as different health insurers increase their premium rates at varying levels.

Health Minister Sussan Ley announced on Friday (February 27) that she had approved the rise, which sees health insurance prices grow above the rate of inflation - 2.2 per cent.

Private health insurance provider nib has released a review of its performance in the past year.

With more than one million policyholders signed up to nib, and the finances of such companies tied somewhat to premium rates, it is an interesting insight for any nib customers.

All in all, the provider has had a mixed year. As the fifth largest health insurer in Australia, the group launched in New Zealand three years ago with the purchase of Tower Medical Insurance. 

The government will actively seek to address issues surrounding any Medicare reform, after several of the proposed changes have been brought into question.

With doctors in particular reacting with disdain, certain topics will be in focus when the Department of Health discusses the ongoing issues later this month.