9News: Insurance prices are on the rise

Families are being warned to move fast to lock in lower prices for their private health insurance

Peter Overton: Warned to move faster lock in lower prices for their private health insurance.

Within the next two weeks, the cost of being covered will jump by as much as $250 dollars a year, but if you can shop around you can save money.

Ross Greenwood: Every Australian family has a story about their private health insurance…

Vox Pops: Its unaffordable! The reason why I haven’t got health insurance because they just can’t afford it…

Ross: The price hike from April 1, is an average 4.84 percent across all funds.

It’ll again make Australians pause and wonder if they’re getting value for money.

Vox Pops: Every year we have the same problem it goes up to a hundred dollars, and for us we don’t get as much money to pay that extra $200.

Dwayne Crombie: I think families budgets are under a lot of pressure.

We all know that wages aren’t going up as fast as they used to, so yeah I think it’s a really difficult choice.

Ross: In the past eight years typical private health insurance costs, for a family with two kids, has jumped from around $2265 a year, to more than $3500.

That’s up 54 percent – more than your wages are growing, more than inflation, and it’s almost certainly more expensive if you haven’t regularly changed your health insurer.

But there’s a sting in the tail if you want to lock in last year’s prices…

Laura Crowden: Not everyone is in a position to pay their premiums up front for the year but if you are in a position to do so, it can be a really great way to save…because you’ll lock in your 2016 prices for another 12 months and avoid this year’s rate rise for another year.

Ross: Analysis of private health insurance price hike since 2010, shows specialist industry funds for doctors, the Navy, and the Reserve Bank, have had the smallest increases.

Of the large public funds NIB has had the biggest increase, up 60 percent compound.

Medibank Private is up 55 percent and Bupa up by 53 percent.

But there’s one other respite – if you change now.

Abigail Koch: If you move to a policy that’s at the same level of cover or lower, and you do not have to reserve any waiting period

Ross: Ross Greenwood; Nine News

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Other Insurance related articles:

31-07-2017 ACT Chief Nurse retires

24-07-2017 Super overhaul

17-07-2017 Is private health insurance unaffordable?

10-07-2017 Efficiency and Competitiveness of Superannuation – Kelly O Dwyer

08-06-2017 Money Minute – June 8 2017 “Flat, Not Fizzy”

30-05-2017 ACCC takes health fund NIB to court – Rod Sims

18-05-2017 Wage growth stalls – Paul Dales Capital Economics

10-05-2017 9News: Federal Budget 2017-18 Preview

10-05-2017 Mathias Cormann – Budget 2017

03-05-2017 Genworth profitability remains strong

20-04-2017 Buyers beware as flooded cars flood the market

13-04-2017 Overhauling the Insurance industry

11-04-2017 Super for Home Deposits – Craig Kelly MP

03-04-2017 Money Minute – March 31 Cyclone Debbie

23-03-2017 Does travel insurance cover terrorism?

09-03-2017 What are the insurance implications when your home is standard at sea?

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