Hundreds of health insurance premiums rise by more than the average 3.95 per cent price hike

CONSUMERS have been warned to check their health insurance premiums and coverage as hundreds of policies have been hit with massive price hikes — some by as much as 45 per cent.

EXCLUSIVE

HUNDREDS of health insurance premium costs have climbed by double digits and well beyond the average price hike of 3.95 per cent, alarming new findings have revealed.

The annual health insurance rises kicked in on April 1 but new analysis shows more than a dozen policies have jumped by double-digit figures — some as much as 45 per cent.

The findings by consumer group Choice also revealed:

— More than 390 policies climbed by more than 3.95 per cent.

— More than 230 policies climbed by between 10 and 15 per cent.

Some families will now have to find an additional $800 per year for their policies.

The cost of visiting a hospital has increased for many health insurance members. Picture: iStock

Choice’s spokesman Tom Godfrey warned consumers to “not be fooled that your premium only went up by 3.95 per cent”.

“Hardly anyone will actually receive this rise of 3.95 per cent, a lot of people will be worryingly hit with price increases well in excess of this,’’ he said.

“It’s really important if you have an existing health insurance policy to get your insurer on the phone and find out what your actual premium price hike was.”

Choice spokesman Tom Godfrey said health insurance members should check with their fund about how much their policy costs increased and what they are covered for.

Smaller fund St Luke’s Health was the worst offender, increasing singles’ extras policies anywhere from 4.5 per cent to 45.1 per cent.

Larger insurer Australian Unity was the worst offender for hospital cover rises — their platinum hospital annual policy costs climbed by at least 11 per cent in every state.

Bupa and Medibank were among those hiking policies by more than average — some Medibank polices climbed by 6.1 per cent while some Bupa policies increased by 6 per cent.

Health insurance members should consider switching funds if they can save money and have the same if not better cover.

Many health providers have continued to scale back their premium cover included Bupa who coped significant flak for downgrading many of their lower-level premiums and in some cases completely removing inclusions.

Consumer finance expert Lisa Montgomery warned consumers “not to set and forget”.

“You can’t be complacent of what your policy rise might be or what has changed about your policy,’’ she said.

“It might not just be the premium it might also be what you are covered for.”

[e-mail]

@sophieelsworth

Originally published as Hundreds of health insurance premiums rise by more than the average 3.95 per cent price hike