The government needs to do more to keep health insurance affordable

Posted: 27 September 2017 12:50 pm

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53% of people with private health insurance don't think it's worth the money.

The affordability of health insurance has come into question again after The Essential Report survey found that 85% of those surveyed believed the government should be doing more to help with the rising unaffordability of private health insurance.

Of those surveyed who had health insurance, 53% said it wasn't worth the money.

The rising costs of health insurance have been a constant topic this year.

In July 2017, the ACCC weighed in with a report saying that unaffordability was forcing many consumers to take out low-cost junk policies.

“It is in the interests of both insurers and their customers to be clear and transparent about policy offerings. This helps people to make informed decisions about the level of insurance cover they need and can afford,” ACCC deputy chair Delia Rickard said in a statement.

The government is currently reviewing submissions on ways to keep private health insurance affordable for all Australians.

One of the possible solutions being bandied about is the introduction of discounted premiums for people who choose to take out private health insurance while they're young.

The discount would be a kind of the inverse Lifetime Health Cover (LHC) loading and would offer a yet to be determined percentage discount for every year someone held hospital cover before turning 30.

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