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Australian Unity’s health insurance premium increase lower than major competitors

Media
01 Mar 2016
The federal government regulates private health insurance premiums and today approved Australian Unity’s premium rise, which is well below the weighted industry average of 5.59 percent and lower than approved increases for Medibank Private (5.64 percent), BUPA (5.69 percent), NIB (5.55 percent) and HCF (5.42 percent).

Healthcare costs are rising significantly faster than the rest of the economy, driven by an ageing population, growth in chronic disease and advances in medical technology. Across the PHI sector there was a 7.2 percent increase in benefits paid out for the 2014-15 year.

“We have an ongoing commitment to our policyholders to provide high quality, affordable products and believe this premium increase strikes the right balance” Australian Unity Healthcare chief executive officer Amanda Hagan says.

“That said, a concerted effort needs to be made to address the unsustainable rise in health costs, which are increasing faster than the rest of the economy’’ Ms Hagan says.

“The government’s commitment to addressing anomalies between the cost of prostheses (such as artificial hips and knees) for public and private patients is a good start, but just a start.

“We need to look seriously at reducing waste in the health system and focusing on preventative health to keep people with chronic conditions out of expensive hospital settings’’ she says.

Australian Unity’s corporate health fund Grand United Corporate Health also received approval for a 4.26 percent increase, slightly down from 4.32 per cent last year.

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