GMHBA Premium Review 2017
Private health insurance is important
Private health insurance provides you and more than half of all Australians with peace of mind as well as:
- more choice over when and where you’re treated
- coverage for things like emergency ambulance trips and expensive medical procedures
- having health insurance could even help you pay less tax
Why do health insurance premiums increase?
Put simply, the cost of healthcare delivery continues to increase in Australia. Costs are driven by:
Growing demand on services with more people accessing more services than ever before
Increased cost of health service delivery
An ageing population and people living longer
Increases in chronic conditions
New medical technologies and treatments
The Australian Government Rebate tier percentage decreasing each year
What’s an average percentage increase?
Our average percentage increase this year is 4.94%. This is simply an average. Some members will receive a lower increase and some possibly a higher one. This year, we’re in-line with the industry average at 4.84%. Our 5-year compounded growth percentage increase is 31.3%, which is below the industry average of 31.8% over a 5 year period.
*Notes to consider: Industry Average is a weighted average, The impact of product ranges/mix company and industry level, Product level increases will differ within a single fund, May only be used as an additional consideration when looking at comparable products, Says nothing about hospital or ancillary, Summing up the increases not a good measure
Did you know?
In FY16 we:
Returned 88 cents of every dollar received in premiums out in benefits
Increased our benefits paid by $133.4m (41% increase on FY15)
Paid $297,000 for one coronary artery bypass (highest claim of FY16)
Paid $459.2m in annual benefits
Negotiated a no gap pathology arrangement with Clinical Labs Australia
Commenced a new arrangement with the Australian Health Service Alliance to help remove or reduce medical gaps for members while in hospital
Source: GMHBA Annual Report 2016 including all GMHBA Limited health insurance brands including health.com.au