the troubadour

Yet another price increase on premium's. A rise of 3.95% which the government is crowing about as less of an increase on any year since 2001.


Still this is above official inflation figures and above meagre/static wage rises.


I know in 01 I was paying less than half of what paying now, product than was back then as well.


I recall the 30% subsidy that was paid to private health providers to provide health care which in turn lead to an overall increase in health costs.


I believe the subsidy paid by taxpayers is at a cost of $11 billion per year.
Of course a lot of this goes on management overheads but a profit of over $500 million was made by Medicare Private, the largest company in the corporate health industry, after expenses, up 83% on 2011 figures, the last declared figures could find.


Just out of interest here follows an industry weighted average......
From 2011 to 2018.......


2011....5.56%


2012....5.06%


2013....5.60%


2014....6.20%


2015....6.18%


2016....5.59%


2017....4.84%


2018....3.95%



The question is it all worth it?

Beoz

Another money thread.

But to answer your question, it may be worth it for some, some who use a lot more than they spend, but for many, no.

Again this should be falling on the government to sort. They make us have private health care, yet have minimal measures in place to minimise the cost and cost increases.

Its anti competitive and should be down to the government to sort.

the troubadour

Another thread about money writes the above poster.


Well it certainly is for the future of health in this nation in the hands of rent seekers.
Successive governments have failed or allowed the consumer to be spanked in the name of corporate profit.


At least under ALP some $400 million in dividends was paid over eighteen months, effetely creating working assets which contributed to government coffers.


So much for the competition and reduced premiums that the Tory/Liberal Party under Howard lead us to believe. (well some of us) An argument still wheeled out for privatisation by the believers of course.


As we know,a 30% subsidy to private health insurance only 'socialised' for market mates, which ended up increasingly health charges and reducing service availability.


It does look this present private health care is heading in the direction, of its former look alike which proved a failure and was replaced by ALP with Medicare back in the seventies.


Yes it is about cost. It is about efficiently. It is about the worthiness of continuing enrolling in a system, as some of us have done, such its conception.

the troubadour

It appears that the ALP will run with a policy of no rises above 2% a year for Health Funds.....


Great stuff finally a ALP policy of some value......keep it up but expect more, far more....

Wol

>> It appears that the ALP will run with a policy of no rises above 2% a year for Health Funds.....

Great stuff finally a ALP policy of some value......keep it up but expect more, far more.... <<

... and good luck with that! Typical politicos' talk - no-one can promise that sort of thing without caveats.

Beoz

No doubt it will be a hot topic come the next election for both side. The Libs will try something too, but with a bit more realism as to what's actually possible, rather than ALP mediscare tactics.

The next looming price topic is electricity. Watch this space.

Wol

>>But to answer your question, it may be worth it for some, some who use a lot more than they spend, but for many, no.<<

It has certainly been worthwhile for us, despite the labyrinthine way it integrates (or doesn't integrate) with Medicare.

We were fortunate in finding out (via this forum, in fact) about the lifetime membership exception given to over-30s within one year of arrival, so we started out from quite an affordable base.

One of the weird issues that came up - only politicians could invent something like it - was the way that the tax rebate on out of pocket expenditure over a certain figure was closed. We had spent well over the threshold each year since arrival - except in the year the tax change was made. And in that year's tax changes it said that you could claim the relief IF during the previous year you had done so!

Since that is now ongoing it meant that we could no longer claim, despite paying well over the threshold every year except that "critical" one!

Youngsters with families might consider the premiums unaffordable, but believe me as you age the number of quacks you have delving inside and pulling out / putting in bits increases exponentially! So it may well be in their interests to cut down on the coffee and buns just to insure for the future.

the troubadour

Well if something isn't done the public system will be over loaded. Few can afford the constant rises above way above inflation in a system already not delivering what the packet proposed. Gaps regarding costs and use of public hospitals not withstanding.