Australia’s private health Insurance (PHI) industry urgently needs a rescue plan to stop its death spiral, a Grattan Institute report released today, warns.
Private health insurers keep losing members with hospital cover, particularly younger members, while older members are increasing the latest APRA figures for the year ended December 2019 show.
Consumer advocate Choice has released a five-step plan for private health insurance (PHI) members, urging them to “have a think” about whether they actually need either hospital insurance or extras.
Further government reforms enabling the the private health insurance system, including third-party payors and providers, were needed “to remove unnecessary costs” and ensure the future sustainability of Australia’s health system, Medibank CEO Craig Drummond said on the release of the company’s 1H20 results, dented by rising claims costs.
Australians are abandoning private health insurance (PHI) because it is too expensive, too confusing and offers too little value, consumer advocate Choice says.
A warning by APRA member Geoff Summerhayes the private health insurance (PHI) industry needs to change its business model or it will enter a “death spiral”, was this morning described as “incredible alarmist” by HCF CEO Sheena Jack.
The sustainability of the private health insurance (PHI) industry, particularly not-for-profit funds, is under serious threat, APRA member Geoff Summerhayes warned Members Health Directors Professional Development Program today.