In March 2008 Government approved premium rises for health insurance. The insurers were asking for around 5.21% increase but the government negotiated it down to 4.99%. The private insurers have said that the increase in premiums is due to the rising costs of health related services.

In mid March 2008 I received a letter from my private health insurer (Medibank) saying that there will be an increase in our premiums from April 1 2008. My premium (for the whole family) increased by around $12 per month i.e a rise of around 5% (around $3 per week). This rise is more than the inflation…So are the health care costs rising at a rate greater than the inflation? A big concern, isn’t it !!!

If for some of you this increase is going to cause a problem with your finances, then it is probably a good time to shop around and move to a health insurance policy more suited to your needs. But before you make any move, make sure you don’t have waiting periods all over again…

Whether you move to a different policy or stick to the same one, make sure you make good and full use of your policy - after all you are eligible to all the benefits that comes with the policy. Most policies these days come with extra reward programs. For example with Medibank, these are called the ‘feel better rewards’. Medibank has arrangements with around 50 retailers and if the members shop with one of these retailers they get discounts…There are discounts for movie tickets, health magazines, sports shoes, fitness centres, holidays etc etc…Register on Medibank website (if you are a Medibank member) and log in to check what rewards/benefits you get access to.

A lot of other private health insurers also have similar benefits. Find out what your insurer offers and use the rewards program.

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