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February 2011 News

09/02/2011 - 1:19pm

A recently released industry report shows the largest 5 health funds account for 84.1% of the market. This leaves 27 insurers sharing the remaining 15.9% of the market. The report says that despite their size the smaller insurers play an important role in the market.

There are currently more than 30,000 complying health insurance products on offer to consumers. Not all these products are available to everybody as certain health funds only sell into niche markets or are restricted as to who can buy their products.

09/02/2011 - 1:18pm

The Government will soon be approving the health funds’ applications for a price rise. The Government will make the usual noises about keeping the health funds honest and keeping the price rise to a minimum. With over 70% of the market covered by for-profit health funds it will be difficult to see the government overcoming the desire of the industry to maintain profit margins following a period where fund surpluses nudged a billion dollars.

07/02/2011 - 11:10am

A recent article in The Age newspaper by Peter Jean on 19th January has lighted the pitfalls of health funds selling “Exclusionary” products.

The article expresses concerns by senior industry officials that the surge in the number of people taking out exclusionary products will undermine the value of health insurance. The implication is that consumers may not be aware of what is covered and what is not covered. It will only be at the time they attempt to make a claim that they will find they could be out of pocket tens of thousands of dollars.