6 years ago
RECORD PRIVATE HEALTH INSURANCE PROFITS BUT PATIENTS PAY MORE
CATHERINE KING MP
Private health insurers are cashing in on the back of Turnbull’s protection racket – raking in record profits in 2017 while patient out-of-pocket expenses soar.
Official statistics released today show the pre-tax profits of private health insurers increased by 7.3 per cent in the 12 months to 2017 – raking in $1.86 billion before tax. At the same time, out-of-pocket costs continue to soar and Australians are being forced to dump their cover.
This is just more evidence of the need to act to make private health insurance fairer for Australians – but instead of standing up for the budgets of families, Turnbull is standing up for his private health insurance mates.
Today’s statistics also showed:
More than 12,000 Australians dropped their cover for hospital treatment in the last three months of 2017;
Out-of-pocket costs to use private health insurance for medical and specialists jumped by 31.7 per cent in only 12 months – an extra $40 hit to the budget;
Average out-of-pocket costs to use private health insurance in a hospital jumped to $291, up 6 per cent.
Australians are paying more than ever for private health insurance, and still being stung when they try to use their cover. Families are paying an average of more than $1,000 every year for private health than they were when the Liberals came to power in 2013.
These statistics are more proof that the status quo cannot continue – only Labor has a plan to shift the balance back to consumers.
Labor will cap private health premiums at 2 per cent for two years and task the Productivity Commission with the biggest review of private health insurance in twenty years.
Labor’s plan will deliver cost-of-living relief to 13 million Australians – an average saving of $340 to the family budget.
While Turnbull cares more about protecting the profits of insurers than he does about protecting consumers, Australians will always lose out.