Price of good health
Money Magazine Australia|April 2023
A record number of Aussies are taking out private cover, but for others the cost outweighs the benefits
ELIOT HASTIE
Price of good health

It's expensive, but it's better than nothing - that's a common attitude to private health cover. The Australian Prudential Regulation Authority reported the 10th consecutive period of growth for the private health industry in the December quarter of 2022.

A record 14.42 million Australians (55% of the population) now have private healthcare with membership growing by 2% over 2022.

Even younger Australians are realising the benefits of private health insurance, such as 25-year-old Hayden Lenord, who says he has had it consistently for the past two years.

"I initially got it because I had a few medical issues that needed attention and I didn't want to pay out of pocket," he says.

Lenord says he grew up without private health insurance, but when he became an adult he realised it was the little things that made a difference.

"It gives you peace of mind to know you can go to these appointments and not be out of pocket. It means I will go and get checked rather than delaying it, which could cost more down the line."

Not everyone is this enthusiastic as the cost-of-living crisis continues to bite.

Rising interest rates and inflation have meant Australia is now one of the most expensive places in the world, according to cost-of-living calculator Expatistan, which estimates the current monthly cost of living for a family of four to be $7688.

Health insurance costs are set to rise, too, with the federal government estimating an average 2.9% premium increase for policyholders this year, starting on April 1. Data from the personal finance marketplace Compare Club shows that families could see their premiums increase by $141 over the year, while retirees could see an average increase of $167. On average a single person will pay an extra $1.17 a week, and a family $2.58 extra a week.

هذه القصة مأخوذة من طبعة April 2023 من Money Magazine Australia.

ابدأ النسخة التجريبية المجانية من Magzter GOLD لمدة 7 أيام للوصول إلى آلاف القصص المتميزة المنسقة وأكثر من 9,000 مجلة وصحيفة.

هذه القصة مأخوذة من طبعة April 2023 من Money Magazine Australia.

ابدأ النسخة التجريبية المجانية من Magzter GOLD لمدة 7 أيام للوصول إلى آلاف القصص المتميزة المنسقة وأكثر من 9,000 مجلة وصحيفة.

المزيد من القصص من MONEY MAGAZINE AUSTRALIA مشاهدة الكل
An outrageous, beautiful monopoly
Money Magazine Australia

An outrageous, beautiful monopoly

Telstra's mobile business is a cash machine with few competitors, giving it the highest returns in the world.

time-read
4 mins  |
July 2024
Drop the anchor to judge value
Money Magazine Australia

Drop the anchor to judge value

Buying and selling decisions should be based on where a stock price is going, not where it has been.

time-read
3 mins  |
July 2024
Powering the AI boom
Money Magazine Australia

Powering the AI boom

Beyond the software and chipmakers, where will the energy come from?

time-read
3 mins  |
July 2024
Get into life
Money Magazine Australia

Get into life

Tucked inside super are products that can protect you from life's inevitable uncertainties.

time-read
5 mins  |
July 2024
Paths to home ownership
Money Magazine Australia

Paths to home ownership

Taking the road less travelled can sometimes deliver unexpected benefits.

time-read
5 mins  |
July 2024
Sold! Quick ways to add value
Money Magazine Australia

Sold! Quick ways to add value

Small, strategic changes can have a big impact on the look and feel of your home. And get you a better price on auction day.

time-read
5 mins  |
July 2024
Money lessons the kids need to know
Money Magazine Australia

Money lessons the kids need to know

Your children can learn a lot from your past money mishaps. Here are eight financial conversations I have had with mine.

time-read
4 mins  |
July 2024
Property-investing rules: are they likely to change?
Money Magazine Australia

Property-investing rules: are they likely to change?

The pressure for the government to curb the tax benefits of tax concessions, such as negative gearing and the capital gains tax discount, is unrelenting. Most recently, independent senators David Pocock and Jacqui Lambie proposed five options for paring back investment property tax concessions, with savings to the Federal budget of up to $60 billion over the next decade.

time-read
3 mins  |
July 2024
What's love got to do with it?
Money Magazine Australia

What's love got to do with it?

A rollercoaster of emotions could be driving poor crypto behaviour.

time-read
3 mins  |
July 2024
Are we ready to be cash-free?
Money Magazine Australia

Are we ready to be cash-free?

Saying goodbye to our piggy banks too soon could leave small businesses in the dark when problems arise.

time-read
2 mins  |
July 2024