1 00:00:00,480 --> 00:00:04,360 Speaker 1: Let's talk about health insurance at six past ten, because 2 00:00:04,400 --> 00:00:09,520 Speaker 1: the report by consumer group Choice has found health insurance. 3 00:00:09,560 --> 00:00:11,960 Speaker 1: This will come as no surprise to any of you. 4 00:00:12,039 --> 00:00:17,000 Speaker 1: With health insurance premiums of skyrocketed, some by fifteen percent 5 00:00:17,320 --> 00:00:19,560 Speaker 1: or more. How do you save some money in all 6 00:00:19,600 --> 00:00:23,960 Speaker 1: of this? Jody Bird is with Choice and joins me. Now, Jody, 7 00:00:23,960 --> 00:00:24,720 Speaker 1: good morning. 8 00:00:24,840 --> 00:00:25,400 Speaker 2: Good morning. 9 00:00:25,560 --> 00:00:27,880 Speaker 1: Tell me a little bit about what you found and 10 00:00:28,080 --> 00:00:31,280 Speaker 1: are some providers worse than others? 11 00:00:32,400 --> 00:00:37,880 Speaker 2: Yeah, so the health insurance premiums raised overall by three 12 00:00:37,920 --> 00:00:40,280 Speaker 2: percent on one April this year. But what Choice is 13 00:00:40,280 --> 00:00:44,800 Speaker 2: found is that gold hospital policies in particular have increased 14 00:00:44,800 --> 00:00:47,520 Speaker 2: by a lot more than that average. So that gold 15 00:00:47,640 --> 00:00:50,720 Speaker 2: level hospital cover is at top level hospital cover and 16 00:00:50,760 --> 00:00:55,000 Speaker 2: that's become very expensive. So we've seen average increases over 17 00:00:55,080 --> 00:00:59,760 Speaker 2: ten percent for some funds like HbF and HCF and that. Yeah. 18 00:00:59,760 --> 00:01:02,279 Speaker 2: There there's one goal policy in Western Australia that had 19 00:01:02,320 --> 00:01:04,280 Speaker 2: an increase of seventeen percent. 20 00:01:05,080 --> 00:01:07,959 Speaker 1: Unreal. So what advice have you got for people? It's 21 00:01:07,959 --> 00:01:10,240 Speaker 1: all great having gold, but you know the old warnings 22 00:01:10,280 --> 00:01:14,399 Speaker 1: of if you're a person now in their sixties and seventies, 23 00:01:14,600 --> 00:01:17,160 Speaker 1: you've had health insurance, your whole life. You probably don't 24 00:01:17,240 --> 00:01:19,039 Speaker 1: need pregnancy cover for instance. 25 00:01:20,080 --> 00:01:23,040 Speaker 2: Yeah, you definitely don't need pregnancy cover when you're that age. 26 00:01:23,280 --> 00:01:26,160 Speaker 2: And part of the problem is that as you're getting older, 27 00:01:26,360 --> 00:01:28,240 Speaker 2: a lot of the treatments that you need are often 28 00:01:28,319 --> 00:01:30,319 Speaker 2: the type of treatments that are covered by that Gold 29 00:01:30,400 --> 00:01:33,360 Speaker 2: hospital insurance. The real problem with this is that it's 30 00:01:33,400 --> 00:01:35,640 Speaker 2: hitting the people who are the most vulnerable and who 31 00:01:35,680 --> 00:01:38,640 Speaker 2: really need that health insurance the most. So the best 32 00:01:38,640 --> 00:01:40,880 Speaker 2: way for people to have a look around it is 33 00:01:40,920 --> 00:01:43,520 Speaker 2: to have a look at lower level covers. So there 34 00:01:43,600 --> 00:01:46,679 Speaker 2: is a level that's called Silver Plus. And if you're 35 00:01:46,680 --> 00:01:52,000 Speaker 2: looking for a specific type of surgical procedure, so for example, cataracts, 36 00:01:52,040 --> 00:01:56,200 Speaker 2: a lot of people over sixty in Australia need cataract surgery, 37 00:01:56,560 --> 00:02:00,320 Speaker 2: some silver plus policies will cover that specific surgery much 38 00:02:00,400 --> 00:02:03,240 Speaker 2: less than the cost of a gold hospital policy. 39 00:02:03,400 --> 00:02:08,080 Speaker 1: All right, that's important. Kids coming of age at eighteen, 40 00:02:08,440 --> 00:02:12,440 Speaker 1: they come off their parents' policy presumably, so I guess 41 00:02:12,480 --> 00:02:15,320 Speaker 1: there's some savings there whether Mum or Dad want to 42 00:02:15,400 --> 00:02:18,320 Speaker 1: pick up the premiums moving forward. But regardless of that, 43 00:02:18,360 --> 00:02:22,760 Speaker 1: there is that to consider as well. As children grow 44 00:02:22,840 --> 00:02:24,520 Speaker 1: up and turn eighteen. 45 00:02:25,240 --> 00:02:27,920 Speaker 2: Yeah, and a lot of the cost in the policies 46 00:02:27,919 --> 00:02:30,440 Speaker 2: when you have kids is that obviously that kind of 47 00:02:30,520 --> 00:02:34,840 Speaker 2: dental care, the orthodontic care. Sometimes you might need some 48 00:02:35,360 --> 00:02:39,359 Speaker 2: kind of medicines or speech therapy or something like that, 49 00:02:39,639 --> 00:02:41,639 Speaker 2: and you don't need those kind of things obviously once 50 00:02:41,639 --> 00:02:43,760 Speaker 2: the kids left home. So in that case you can 51 00:02:43,840 --> 00:02:45,639 Speaker 2: even have a look at if you still need week. 52 00:02:45,639 --> 00:02:50,000 Speaker 2: Call that the extras cover, so that's cover outside of hospital. 53 00:02:50,160 --> 00:02:51,600 Speaker 2: You can have a look if you really need that 54 00:02:51,639 --> 00:02:54,160 Speaker 2: at all. Because that type of cover is the kind 55 00:02:54,200 --> 00:02:57,839 Speaker 2: of health insurance cover that people just fork out premiums, 56 00:02:58,000 --> 00:03:00,600 Speaker 2: like a gym membership that they never used, just keep 57 00:03:00,639 --> 00:03:02,960 Speaker 2: forking out premiums and never actually use it at all. 58 00:03:03,080 --> 00:03:06,880 Speaker 1: Okay, self insurance Now people can self insure for their health. 59 00:03:06,919 --> 00:03:09,040 Speaker 1: What does that mean? What's involved in that? 60 00:03:10,080 --> 00:03:12,160 Speaker 2: Yeah, So the first thing to keep in mind is 61 00:03:12,160 --> 00:03:15,120 Speaker 2: that you know, as Australians, we all have health insurance 62 00:03:15,200 --> 00:03:18,320 Speaker 2: via the public system, so we've got many care which 63 00:03:18,360 --> 00:03:21,239 Speaker 2: we all pay via our taxes. So you've got that option, 64 00:03:21,320 --> 00:03:24,239 Speaker 2: but there's definitely advantages to the private system. So I 65 00:03:24,320 --> 00:03:28,240 Speaker 2: gave you the example before of cataracts. So cataracts is 66 00:03:28,240 --> 00:03:30,560 Speaker 2: that there's a long wait list for that. You can 67 00:03:30,600 --> 00:03:33,080 Speaker 2: skip that if you go through the private system. And 68 00:03:33,120 --> 00:03:35,480 Speaker 2: what we found a choice when we had to look 69 00:03:35,520 --> 00:03:40,280 Speaker 2: at just looking at the cheapest premiums for Gold hospital policies. 70 00:03:40,320 --> 00:03:42,280 Speaker 2: We had to look in New South Wales, that is 71 00:03:42,280 --> 00:03:46,920 Speaker 2: more expensive than South Australia. But just comparing the cost 72 00:03:46,920 --> 00:03:50,240 Speaker 2: of that cheapest Gold hospital policy to cataract surgery just 73 00:03:50,280 --> 00:03:52,600 Speaker 2: paying for it straight out of your pocket, it's actually 74 00:03:52,680 --> 00:03:55,840 Speaker 2: cheaper to pay for cataract surgery in the private system 75 00:03:55,880 --> 00:03:58,000 Speaker 2: straight out of your pocket than it is to pay 76 00:03:58,000 --> 00:03:59,920 Speaker 2: for that Gold hospital cover. 77 00:04:00,360 --> 00:04:05,360 Speaker 1: Okay, So, and that's presumably by not an inconsiderate amount. 78 00:04:05,400 --> 00:04:07,720 Speaker 1: It must be big enough to make the diff. 79 00:04:08,440 --> 00:04:12,120 Speaker 2: Yeah, that's right. So the cheapest Gold hospital in New 80 00:04:12,120 --> 00:04:15,760 Speaker 2: South Wales is about three nine hundred dollars, and that 81 00:04:15,840 --> 00:04:18,440 Speaker 2: off the bat is about the cost of your cataract surgery. 82 00:04:18,960 --> 00:04:22,320 Speaker 2: And a lot of hospitals that offer cataract surgery will 83 00:04:22,320 --> 00:04:25,320 Speaker 2: give you this option of paying for it yourself. So 84 00:04:25,600 --> 00:04:29,040 Speaker 2: it's something to have a look for if you're thinking 85 00:04:29,080 --> 00:04:31,120 Speaker 2: of going down that route. You do need to keep 86 00:04:31,120 --> 00:04:35,120 Speaker 2: in mind, am IAK to get other procedures done in 87 00:04:35,160 --> 00:04:38,360 Speaker 2: the public system and maybe just put some money over 88 00:04:38,400 --> 00:04:41,000 Speaker 2: time into a bank account instead of forking it out 89 00:04:41,000 --> 00:04:42,880 Speaker 2: to the health insurance that you can save up for 90 00:04:42,960 --> 00:04:43,640 Speaker 2: that procedure. 91 00:04:43,920 --> 00:04:47,800 Speaker 1: All right, But look, that's a wonderful plan and maybe 92 00:04:47,839 --> 00:04:50,120 Speaker 1: well intentioned, But I wonder how many people stick to 93 00:04:50,200 --> 00:04:53,720 Speaker 1: doing that or don't have some other emergency crop up 94 00:04:53,760 --> 00:04:56,240 Speaker 1: and suddenly the money put aside for health insurance in 95 00:04:56,279 --> 00:04:58,440 Speaker 1: that regard is used elsewhere. 96 00:04:59,120 --> 00:05:01,839 Speaker 2: Yeah, it's something that does take a lot of discipline. 97 00:05:01,839 --> 00:05:03,640 Speaker 2: We just speak to a few people who are doing it, 98 00:05:03,720 --> 00:05:06,080 Speaker 2: so it's good to have if you go to the 99 00:05:06,400 --> 00:05:08,760 Speaker 2: Choice article and have a look. But those people might 100 00:05:08,800 --> 00:05:12,480 Speaker 2: be a good inspiration for you to think about that discipline, 101 00:05:12,480 --> 00:05:14,880 Speaker 2: and it's definitely worked well for them. 102 00:05:15,000 --> 00:05:16,840 Speaker 1: Yeah. Well, you've got to make sure the car is 103 00:05:16,880 --> 00:05:19,599 Speaker 1: not about to blow up or whatever, so you don't 104 00:05:19,600 --> 00:05:22,400 Speaker 1: have big bills to pay. Really interesting though, I mean, 105 00:05:22,920 --> 00:05:25,359 Speaker 1: is there a sort of compare the market for health 106 00:05:25,360 --> 00:05:28,440 Speaker 1: insurance and the way there is for you know, electricity 107 00:05:28,440 --> 00:05:29,440 Speaker 1: bills and everything else. 108 00:05:30,480 --> 00:05:35,039 Speaker 2: Yes, if you're going to go the free version, and 109 00:05:35,120 --> 00:05:37,679 Speaker 2: the best version really is, there's actually a government website 110 00:05:37,720 --> 00:05:41,000 Speaker 2: called private health dot CoV dot Are you okay? Choice? Obviously, 111 00:05:41,040 --> 00:05:43,320 Speaker 2: if you have a Choice membership. Choice has a health 112 00:05:43,320 --> 00:05:46,440 Speaker 2: insurance comparison which is similar to that private health line, 113 00:05:46,480 --> 00:05:49,640 Speaker 2: but it will actually recommend the best policy for your needs. 114 00:05:49,680 --> 00:05:51,880 Speaker 2: So if you just select what procedures you're after and 115 00:05:51,920 --> 00:05:53,600 Speaker 2: what type of cover you're after, it will say this 116 00:05:53,680 --> 00:05:54,760 Speaker 2: is the best one for you. 117 00:05:55,040 --> 00:05:57,719 Speaker 1: The interesting part with that is needs change, though, don't they, 118 00:05:57,839 --> 00:06:01,239 Speaker 1: and particularly with aging, that suddenly that need is playing 119 00:06:01,320 --> 00:06:03,800 Speaker 1: up or the hip or whatever, and you think, well, 120 00:06:03,839 --> 00:06:06,040 Speaker 1: when I took this out, I didn't even look at 121 00:06:06,040 --> 00:06:08,520 Speaker 1: what I'm covered for in that because it wasn't a 122 00:06:08,560 --> 00:06:10,360 Speaker 1: problem fifteen twenty years ago. 123 00:06:11,520 --> 00:06:13,560 Speaker 2: Yeah, So that's why it's a good thing to keep 124 00:06:13,600 --> 00:06:16,360 Speaker 2: a regular eye on because yes, you're right, your health 125 00:06:16,400 --> 00:06:19,440 Speaker 2: needs changes you get older. So you know, when you're 126 00:06:19,480 --> 00:06:23,000 Speaker 2: a bit longer, younger, maybe you need cover for example 127 00:06:23,480 --> 00:06:27,080 Speaker 2: a shoulder or a knee reconstruction. But as you get older, 128 00:06:27,120 --> 00:06:29,279 Speaker 2: you need that cover for a knee replacement. So that's 129 00:06:29,440 --> 00:06:32,640 Speaker 2: a different level of cover in your health insurance. So 130 00:06:32,720 --> 00:06:36,600 Speaker 2: it's well worth just having a look at as your age, 131 00:06:36,640 --> 00:06:39,000 Speaker 2: what are the common kind of procedures you might need. 132 00:06:39,080 --> 00:06:41,600 Speaker 2: Have a chat to your doctor and they can give 133 00:06:41,600 --> 00:06:43,400 Speaker 2: you a good idea of you know what kind of 134 00:06:43,520 --> 00:06:45,720 Speaker 2: health issues you might be facing in future, and then 135 00:06:45,760 --> 00:06:47,760 Speaker 2: you can go and have a look at what kind 136 00:06:47,760 --> 00:06:49,039 Speaker 2: of health cover will help with that. 137 00:06:49,240 --> 00:06:51,839 Speaker 1: Yeah, great advice, Jody, Thank you for your time. Thanks 138 00:06:51,880 --> 00:06:55,679 Speaker 1: a lot, Thank you, Jody Bird from Choice. With health 139 00:06:55,680 --> 00:07:00,719 Speaker 1: insurance going up some plans premiums by fifteen percent or more, 140 00:07:01,760 --> 00:07:06,279 Speaker 1: should you put money aside yourself and maybe ditch the 141 00:07:06,320 --> 00:07:08,880 Speaker 1: health insurance but have that money? You got to be 142 00:07:08,920 --> 00:07:12,520 Speaker 1: so disciplined. Got to be disciplined, and that was always 143 00:07:12,560 --> 00:07:15,800 Speaker 1: the argument with life insurance back in the day when 144 00:07:15,800 --> 00:07:17,360 Speaker 1: it was more of a thing I think than it 145 00:07:17,440 --> 00:07:21,640 Speaker 1: is today. And in putting that premium aside for a 146 00:07:21,720 --> 00:07:26,080 Speaker 1: rainy day of the family or whatever, hopefully then you 147 00:07:26,120 --> 00:07:28,800 Speaker 1: don't say, well, you know what, we've worked really hard, 148 00:07:28,800 --> 00:07:31,400 Speaker 1: we deserve a holiday, or I don't know that the 149 00:07:31,440 --> 00:07:34,280 Speaker 1: car does indeed blow up, to use that example, and 150 00:07:34,280 --> 00:07:37,720 Speaker 1: you're then dipping into money you've put aside for life insurance, 151 00:07:37,720 --> 00:07:41,320 Speaker 1: health insurance, whatever it might be, money that you may 152 00:07:41,480 --> 00:07:44,760 Speaker 1: very well need because you don't have other cover, and 153 00:07:45,120 --> 00:07:48,360 Speaker 1: you're blowing it elsewhere because the need has arisen. Discipline 154 00:07:48,400 --> 00:07:51,200 Speaker 1: is key in that absolutely, As Jodi said, all right 155 00:07:51,320 --> 00:07:54,400 Speaker 1: thirteen past ten on five double A eight double two 156 00:07:54,440 --> 00:07:57,680 Speaker 1: to three double low double A regarding health insurance, been 157 00:07:57,720 --> 00:08:00,440 Speaker 1: in a private fund for fifty years to provide for 158 00:08:00,480 --> 00:08:02,920 Speaker 1: a family and for our older years. Had to cancel 159 00:08:03,000 --> 00:08:06,120 Speaker 1: as premiums became too high and for a whole lot 160 00:08:06,240 --> 00:08:10,640 Speaker 1: less service what was way too expensive with the gaps 161 00:08:10,680 --> 00:08:14,840 Speaker 1: as well as insurance companies needing to be more accountable 162 00:08:14,920 --> 00:08:18,600 Speaker 1: moving forward, says Ann, thank you for the text. Yes, 163 00:08:20,640 --> 00:08:23,280 Speaker 1: it is expensive, there's no doubt about it, no doubt 164 00:08:23,320 --> 00:08:24,040 Speaker 1: about it at all.