Some health insurers at risk of breaching consumer law
Initiatives by the government are adding to the confusion surrounding Australians and their health insurance. In a recent report it was found that many Australians did not know if they were with a for-profit or not-for-profit fund.
This coincided with survey results from the Australian Competition & Consumer Commission that showed that some insurers were at risk of breaching consumer law.
Confusion abounds for some due to the affordability of the insurance. Many Australians are changing insurers or making amendments to their plans as they can’t afford the full cover premium.
Adding to the complexity is the fact that it’s very difficult to compare premiums between insurers. Many offer different levels of cover or have various waiting times for claims.
It seems also that the not-for-profit message isn’t getting through to consumers, with many not being aware which companies fall under this umbrella.
A not-for-profit insurer still makes profit, but all of this is put back into the company. Despite the fact that they tend to have less complaints, higher benefits, and lower premiums, many Australians say they don’t mind either way which type of insurer they are with.
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