Choice expresses concern
The advocacy group Choice expressed concerns in an article in February 2017 that the private health insurance companies were increasing premiums in April 2017 at a rate that was triple the rate of inflation.
Choice fears this will force families to seek out cheaper 'junk' insurance policies that cover as few as 10 treatments and exclude everything else. Apparently some junk policies will only treat patients in public hospitals. Read their article by clicking on the blue button to the right.
In light of expensive private health insurance, reduced payments and coverage and the rise in junk insurance policies Choice has asked the question do you need private health insurance? You can find a link to that quiz in the article, you can read the article by clicking on the blue button above.
It is good to revisit your insurance needs, as part of your general family budget and/or as part of your Estate planning. According to Choice you need to be very careful about the insurance policies that you choose and are paying for, you may think your family is covered if something happens to you but in fact it may turn out that they are not.
What should I do?
You could do an insurance audit, which we have previously written an article about. Make sure that you aren't wasting your money on a junk policy, or paying for a policy that doesn't cover what you actually need. When you stop and think about it there are a large number of insurances in your life, car, house and contents, private health, death, income protection, business insurance and travel insurance just to name a few.
If you think you don't have death or income protection insurance, have a look at your superannuation statement next time it comes in. You should revisit your superannuation not only because it is important to your retirement, but also because you are probably paying for death and income protection insurance through your superannuation so you should check if you are getting your money's worth.
What is an insurance audit?
Have a read of our article from last year on this same topic, and pull out your insurance documents and go through them. You may either save yourself a lot of money, or save your family from expense or frustration caused by realising an issue when it is too late to fix it.
Who can help?
Our legal team have been assisting people with Estate planning for many years and can help you to start thinking about all of your Estate planning needs, not just Wills, Powers of Attorney and Appointments of Enduring Guardian. For instance, have you updated your binding death benefit nomination with your superannuation company? If you haven't you might have death insurance, but it might get paid to the wrong person. These are the sorts of things that our lawyers can help you with. Call today to make an appointment to see one of our legal team regarding your Estate planning needs.
Read some more of our articles about Estate planning here to get more information about Estate planning generally, or our firm specifically.