Posted by Michael Wonder on 10 Dec 2018
Health insurance cap may advantage youth
10 December 2018 - Bill Shorten has accused the industry of “treating Australians like mugs, gouging people on the basis of a con” by increasing premiums but not reducing their profits or capital reserves.
Labor’s proposed cap on health insurance premium increases could put the bigger funds, and younger members, at a financial advantage, altering the market while the Productivity Commission examines underlying cost pressures.
Health Minister Greg Hunt has promised average industry premium increases of less than 3.95% next year — the lowest in 18 years — however, a Labor government would impose a 2% cap in 2020.
