Ten-Year High in Private Health Insurance
New figures issued by the Private Health Insurance Administration Council (PHIAC) show that Australia has reached its highest rate of private hospital insurance participation in more than ten years.
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16 August 2011
New figures issued today by the Private Health Insurance Administration Council (PHIAC) show that Australia has reached its highest rate of private hospital insurance participation in more than ten years.
Minister Roxon welcomed the continued growth, which further points to the strength of the private health insurance sector, and again foreshadowed the Gillard Government’s intention to better target the Private Health Insurance Rebate away from the richest in society.
“45.3 per cent of the population is now covered by private hospital insurance. This figure grew by 2.8 per cent over the 12 months to 30 June 2011, outstripping population growth of 1.4 per cent,” she said.
“This continued growth again disproves the Opposition’s scare tactics that our 2008 changes to the Medicare Levy Surcharge would result in a million people dropping out of private health insurance. In fact, we have seen more than 860,000 Australians take out hospital cover under Labor.
“The Government’s proposed changes to the private health insurance rebate will ensure Government subsidies through the rebate remain focused on the millions of low and middle income Australians who need and deserve this assistance.
“If the changes do not go ahead, Treasury modelling indicates this will cost the budget $100 billion over the next four decades.”
Under the Government’s proposed changes, only families earning a quarter of a million dollars or more will lose the rebate entirely and nearly 8 million policy holders won’t see any difference at all.
Ms Roxon said that Treasury modelling estimated that, after these changes come into effect, 99.7 per cent of people would remain in private health insurance.
Highlights:
The figures released today by PHIAC show that in the June 2011 quarter:- 10,255,675 people (45.3 per cent of the population) were covered by hospital treatment insurance policies, an increase of 87,381 people from March 2011. This is the first time since 1982 that the number of people with private hospital cover has passed 10.2 million.
- 11,888,197 (52.5 per cent of the population) covered by general treatment policies, an increase of 99,945 from March 2011.
- In the 12 months to 30 June, there was a 2.8 per cent increase in the number of people covered for private hospital treatment (281,811 extra people), exceeding population growth of 1.4 per cent for the same period.
For more information, contact the Minister's Office on (02) 6277 7220
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