When it comes to sport, academic performance and weather, state-by-state rivalry is common. There are some mantles that are not so welcome though, including having the most expensive average private health insurance!
Premiums for private health insurance are governed by the cost of medical care in each state, the number of people in funds and the number of claims made in each state. Currently, Victorians have the dubious honour of paying more for the privilege of private health cover than their neighbours across state lines.
CANSTAR’s star rating report compares the average health insurance premiums for families across hospital, extras and packaged cover to determine which state/territory pays the least and most. Average premiums vary by up to $465 between states, as per the chart below.
Click on the below graph to expand
Short of moving, there is no way to amend this lack of fairness for anyone paying the price, but for savvy consumers there is money to be saved by shopping around. Each year CANSTAR undertake an annual comparison of health insurers around the country; the most recent analysis compared over 10,000 quotes from 1,200 products and compared them against 8 profiles across 7 states and territories.
What can be categorically stated is that there is no one-size-fits-all policy. Health insurance is expensive so consumers must read the fine print of their current policy to make sure that firstly: they’re not paying for stuff they don’t need and secondly: that they are covered for things that are important to them.
Consumers can help to ensure they get the best value policy available by using our star ratings as a guide. Click here for further information.