Profits for health insurers are sky rocketing, but consumers still lose out

The Consumers Health Forum is again calling for an independent review of private health insurance as the Australian Prudential Regulation Authority (APRA) report for March released yesterday, reveals record profits for insurers.

Premiums rates, which many consumers increasingly struggle to meet, are continuing to increase, but the report reveals the PHI industry earned net profits of $2 billion, more than doubling that of the previous year.

“The industry has committed to defer premium increases and create payback options in the wake of the pandemic and delayed treatments and elective surgery suspensions but consumers have seen little return on these promises,” CHF CEO, Ms Leanne Wells said today.

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