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Over the span of a year, customers face an additional expense of $828.48.
This means that long-term, loyal customers are incurring costs that are 29% higher compared to newer clients who have recently switched their health insurance provider.
Such a premium increase would result in individuals holding a combined hospital and extras policy paying an extra $127 to $144 annually. Meanwhile, families could see their annual expenses rise by $191 to $216.
“Many Australians who remain with the same insurer might expect rewards for their loyalty, but with annual premium hikes, that’s often not the reality,” noted David Koch, Economic Director at Compare the Market.
“Insurance companies won’t alert you if you’re overpaying. It’s crucial for you to take the initiative and seek out better deals,” he added.
“The number of people I speak to who have cover for pregnancy when they’re well into their 50s and 60s is outrageous – I was one of them until my wife pointed it out.”
Australians spend an average of $255.67 per month on their health insurance, which adds up to $3068 each year.
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