Private health insurance premiums have risen by over 50 per cent since 2010, and private health insurance numbers have fallen, according to private health insurance broker, iSelect
(ASX:ISU), which is why it’s welcoming the Government’s overhaul and discounts.
iSelect says in line with the Government’s discounts for under 30s, they (under 30s) will get a 2 per cent discount on their premiums for each year they hold cover. Although the discount will be capped at 10 per cent.
Under the changes, the cost of prostheses used for knee and hip replacements will also be dramatically reduced.
The Government also brought in categories of gold, silver and bronze and basic cover of insurance to make the system more transparent, with gold having no exclusions.
iSelect did not disclose how and if it will affect its financial results.
Shares in iSelect
(ASX:ISU) are trading 1.76 per cent lower to $1.68.
