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MEDIA RELEASE
ATTENTION BUSINESS AND FINANCE EDITORS
Budget changes may increase value of private cover, says leading comparison engine
Sydney: Friday 15th May, 2008: It sounds counter-intuitive, but changes to the Medicare Levy announced in this week’s budget could actually have the impact of making private health insurance more attractive in Australia. This is the view of David Miller, a Director of the online health insurance comparison engine, moneytime.com.au.
“The $10billion committed to the public health system is obviously welcomed by all key players, but no-one has really stopped to consider the impact in the short term. The investment will take time to trickle down so is unlikely to have an immediate positive impression on waiting lists. And if a significant number of people drop out of private health insurance because of the disincentive created by the new levy thresholds, then waiting lists will get longer, not shorter.
“So as some people leave private health cover behind and head to join a waiting list for a public hospital, the benefits to those who hang on to their private cover become even greater. That is, the choice of services and access to private hospital facilities will be more valuable than ever,” said Miller.
“The value proposition in private health cover really hasn’t changed at all. It has been sharpened if anything. Consumers, as ever, will be looking to compare any premium changes and assess the personal impact of these. We’re expecting some major increases in traffic to the moneytime.com.au comparison site through this period, ” said Miller.
About moneytime – the health insurance comparison engine
Consumers can log on to www.moneytime.com.au, compare insurance policies from a range of funds in easy-to-read tables customised to their circumstances, and apply for the policy immediately, online.
The result is that consumers end up being covered by a suitable policy for them at a great price - without having to pick up the phone or visit multiple websites. Users do not need to enter detailed personal information or become a member of anything to get useful results from the site – in fact they are encouraged to use the site to compare the suitability of various health insurance offerings while remaining anonymous.