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MEDIA RELEASE
ATTENTION BUSINESS AND FINANCE EDITORS
Consumers search for answers as health insurance changes
Sydney, Tuesday 12th May, 2008: Significant changes to the private health insurance landscape will leave consumers searching for answers and meaningful comparisons between funds, according to David Miller, who is a Director of the moneytime.com.au comparison engine.
David Miller told Sky Business News in a live interview today that not all health fund members were going to “leap off the ship, given that consumers do not always choose health insurance purely on price”. He told Sky News that health insurance product offerings and convenience for consumers were huge drivers in the market.
Complicating the issue will be the increased competition in the light of the BUPA/MBF merger that looks set to be approved by shareholders this morning.
Miller told Sky News, “In some other industries there might be some concerns about such a huge merger, but health insurance is well regulated.”
Changes to the Medicare tax levy look set to be a major feature of Tuesday’s Federal Budget. This will completely change the health insurance landscape with some analysts predicting premiums could rise by 10% per year.
“Consumers will be looking for answers and implications. 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 completely anonymous.