Health fund premiums and profits are way up, but the value they provide is way down.
Over 13 million Australians have some form of health insurance – and every single one of them is bearing the brunt of soaring prices and decreasing value.
Premiums have soared by 27% under the Liberal government. That means Australian families are paying an average $1,000 more a year for their private health than they were in 2013.
At the same time, private health profits are booming, with the industry recording $1.8 billion in pre-tax profits in 2016/17.
Only Labor has a plan to shift the balance back in the interests of families, rather than the big health insurance companies.
A Labor government would cap the price increases of private health insurers at 2% for two years.
And Labor will have the Productivity Commission review the private health system to improve the value, quality, and affordability of private health insurance for every Australian.