Consumers risk 'terrible deal' on health insurance if they switch now

A federal government reform meant to help consumers more easily compare hospital health insurance policies is instead creating confusion for consumers.

"New policies will be released over the coming weeks and months that will change in coverage and price," Brown says."What’s a good deal today, may be a terrible deal in a few weeks as cover and costs change,” he says.The 32-year-old, from Melbourne, will not be having any more children and so switched insurers to a policy without the cover, saving about a third on the cost of premiums.

"If we had not had insurance we would have been tens of thousands of dollars out of pocket to pay for top-tier surgery," she says. However, Choice has analysed 1700 letters sent by health funds to Choice's membership, informing them of the new premiums and any policy changes to take effect from April 1, when the average premium, approved by the government, will rise by 3.25 per cent.

Taylor Blackburn, a spokesperson for comparison site Finder, says it is important to remember that health insurance is not a lock-in contract.

jcollett_money it's not a terrible deal if you cancel it!

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