Set benefits are not increasing at the same rate as premiums



Paying more for less

Older policies are more likely to have been adjusted, but most have seen no change.


All policies

No benefit change at all: 81.36% (141765)

Benefit increased, but not as much as premiums: 5.90% (10284)

Benefit increase matched or beat premium growth: 4.66% (8125)

Benefit decreased: 1.22% (2132)

Became a percentage benefit: 6.85% (11933)


Launched 2015

No benefit change at all: 98.95% (27099)

Benefit increased, but not as much as premiums: 0.38% (105)

Benefit increase matched or beat premium growth: 0.66% (182)

Benefit decreased: 0% (0)

Became a percentage benefit: 0% (0)


Launched 2014

No benefit change at all: 90.51% (42950)

Benefit increased, but not as much as premiums: 6.67% (3163)

Benefit increase matched or beat premium growth: 2.62% (1241)

Benefit decreased: 0.17% (81)

Became a percentage benefit: 0.04% (18)


2013 or earlier

No benefit change at all: 72.15% (71716)

Benefit increased, but not as much as premiums: 7.06% (7016)

Benefit increase matched or beat premium growth: 6.74% (6702)

Benefit decreased: 2.06% (2051)

Became a percentage benefit: 11.99% (11915)

n = 162306 set benefits from 19790 combined and standalone extras products. 
Set dollar benefits in 2016 compared with benefits available when the policy was introduced (or 2013, whichever was later). 


1 The Private Health Insurance Ombudsman separates individual product lines into several iterations depending on the location it's sold, the number of adults and dependants it covers, and whether it's standalone cover or combined with hospital cover – all factors which determine cost. A single extras product might actually have a couple dozen iterations. Don't worry, there aren't actually 20,000 products on sale for you to choose from – it's closer to 300. 

2 We considered benefits paid for a periodic oral exam; scale and clean; fluoride treatment; surgical tooth extraction; a full crown veneered; root canal treatment; a full course of orthodontics; single vision lenses and frames; multifocal lenses and frames; hearing aids; blood glucose monitors; initial visits for physiotherapy, chiropractic, podiatry, and psychology.

Back to main article: Why your extras health cover policy is losing value


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