The Australian Prudential Regulation Authority (APRA) yesterday revealed where gap was paid, the average figure was $193.42 in the March quarter - up by a quarter on March 2019 figures.

Meanwhile, the average out-of-pocket expense incurred for hospital treatment was $324.04, up 2.5% on the March 2019 quarter.

The biggest average gap payments were in the plastic/reconstruction sector, where 38% of the cost was covered by gap payments with an average gap of $414. 

More broadly, 9,760 people ditched their policies over the quarter, representing a 0.2% fall on the December quarter. 

The largest fall in policies held was for people aged 30-34, and these figures mostly represent data from before many elective surgeries were banned under COVID-19 lockdowns.

In total, 43.8% of the Australian population were covered by hospital treatment cover.

Industry-wide, health insurers gained $25 billion in premium revenues in the year ending on the March 2020 quarter, and paid out $21.51 billion in fund benefits.

While these figures are up on 2019's year ending March quarter, benefits paid are outpacing revenue increases - benefits paid are up 3.68%, while revenues are up just 2.45%. 

This has also led to a 28.44% decline in net profit after taxes - down to just $970 million industry-wide.

Still, however, this is a discrepancy of $3.49 billion in premiums to benefits paid ratio in the year ending March quarter.

Price increases have slowed over the past five years, and in April last year the industry was mandated to have a 'Gold, Silver, Bronze, Basic' categorisation system to aid consumers in finding the right policy.

In April this year, many providers' premium rises were nixed as COVID-19 took hold of the Australian economy.

Premiums were originally slated to increase an average of 2.92% - the lowest rise since 2001, the year when premiums actually decreased on average.

Need somewhere to store cash and earn interest? The table below features introductory savings accounts with some of the highest interest rates on the market.

Provider

010000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details
  • Deposit at least $1,000 + each month from an external source
  • Make 5 or more eligible transactions
  • Grow your savings balance each month

Savings Maximiser (<$100k)

  • Deposit at least $1,000 + each month from an external source
  • Make 5 or more eligible transactions
  • Grow your savings balance each month
02000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details
No monthly fees
  • Download the App to open your account
  • Get better visibility of your spending within App!
  • Deposit $200 per month to activate bonus interest
No monthly fees

Save Account

  • Download the App to open your account
  • Get better visibility of your spending within App!
  • Deposit $200 per month to activate bonus interest
4000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details
  • A high-interest online savings account with no monthly fees, easy withdrawals and award-winning digital banking
  • A great base interest rate of 4.75%

Savings Account (Amounts < $250k)

  • A high-interest online savings account with no monthly fees, easy withdrawals and award-winning digital banking
  • A great base interest rate of 4.75%
020000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details

HomeME Savings Account ($0 - $100,000)

    02001$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details

    Growth Saver ($1 - $25k)

      010000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details

      Target Saver

        010000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details
        For customers aged 14-35 years
        For customers aged 14-35 years

        Future Saver Account ( < $50k)

          05001$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details
          • Maximum Age - 24

          Goal Saver

          • Maximum Age - 24
          010000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details

          Boost Saver

            00.011$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details

            Reward Saver Account (31 years +) ($0-$100k)

              01000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details

              Bonus Saver Account (Amounts < $100k)

                0201$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details

                Reward Saver Kick Start (Amounts ≤ $1m)

                  00.010$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details

                  Life (< 30 years) (Monthly deposit)

                    5000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details

                    NetBank Saver

                      000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details

                      ANZ Save

                        050$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details

                        Young Saver Account

                          0501$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details

                          Save up

                            02000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details

                            Bonus Saver (<$1 Million)

                              0100$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details

                              Smart Saver Account (Under 25)

                                Important Information and Comparison Rate Warning

                                All products with a link to a product provider’s website have a commercial marketing relationship between us and these providers. These products may appear prominently and first within the search tables regardless of their attributes and may include products marked as promoted, featured or sponsored. The link to a product provider’s website will allow you to get more information or apply for the product. By de-selecting “Show online partners only” additional non-commercialised products may be displayed and re-sorted at the top of the table. For more information on how we’ve selected these “Sponsored”, “Featured” and “Promoted” products, the products we compare, how we make money, and other important information about our service, please click here. Rates correct as of November 29, 2023. View disclaimer.

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