17 March 2011

HBA Insurance - You were ok

Insurance companies are about making a profit, and nothing else. They do this by 'selling' you health insurance.

In many cases the monies that you spend in insurance is NOT worth the return to you at the end of the day.

The money that you pay and do NOT use is used to make profits for the company.

It is used in various ways in the global money markets.

A letter to an insured of HBA states the following:

"In the last financial year HBA paid a record $821 million in claims nationally, which is an increase of 5.9% on the previous financial year."

"From 1 April 2011, your premium will change from $85.60 to 93.95 per month. This includes the Federal Government 30% Rebate on private health insurance, which amounts to $40.30 per month off your premium."

In this case the insured used to spend $1027 per year, and now has to spend $1127 per year.

This is an increase of 9.75%.

HBA stated that there was an increase of 5.9% in claims. As part of this business operating expense, HBA has not only passed an increase in claims to the customer, they also added another over 50% more, at the expense of the insured.

Another money making scam, that the government has deliberately overlooked.

Banks are also in the business of making money (on your money).

Since the peasants were jumping up and down that the banks are raking in fees 'unfairly', the government make an initiative to 'regulate' the banks earnings.

This has only displaced the problem, in that banks have made up the difference in other 'hidden' ways.

The same should be done to the Health Insurance Industry.

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