Private health insurance industry boosts profits

The private health insurance industry recorded a net profit after tax of $1.4 billion in the year to last September. This was an increase of 28.3%.

Premium revenue grew to $22.3 billion, a 5.9% increase while fund benefits only rose by 4.9% to $19 billion.

The figures are contained the Australian Prudential Regulation Authority’s quarterly private health insurance publication.

The Australian Dental Association believes that dental extras cover in health policies contribute significantly to the profit of private health insurance funds.

Concerned about the value of dental extras in many private health insurance policies, Australian Dental Association is encouraging people to review their cover and consider lodging a complaint with the Australian Ombudsman.