Private health fund Medibank's full year net profit has increased 3.1 per cent,off a similar rise in revenue from its insurance and health services businesses.
The boss of health insurer nib says high out-of-pocket hospital costs are a leading reason people cancel their health cover and represents a"market failing"that needs to be fixed.
Australia should abolish Medicare and force people to take out private health insurance instead,according to the NIB boss.
Australia's private health insurers are in robust financial health despite claims that urgent reforms are needed
Private health insurance faces an existential threat as younger members walk away from the burden of subsidising ageing baby boomers.
APRA has started talks with health insurers facing"sustainability challenges".
Health insurers Medibank Private and NIB said they are still under pressure to keep a lid on premiums despite the market adding more than a billion dollars to their collective market value after the Coalition's election victory removed the threat of a cap on premium increases as promised by Labor.
The tough economic environment for consumers has produced a perversely beneficial tailwind for ASX-listed health insurers Medibank and NIB.
The new mum was barely out of surgery and had lost a lot of blood when she received a visit from the finance department of the prominent Sydney hospital last year.
Hospital patients are getting caught in a battle between public hospitals and private health insurers over who should pay for their treatment.
The Medibank boss'results presentation sounded a lot like an audition for the newly opened-up job of chief executive at the National Australia Bank.