Saturday 3 December 2016

'Carrot and stick' plan to get the young covered

Published 26/12/2013 | 02:30

COMMUNITY rating has protected older people from having to pay higher private health insurance premiums.

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Although older people are more likely to make a claim, it means the level of risk a consumer poses to an insurer does not directly affect the premium.

Younger people end up compensating by paying a higher rate than their expected level of claims would necessitate, given their generally healthier wellbeing. Older people typically pay premiums lower than the risk associated with their cover would require.

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