On April 1, health insurance premiums will rise across the board in Australia. This year, the average price hike is estimated at 5.6 per cent which works out to around $200 per family. However, some premiums are going up more than others which can result in forking out significantly more. Here are the average increases for each insurer in Australia.
Health and money picture from Shutterstock
Each year, health insurers apply to have their increased premiums approved by the Federal Government regulator. The reason for this is the rising cost of treatments and services and to ensure standards of service don't slip. A higher utilisation of treatments and services, an increasingly ageing membership profile and investment in chronic disease management programs are also factors contributing to the increase.
From April 1, the industry weighted average premium increase is 5.59% which is slightly lower than the previous few years. The increases work out to around $200 extra per year.
Here's a table of premium increases by insurance provider:
|ACA Health Benefits Fund Limited||6.19%|
|Australian Unity Health Limited||5.05%|
|BUPA Australia Pty Limited||5.69%|
|CBHS Health Fund Limited||5.92%|
|Cessnock District Health Benefits Fund Limited||6.19%|
|CUA Health Limited||8.95%|
|Defence Health Limited||5.48%|
|The Doctors’ Health Fund Pty Limited||3.76%|
|GMHBA Limited||5.44%||Grand United Corporate Health Ltd||4.26%|
|HBF Health Limited||4.94%|
|Health Care Insurance Limited||6.90%|
|Health Insurance Fund of Australia Limited||6.55%|
|Health Partners Limited||7.14%|
|Health.com.au Pty Limited||8.81%|
|The Hospitals Contribution Fund of Australia Limited||5.42%|
|Latrobe Health Services Limited||5.52%|
|Lysaght Peoplecare Ltd||4.38%|
|Medibank Private Limited||5.64%|
|Mildura District Hospital Fund Limited||6.74%|
|National Health Benefits Australia Pty Limited||5.28%|
|Navy Health Limited||5.50%|
|NIB Health Funds Limited||5.55%|
|Phoenix Health Fund Limited||5.72%|
|Police Health Limited||4.81%|
|Queensland Country Health Fund Limited||4.91%|
|Queensland Teachers’ Union Health Fund Limited||7.15%|
|Railway & Transport Health Fund Limited||5.61%|
|Reserve Bank Health Society Limited||5.37%|
|St Luke's Medical & Hospital Benefits Association Limited||5.89%|
|Teachers Federation Health Limited||4.97%|
|Transport Health Pty Limited||6.49%|
As you can see in the above table, the average increase ranges between 3.76 per cent (The Doctors’ Health Fund Pty Limited) and 8.95 per cent (CUA Health Limited), so it probably pays to shop around if you haven't already.
As always, it works out cheaper in the long run to pay your premiums ahead of the rate change. If you pay for 12 months of cover in advance, you’ll be covered by the rate prior to April 1.
[Via Dept. Health]