Private Health Insurance Just Went Up, How Will it Impact Your Wallet?

Private Health Insurance Just Went Up, How Will it Impact Your Wallet?

We’ve officially landed in April, people, and that means a couple of things: first of all, private health insurance premiums have gone up, and second, we’ve entered into Autumn. Today, we’re here to discuss the first of those things.

Back on March 5, the Albanese Government announced that private health insurance premiums would be increasing on April 1, 2024.

The increase that was approved for this year is 3.03 per cent. It is the largest increase in five years, though it is lower than the increases for wages and inflation in 2023: 4.2 per cent and 4.1 per cent.

If you’re wondering what that means for you and your bank account, here is a bit of a breakdown.

Private health insurance premium price changes

Per the Department of Health, average premium price changes for policyholders have been listed here. However, some products may not match the average amounts exactly, with some providers sitting above the rate and others sitting beneath.

The full list of rate changes is available for you below:

  • ACA Health Benefits Fund Limited: 3.18%
  • AIA Health Insurance: 2.19%
  • Australian Unity Health Limited: 1.42%
  • BUPA HI Pty Ltd: 3.61%
  • CBHS Corporate Health Pty Ltd: 5.82%
  • CBHS Health Fund Limited: 4.51%
  • CUA Health Limited: –
  • Defence Health Limited: 1.00%
  • Doctors’ Health Fund Pty Ltd: 2.79%
  • GMHBA Limited: 2.91%
  • HBF Health Limited: 3.95%
  • Health Care Insurance Ltd: 0.27%
  • Health Insurance Fund of Australia Limited: 3.87%
  • Health Partners Limited: 1.93%
  • Pty Ltd: –
  • Hospitals Contribution Fund of Australia Ltd: 2.89%
  • Hunter Health Insurance*: 3.32%
  • Latrobe Health Services Limited: 3.04%
  • Medibank Private Limited: 3.31%
  • Mildura District Hospital Fund Ltd: 2.14%
  • National Health Benefits Australia Pty Ltd: 3.41%
  • Navy Health Ltd: 3.10%
  • NIB Health Funds Ltd: 4.10%
  • Nurses & Midwives Health Pty Ltd: –
  • Peoplecare Health Limited: 1.63%
  • Phoenix Health Fund Limited: 3.72%
  • Police Health Limited: 3.01%
  • Queensland Country Health Fund Ltd: 2.53%
  • Queensland Teachers’ Union Health Fund Limited: 1.96%
  • Railway & Transport Health Fund Ltd: –
  • Reserve Bank Health Society Ltd: 2.97%
  • St Luke’s Medical and Hospital Benefits Association: 3.20%
  • Teachers Federation Health Ltd: 2.65%
  • Transport Health Pty Ltd: –
  • Westfund Limited: 2.82%

The largest rate increases come from CBHS Corporate Health Pty Ltd at 5.82 per cent, CBHS Health Fund Limited at 4.51 per cent, NIB Health Funds Ltd at 4.10 per cent and HBF Health Limited at 3.95 per cent.

Per SBS, NIB’s CEO and managing director Mark Fitzgibbon put the price change don to rising costs:

“We’re doing our very best to maintain affordability yet spending is growing across health care, driven by an ageing population, the rise of chronic conditions and the cost of new technologies.

“We’re not sitting back passively responding to inflationary pressure by just lifting premiums. We have a range of new measures designed to help members maintain good health as well as reduce out-of-pocket expenses,” he said.

How about particularly popular private health insurance providers? According to Choice data, Medibank, Bupa, HCF, and NIB are the biggest players in the private health game. Those providers have implemented an increase of 3.31 per cent, 3.61 per cent, 2.89 per cent and 4.10 per cent, respectively.

In any case, it’s worth taking a peek at the rate your private health care has increased to so you can decide if it still suits your needs – or if it is time to make a change.

Lead Image Credit: iStock

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