- About Health Insurance
- How We Make Money
- Finding the Right Health Insurance For You
- Why get Health Insurance
- Participating Health funds
- Top 6 Reasons You’ll do better with iSelect
- Are you paying too much on Health Insurance?
- 5 Health Insurance hot tips
- A better way to buy health insurance
- Life Stages Health Insurance
- Health Funds
- Means Test
- Health Insurance Tax
- Saving tax on health insurance
- How to save on Health Insurance
- About Medicare Levy Surcharge (MLS)
- Australian Government Rebate
- Health Insurance Rate Rise
- Hospital & Extras Cover
- Health Insurance FAQs
- Qantas Frequent Flyer Offer
Health Insurance Premium Rate Rise Information
From the 1st of April each year, health insurance funds commonly increase their premiums. These changes generally cover the growing costs and variations of services and claims, as well as any increases in the cost of medical treatments and medical technology.
How much do health insurance premiums rise by?
On March 2, 2016, an average health insurance premium percentage rate rise of 5.59% was announced by the Federal Government. Exact premium increases vary from fund to fund, and from product to product. The percentage increase that will be applied to your individual policy will vary depending on your chosen health fund and policy.
How will you know if your premium increases?
Your health fund will send you a letter notifying you of the premium increase, as well as information about your updated health insurance policy. Most private health insurance funds will start to increase premiums from the 1st of April each year.
Can you avoid paying the health insurance rate rise?
It depends on your health fund. In some cases, if your fund allows it, you can choose to pay a year’s premium, in advance, before the rate rise takes effect in early April.
This could allow you to lock in your annual premium at the previous year’s rate, which means if your fund increases its rates, you won’t have to pay the higher premium until your prepaid policy expires.
When it comes to rate rise, it’s important to note
Not every fund or policy increases by the same amount. Some policy premiums will increase, some decrease, and others will plateau.
Rate rise history
Since 2010, private health insurance industry average premiums have increased by an average of 47.50%.
Did you know that since 2010, premiums have increased by an average of 47.50% in total…
|Private Health Insurance Industry Average Premium Increase by %|