Health Insurance Premium Rate Rise
At the start of April each year, private health insurance funds are normally granted permission to alter their premiums. Such changes are generally required by health funds to cover the growing cost of services and claims, and increases in the cost of medical treatment brought about by rapid improvements in technology.
iSelect has some great tips for you to consider:
- About the premium rate rise
- Why do funds increase their premiums?
- How to "lock in" your premium
- Rate Rise Media Release
How does your fund's rate rise rate?
It's important that consumers understand the average premium increase percentage (5.60%) announced by the Federal Health Minister on 8 February 2013 is only an average, and that the actual percentage change for their own policy can vary.
Did you know over the past 3 years, premiums have increased by an average of 16% in total
| 2010 | 2011 | 2012 | Total | |
| Private Health Insurance Industry Average Premium Increases by % | 5.78% | 5.56% | 5.06% | 16.40% |
Find your fund's average price increase* (64kb, 1 page)
Source
* Dept. Health and Ageing website 8 February 2013 (www.health.gov.au)
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