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:
How does your fund’s rate rise rate?
It’s important that consumers understand the average premium increase percentage (6.18%) announced by the Federal Health Minister on 27 Feb 2015 is only an average, and that the actual percentage change for their own policy can vary.
Did you know that since 2010, premiums have increased by an average of 39.69%* in total
|Private Health Insurance Industry Average Premium Increases by %||5.78%||5.56%||5.06%||5.60%||6.20%||6.18%||39.69%|
*Based on compounding impacts of year on year average rate rises
Find your fund’s average price increase* (64kb, 1 page)
*Dept. Health and Ageing website 27 Feb 2015 (www.health.gov.au)