Private health insurance premiums predicted to rise by 3.9% on average*

The Health Insurance rate rise announcement may come early this year, with last year’s announcement left until mid Feb. Federal Health Minister Greg Hunt has indicated that private health insurance premiums would likely increase by an average of 3.9 per cent on 1 April 2018*.

The predicted price rise is likely to be more than double the current rate of inflation

Scott Wilson, iSelect Managing Director & CEO, said that private health insurance premiums had already risen by over 50 per cent since 2010^, and that this year’s increase would be an extra, unwelcome burden on many household budgets.

“An average rise of 3.9 per cent would really hurt the many Aussie families who are already struggling to afford their premiums, along with other cost of living pressures, such as rising energy prices,” said Mr Wilson.

It’s important to understand that the indicated 3.9 per cent increase would be an average only. Some insurance companies may increase average premiums by a much higher or lower amount, and even with the one insurer different policies will go up by different amounts.

 

What does this mean for you?

Our advice is to take this opportunity to review your health cover to make sure it still matches your life stage, health needs and budget. With the rising cost of living, it could pay off by talking to an iSelect health expert today. Call us on 13 19 20 or compare now by clicking the button below.

Source:
*The Hon. Greg Hunt Mp, Minister of Health Media Release, January 2018. 
^ /health-insurance/tax/rate-rise
Inflation is currently 1.8% according to the Reserve Bank of Australia, 17 January 2018.

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