Why do funds increase their premiums?

Health insurance funds generally increase premiums to cover their increased costs, including the growing cost of medical treatment and other services brought about by rapid improvements in medical technology.

The health insurance rate rise is based on the growing cost of healthcare including wages of hospital staff and rising costs of medical technology. Australia’s booming aging population and changes to the Australian Government Rebate (AGR) are some of the other reasons why your health premium will likely rise.

Combine these costs with increasing overheads and claims pay-outs, and the dollars really start to stack up.

• Find out more about the 2018 health insurance rate rise.
• Find out how you could lock in your current premium and potentially save.