Over a million Aussies with private health insurance about to be hit with a sharp rise in premiums
More than a million Aussies with private health insurance are about to be hit by a sharp rise in premiums
- Eight funds charge more from 1 April
- Premiums will increase by an average of 2.9 percent in 2023
- Some funds have postponed their premium increases for 2023
More than a million Australians with private health insurance will be affected by a spike in their premiums.
A total of eight funds will charge more from Saturday, April 1, because many other funds have again postponed their premium increases in 2023.
HBF raises the premium by 4.49 percent, HIF raises prices by 3.10 percent, Mildura Health Fund by 2.48 percent, onemedifund by 2.86 percent and Peoplecare by 2.79 percent.
Other affected funds include Queensland Country Health Fund up 3.17 percent, RBHS up 3.18 percent and Westfund up 2.65 percent.
On average, premiums will increase by 2.9 percent in 2023.
But like insurers in 2022, most have postponed their premium increases in 2023.
James Martin, health insurance expert at Finder, said there are several ways people with health insurance can save on premiums.
Nearly two dozen health funds have postponed premium increases until November 1, including Australian Unity, Navy Health, Bupa and CBHS Corporate
“Split your combined hospital and extra policy and choose two separate policies,” Mr Martin said.
Pay up front for 12 months or more of coverage right before your fund raises its premiums – some funds allow you to pay up to 18 months in advance.
‘Choose a higher deductible. If you opt for a higher deductible, your premium will generally be lower.
“Take advantage of the latest health insurance plans and sign-up offers, which in some cases include up to 8 weeks of free coverage.”
A total of 11.81 million people in Australia have hospital cover alone or combined hospital cover with extras, according to APRA’s latest industry statistics.
Nearly two dozen health insurance funds have postponed any premium increases until November 1, including Australian Unity, Navy Health, Bupa and CBHS Corporate.