Health Insurance premiums are on the rise

Health Insurance premiums are on the rise and on 1 April, Australians can expect a hit to the hip pocket with an average increase to health insurance premiums by 6.18%, adding approximately $200 a year to the cost of the average family policy.

With over 13 million Australians now having some form of private health insurance, it’s important to note though, that not all insurance premiums have increased by the same amount so shopping your insurance around might save your hip pocket considerably.
The insurers that are increasing their premiums by more than the average are:

Westfund 7.92%
Cessnock District Health 6.99%
Teachers Federation Health 6.86%
Health.com.au 6.81%
Medibank Private 6.59%
CBHS Health Fund 6.58%
HCF 6.57%
NIB Health Funds 6.55%
Phoenix Health Fund 6.48%
GMHBA 6.43%
Queensland Teachers Union 6.36%
CUA Health 6.35%
St Luke’s 6.27%
Australian Unity Health 6.26%
National Health Benefits Australia 6.26%
Industry Weighted Average 6.18%

When it comes to getting the best deal, don’t underestimate the value of calling your current insurer to see if there is a better policy within the same insurer or removing covers that you unlikely needed such as pregnancy for the elderly or hip replacement for young adults.

If you choose to move on from your insurer, make sure that before you change, you are aware of what you are losing and what you may be gaining in benefits.

There are vast differences between the thousands of policies that are available so consider using a comparison site or talk to a Health Insurance Broker who can help you identify a health insurance policy that is better suited to your needs and is priced the most competitively.

For the full list of insurers and their increase rates see below.

Olivia Maragna is the co-founder of Aspire Retire Financial Services and is a respected and independent financial expert.  Olivia’s advice is general in nature and readers should seek their own professional advice before making any financial decisions.