Why more than a million Australians with private health insurance are about to be hit by a sharp rise in insurance premiums
- Eight funds charge more than April 1st
- Premiums will rise 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 are set to experience a rise in their premiums.
A total of eight funds will be charged extra starting Saturday, April 1, as another group has delayed its premium increases again in 2023.
HBF will raise its premiums by 4.49%, HIF will raise rates by 3.10%, Mildura Health Fund by 2.48%, Mildura Health Fund by 2.86%, and Peoplecare by 2.79%.
Other funds affected include the Queensland Health Fund at 3.17 per cent, the RBHS Fund at 3.18 per cent and the WestEnd Fund at 2.65 per cent.
On average, insurance premiums are expected to increase by 2.9 percent in 2023.
However, just as insurers did in 2022, most have postponed premium increases into 2023.
There are several ways for those with health insurance to save on premiums, said James Martin, a health insurance expert at Finder.
Nearly two dozen health trusts have deferred any premium increases until November 1 including Australian Unity, Navy Health, Bupa and CBHS Corporate.
“Divide your hospital policy and your combined add-on and choose two independent policies,” said Mr. Martin.
Prepay for 12 or more months of coverage before your fund increases its premiums – some funds allow you to prepay for up to 18 months.
Choose a higher increase. Generally, choosing a higher excess will lower your premium.
“Take advantage of the latest health insurance deals and subscription offers, which include up to 8 weeks of free coverage in some cases.”
In total, there are 11.81 million people with hospital only or combined hospital and additional cover in Australia, according to the latest industry statistics from APRA.
Almost two dozen health funds have deferred any premium increase until November 1 including Australian Unity, Navy Health, Bupa and CBHS Corporate.