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* Weighted average premium increase of 4.84% announced by the Minister for Health on 10 February 2017.

On 1 April 2017, private health insurance premiums increased by a weighted average of 4.84%.

What does this mean for me?

people-minMany health insurance policies became more expensive after 1 April. The amount your policy changed by depends on your health fund and type of cover.

Let’s look at the average price increase for premiums in 2017.

  • Families will pay approximately $208 more each year
  • Singles will pay an additional $104 more each year (approximately)

The above figures were confirmed in the Health Ministers Media Release, dated 10 February 2017.

How can I avoid expensive private health insurance premiums?

Find a great value policy. Research new policies and make sure you are getting the most value from your current fund, at a price you’re comfortable paying.

Looking to join or switch health funds? It’s easy to compare with us.

Call 1800 304 709   or Compare now

A brief history of private health insurance rate rises

The Department of Health has approved private health insurance rate rises for more than fifteen years. Since 2010 alone, the price of health insurance has increased by an industry weighted average of 54.6%. This means that if your health cover cost $1,040 to maintain in 2010 (i.e. $20 per week), it now costs more than $1,500 following the 1 April 2017 increase. See below for more detail.

Year of rate rise Rate Rise (%)*
2017
4.84%
2016
5.59%
2015
6.18%
2014
6.20%
2013
5.60%
2012
5.06%
2011
5.56%
2010
5.78%
Total increase 54.6%
* Industry average, last updated February 10, 2017

Why you should review your policy each year

1

Your policy may no longer reflect your needs. You may have suffered an injury that requires physiotherapy. Or, perhaps you’re planning to grow your family. When your life changes, your private health cover should change with it.

2

You may be paying more than you need to. Your health cover may have been fantastic value when you purchased it a few years ago. But are you confident it’s still the right product for you? A great way to find out is by comparing other policies.

3

You could save money on your tax return. You may qualify for the Private Health Insurance Rebate if you take out cover. This can be refunded to you at tax time, or taken off the price of your insurance premium.

4

You’ll avoid expensive government surcharges. If you aren’t covered by private health insurance, singles earning more than $90k each year (or couples/families who earn more than $180k) may attract the Medicare Levy Surcharge.

calendar-minThe health insurance rate rise takes effect 1 April

If you already have a private health insurance policy, you would have received notification from your health fund in March, informing you that the increased fees will apply. This correspondence typically arrives in the post or as an email. This notification should act as a wake up call each year for you to review your situation.

* Weighted average premium increase of 4.84% announced by the Minister for Health on 10 February 2017.