The Private Health Insurance premium increase

Average customer rating: 4.3/5
Written by Joshua Malin
Reviewed by Steven Spicer
Updated 28 May 2024

What the health rate rise means to you

With the current cost of living pressure, it’s as important as ever to understand what the 2024 annual premium increase means for you. First, if you’re a private health insurance policy holder, you’ll need to know how much you can expect your premium rise to be, as it can vary greatly between policies.

According to our health insurance expert, Steven Spicer, “We’ve seen one customer who’s been hit with a 9.98% premium increase*, which means they’ll be paying hundreds more over the course of a year.”

If your premiums have increased more than the industry average, there’s a good chance you’ll be able to find another policy with greater affordability for a comparable level of cover.

*Survey of 1,010 Australian adults, conducted March 2024.

Expert tips on what to do about your rate rise

Our health insurance expert, Steven Spicer, has these tips on what to do after your health fund gets in touch about your rate increase.

Steven Spicer
Executive General Manager – Health, Life & Energy

Review your policy

See if it still fits your needs, budget and lifestyle. If you haven’t done this in a while, you might find that your current private health insurance policy is no longer right for you.

Reconsider the services you need

Hospital cover policies bundle different procedures into product tiers (BasicBronzeSilver and Gold). This means you might be paying more for expensive services you don’t need (e.g. birth-related services).

Update your cover

Has your life changed since you took out your current policy? Are you planning on having a family? Or maybe you’ve recently suffered a health scare? Whatever it may be, switching to a new policy could make the difference in safeguarding your future health and saving you money.

About the rate rise

What are the benefits of health insurance if my premiums keep rising?

How will I know if my premium is changing?

How are the health insurance rate rises determined?

Average rate rise per fund

A brief history of private health insurance rate rises

Meet our health insurance expert, Steven Spicer

Steven Spicer
Executive General Manager – Health, Life & Energy

As the Executive General Manager of Health, Life and Energy, Steven Spicer is a strong believer in the benefits of private cover and knows just how valuable the peace of mind that comes with cover can be. He is passionate about demystifying the health insurance industry and advocates for the benefits of comparison when it comes to saving money on your premiums.