Starting April 1, Australians with private health insurance will face an increase in premiums, averaging a rise of 3.73%. This increase varies significantly among the 35 insurance providers, with not-for-profit Police Health imposing the largest hike at 9.56%.
Following are NIB and Bupa, which will see hikes of 5.79% and 5.1% respectively, along with AIA’s 5.7%. Major players such as HCF and Medibank are also raising premiums at 4.95% and 3.99%, while some insurers, including CUA and Nurses and Midwives Health, have opted for no increases this year. Notably, a few of these providers have not raised their premiums since 2021.
While private health insurance premiums typically increase annually, this hike is the steepest since 2018. Health Minister Mark Butler expressed concerns over the proposed rises, having urged insurers to reconsider and submit more considerate increases. Despite the minister’s efforts, around 15 million Australians will be affected by these adjustments.
Amid this landscape, HIF is implementing the smallest premium increase at just 1.91%, with several insurers raising rates between 2% and 3%. The latest modifications reflect ongoing pressures and discussions within the industry as providers navigate their business models amidst demands for better health coverage options.