The federal government has confirmed that private health insurance premiums will increase by an average of 3.73 per cent starting April 1. This rise is notably higher than the previous year’s adjustment. Health Minister Mark Butler indicated he rigorously reviewed and urged insurers to revise their proposed increases three times before settling on this average figure.
Butler expressed that this decision aims to secure a fair outcome for approximately 15 million Australians who hold private health insurance. He highlighted his responsibility as health minister to ensure that any premium hikes are justified and reasonable.
According to the government, about 15 million individuals in Australia participate in private health insurance, contributing a substantial $29.9 billion in premiums over the year ending September 30. Detailed figures for each insurance provider will be available on the government’s health website.