Why more than a million Aussies with private health insurance about to be hit with a sharp rise in premiums
- Eight funds charging more from April 1
- Premiums to rise an average 2.9 per cent in 2023
- Some funds have postponed their 2023 premium increases
More than a million Australians with private health insurance are set to be hit with a spike in their premiums.
A total of eight funds will be charging more from Saturday, April 1, as a host of others have again postponed their premium increases in 2023.
HBF will raise their premium by 4.49 per cent, HIF will hike prices by 3.10 per cent, Mildura Health Fund by 2.48 per cent, onemedifund by 2.86 per cent and Peoplecare by 2.79.
Other funds impacted include Queensland Country Health Fund with a 3.17 per cent spike, RBHS at 3.18 per cent and Westfund 2.65 per cent rise.
On average, premiums are expected to go up by 2.9 per cent in 2023.
However, just as insurers did in 2022, most have postponed their premium increases in 2023.
James Martin, health insurance expert at Finder, said there are several ways for those with health insurance to save on premiums.
Almost two dozen health funds have delayed any premium increases until November 1 including Australian Unity, Navy Health, Bupa and CBHS Corporate
‘Split your combined hospital and extras policy and choose two stand-alone policies,’ Mr Martin said.
‘Prepay for 12 months or more of cover right before your fund increases its premiums – some funds let you pay in advance for up to 18 months.
‘Choose a higher excess. In general, choosing a higher excess will lower your premium.
‘Take advantage of the latest health insurance deals and sign-up offers, which include up to 8 weeks of free cover in some cases.’
In total, 11.81 million people have hospital-only or combined hospital and extras cover in Australia, according to the latest industry stats from APRA.
Almost two dozen health funds have delayed any premium increases until November 1 including Australian Unity, Navy Health, Bupa and CBHS Corporate.