Private health insurance premiums are poised for a significant uptick of over 3 % come April 1, marking the largest increase in five years.
The federal government has given the green light to an average industry premium hike of 3.03 %. Nevertheless, several major insurers have announced that rates will climb even higher, reaching up to 4.1 %.
NIB customers are slated for a 4.1 per cent premium increase, while BUPA’s rates will climb by 3.61 per cent, HBF’s by 3.95 per cent, and Medibank Private’s by 3.31 percent.
According to a Compare Club analysis, factoring in an average 4 percent price surge, Australians may face an additional cost of up to $159 annually. For elderly individuals and families, this figure could surpass $200.
Last year, the “big four” health funds, namely Bupa, Medibank, NIB, and HCF, collectively saw an average increase of 2.92 percent in premiums.
Health Minister Mark Butler noted that this year’s rise, averaging 3.03 percent, is smaller than the annual increases in wages, the age pension, and inflation.
In 2023, wages saw a 4.2 percent rise, while inflation climbed by 4.1 percent. Social security payments similarly increased in alignment with inflation.
News source: AAP and 7News
