FULL ROUNDUP: 2017 health insurance premiums to rise by 4.84%
It's the lowest rise since 2010, but how much more will you be paying?
It's that time of the year again when we collectively wring our hands at how much more we will be paying for health insurance over the next 12 months.
In 2017, health insurance premiums will be going up by an industry weighted average of 4.84%, the lowest rise since 2010.
Of the "Big Four" health funds, HCF has the lowest average increase, raising its premiums by just 3.65%.
Shaun Larkin HCF managing director said, “HCF is unique among the major health funds – as a not-for-profit, we can sustainably operate on lower margins and put our members at the centre of all we do. This has allowed us to deliver our lowest rate in more than a decade to our members.”
NIB came in second with an increase of 4.48%, followed by Medibank (4.6%) and Bupa (4.9%). Bupa is the only insurer amongst the "Big Four" that is increasing its premiums by more than the industry average.
Outside of the big four, the restricted fund CBHS Corporate has the lowest average increase, with its premiums going up by just 2.98%. health.com.au has the largest premium rise in 2017, raising its average premium by a whopping 8.53%.
How do they compare year on year?
Below are the premium increases for each fund for 2017 and 2016.
So how much will you end up paying? Below, we show the average monthly premium for each fund in Australia last year, and the amount that's expected to rise to in 2017. The table covers combined, hospital and extras cover. While your individual rate will vary, this gives a useful general overview.
If you want to save on your health insurance premiums this year, make sure you make the switch before 1 April to lock in your premiums at the 2016 rate. Get your own personalised quote below.