How does your health fund compare on 2021 price rises?
Some funds are raising prices by less than 1% but others aren't being quite so generous.
It's that time again. Health funds are putting their prices up on April 1, with an average increase of 2.74%.
While that might be the lowest increase in 20 years, it's still above the inflation rate of 1.34% so everyday Australians are going to be out of pocket.
However, not all funds are putting up their prices by 2.74%. In fact, several funds are putting their prices up by less than 1%, while one fund is raising prices by more than 5%.
St.Lukes, a fund which is open to everyone, is putting prices up by just 0.5% while CBHS Corporate has announced a 5.47% increase. Ouch.
What it means in real terms
On average, a single person will pay an extra $59.28 a year and a family will pay an extra $126.88 a year. But compare online, and you could score a better deal.
For example, gold policies typically cost $150-$190 a month. The average increase will see you paying roughly $48 to $60 more a year.
However, an increase of 0.5% would see singles paying just $9 to $11.40 more a year. Even a 1% increase would only be an extra $18 to $22.80 a year. Much more palatable.
On the other end of the scale, if you happened to be hit with the maximum 5.47% increase, you could be looking at a bill which is $98.40 to $124.68 more expensive per person.
You can avoid it though
The easiest way to avoid the price rise is by paying for your health insurance in advance. You'll lock in last year's prices for the next 12 months. Hooray!
If you don't want to pay in advance, you can compare funds and choose one which is raising prices by a minimal amount. Or, you can consider dropping down a tier in your hospital insurance to save money. Just double check what's covered in the tier below.
See how your fund stacks up
|Fund||Open or restricted?||Increase||Learn more|
|Australian Unity||Open||1.99%||Learn more|
|CBHS Health||Restricted||4.26%||Learn more|
|Cessnock DHB||Open||4.14%||Learn more|
|Defence Health||Restricted||3.93%||Learn more|
|Doctor's Health||Restricted||2.85%||Learn more|
|Health Partners||Open||3.35%||Learn more|
|Medibank and ahm||Open||3.25%||Learn more|
|Navy Health||Restricted||4.46%||Learn more|
|Nurses and Midwives||Restricted||3.38%||Learn more|
|Police Health||Restricted||3.1%||Learn more|
|Queensland Country||Open||4.43%||Learn more|
|Queensland Teachers' Union||Restricted||1.11%||Learn more|
|Railway and Transport Health||Restricted||3.19%||Learn more|
|Reserve Bank||Restricted||3.74%||Learn more|
|St Luke's||Open||0.5%||Learn more|
|Teachers Federation||Restricted||2.88%||Learn more|
|Transport Health||Open||2.61%||Learn more|
|Westfund Limited||Open||4.3%||Learn more|
Compare health insurance
Use our easy tool below to compare health insurance. It'll only take a few seconds and you could find yourself a better deal.