Health insurance will go up by an industry average of 2.9% on 1 April 2023. Some policies will see a price jump as big as 5.38%. Interestingly, one fund – Health Care Insurance – is actually decreasing its prices, albeit by just 0.09%.
As with last year, some health funds are delaying their price increases. In some cases, until 1 October 2023, which is 6 months later than usual.
If your provider is planning to significantly increase its premiums, now might be a good time to compare health insurance policies and switch to a more affordable one.
You can find out how much your provider plans to increase its premiums in the table below.
| Health Fund | 2023 increase |
|---|---|
| ACA | 3.92% |
| AIA | 1.69% |
| Australian Unity | 3.76% |
| Bupa | 3.39% |
| CBHS Corporate | 5.38% |
| CBHS Health Fund | 4.46% |
| Cessnock District Health Benefits Fund | 3.93% |
| CUA | No data |
| Defence Health | 3.48% |
| Doctors' Health | 2.15% |
| GMHBA | 2.33% |
| HBF Health | 4.49% |
| Health Care Insurance | -0.09% |
| HIF | 3.10% |
| Health Partners | 2.93% |
| Hospitals Contribution Fund | 3.33% |
| Latrobe Health | 2.15% |
| Medibank (including ahm) | 2.96% |
| Mildura District Hospital Fund | 2.48% |
| National Health Benefits Australia | 2.86% |
| Navy Health | 2.94% |
| NIB | 2.72% |
| Peoplecare | 2.79% |
| Phoenix | 3.72% |
| Police Health | 0.00% |
| Queensland Country Health | 3.17% |
| Queensland Teachers' Union Health | 0.81% |
| Reserve Bank Health Society | 3.18% |
| St Luke's | 2.86% |
| Teachers Federation | 2.50% |
| Transport Health | 2.49% |
| Westfund | 2.65% |
You may not realise it, but health insurance prices can really vary between tiers. For example, we found a difference of over $300 a year between two policies on the same tier. That's why it's important to compare your options.
To give you a benchmark to compare your current health insurance, here are the cheapest Basic, Bronze, Silver, Gold and Extras policies from each tier from Finder Partners. Switch and save on your health fund policy today.
Why compare health insurance with Finder?
We don't ask for your phone or email to see prices.
With 1 click, you can open your results to nearly every fund in Australia.
You pay the same price as going direct – we charge no fees.
Health insurance is community rated. This means everybody pays the same price for the same policy, regardless of their age, health or how likely they are to lodge a claim.
For example, a healthy 30-year-old would pay the same as a chronically unwell 60-year-old – as long as they both had the same policy. It means that even if you're sick, injured or have a history of illness, you're not further disadvantaged by having to pay more for your health insurance.
However, the number of seniors in Australia is increasing, and because over-65s typically have higher healthcare costs, insurance companies are spending more money paying out claims.
Unfortunately, insurance companies aren't earning enough money from premiums to be able to comfortably cover the cost of claims. As a result, they have to raise their prices.
Health insurance premiums increase by a different rate every year. The table below shows the annual averages since 2014.
| Insurer | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 |
|---|---|---|---|---|---|---|---|---|---|---|
| ACA Health Benefits Fund Limited | 5.78% | 4.96% | 6.19% | 4.70% | 2.72% | 3.23% | 3.94% | 3.54% | 2.59% | 3.92% |
| AIA Health Insurance | No data | No data | No data | No data | 3.90% | 4.45% | 5.63% | 1.62% | 2.80% | 1.69% |
| Australian Unity Health Limited | 6.62% | 6.26% | 5.05% | 4.46% | 3.89% | 3.35% | 2.79% | 1.99% | 2.73% | 3.76% |
| BUPA HI Pty Ltd | 6.35% | 5.59% | 5.69% | 4.90% | 3.99% | 2.99% | 3.26% | 3.21% | 3.18% | 3.39% |
| CBHS Corporate Health Pty Ltd | No data | No data | No data | 2.98% | 2.38% | 3.68% | 2.37% | 5.47% | 5.33% | 5.38% |
| CBHS Health Fund Limited | 5.61% | 6.58% | 5.92% | 3.29% | 2.73% | 3.67% | 3.91% | 4.26% | 2.91% | 4.46% |
| Cessnock District Health Benefits Fund Limited | 5.36% | 6.99% | 6.19% | 6.57% | 6.40% | 3.90% | 3.96% | 4.14% | 3.77% | 3.93% |
| CUA Health Limited | 5.47% | 6.35% | 8.95% | 4.97% | 3.29% | 4.19% | 3.99% | 2.99% | ||
| Defence Health Limited | 5.34% | 5.62% | 5.48% | 5.51% | 5.97% | 4.50% | 3.49% | 3.93% | 3.33% | 3.48% |
| Doctors' Health Fund Pty Ltd | 4.23% | 3.98% | 3.76% | 3.54% | 2.28% | 2.94% | 3.29% | 2.85% | 2.28% | 2.15% |
| GMHBA Limited | 5.94% | 6.43% | 5.44% | 4.94% | 4.34% | 3.31% | 3.34% | 3.24% | 3.10% | 2.33% |
| HBF Health Limited | 3.72% | 5.96% | 4.94% | 5.96% | 3.75% | 1.94% | 1.98% | 0.94% | 3.62% | 4.49% |
| Health Care Insurance Ltd | 5.34% | 6.12% | 6.90% | 6.06% | 8.90% | 5.53% | 3.75% | 2.91% | 1.09% | -0.09% |
| Health Insurance Fund of Australia Limited | 2.98% | 4.49% | 6.55% | 7.99% | 5.35% | 4.77% | 5.58% | 3.78% | 3.20% | 3.10% |
| Health Partners Limited | 3.14% | 5.76% | 7.14% | 5.10% | 3.95% | 3.18% | 2.77% | 3.35% | 3.15% | 2.93% |
| health.com.au Pty Ltd | 6.13% | 6.81% | 8.81% | 8.53% | 5.87% | 3.96% | 3.94% | 0.83% | No data | No data |
| Hospitals Contribution Fund of Australia Ltd | 6.89% | 6.57% | 5.42% | 3.65% | 3.39% | 3.20% | 3.39% | 2.95% | 2.72% | 3.33% |
| Latrobe Health Services Limited | 5.98% | 6.15% | 5.52% | 4.49% | 4.25% | 3.85% | 3.49% | 3.42% | 3.41% | 2.15% |
| Medibank Private Limited | 6.49% | 6.59% | 5.64% | 4.60% | 3.88% | 3.30% | 3.27% | 3.25% | 3.10% | 2.96% |
| Mildura District Hospital Fund Ltd | 3.65% | 6.14% | 6.74% | 5.95% | 5.68% | 3.89% | 4.68% | 4.07% | 2.90% | 2.48% |
| National Health Benefits Australia Pty Ltd | 4.50% | 6.26% | 5.28% | 5.41% | 3.97% | 3.62% | 2.99% | 3.56% | 3.24% | 2.86% |
| Navy Health Ltd | 4.53% | 4.50% | 5.50% | 4.94% | 3.94% | 4.94% | 3.49% | 3.46% | 3.25% | 2.94% |
| NIB Health Funds Ltd | 7.99% | 6.55% | 5.55% | 4.48% | 3.93% | 3.38% | 2.90% | 4.36% | 2.66% | 2.72% |
| Nurses & Midwives Health Pty Ltd | No data | No data | No data | No data | 3.22% | 5.91% | 3.74% | 3.38% | No data | No data |
| Peoplecare Health Limited | 5.82% | 6.08% | 4.38% | 5.09% | 4.19% | 4.90% | 3.48% | 3.90% | 3.27% | 2.79% |
| Phoenix Health Fund Limited | 6.52% | 6.48% | 5.72% | 5.93% | 4.19% | 3.26% | 3.10% | 3.47% | 3.16% | 3.72% |
| Police Health Limited | 4.81% | 4.48% | 4.81% | 4.63% | 3.72% | 3.58% | 3.14% | 3.10% | 1.79% | 0.00% |
| Queensland Country Health Fund Ltd | 5.85% | 4.77% | 4.91% | 5.15% | 4.39% | 3.95% | 3.56% | 4.43% | 3.34% | 3.17% |
| Queensland Teachers' Union Health Fund Limited | 4.50% | 6.36% | 7.15% | 7.30% | 4.40% | 3.18% | 2.66% | 1.11% | 2.26% | 0.81% |
| Railway & Transport Health Fund Ltd | 4.80% | 6.17% | 5.61% | 5.54% | 4.47% | 3.36% | 2.91% | 3.19% | No data | No data |
| Reserve Bank Health Society Ltd | 4.39% | 4.88% | 5.37% | 5.00% | 3.97% | 3.73% | 3.08% | 3.74% | 3.74% | 3.18% |
| St Luke's Medical and Hospital Benefits Association | 6.33% | 6.27% | 5.89% | 4.99% | 4.23% | 3.56% | 2.90% | 0.5% | 3.19% | 2.86% |
| Teachers Federation Health Ltd | 5.42% | 6.86% | 4.97% | 4.96% | 2.84% | 3.94% | 3.24% | 2.88% | 2.17% | 2.50% |
| Transport Health Pty Ltd | 5.90% | 4.84% | 6.49% | 4.93% | 5.16% | 3.41% | 2.59% | 2.61% | 1.16% | 2.49% |
| Westfund Limited | 3.25% | 7.92% | 5.94% | 4.96% | 3.43% | 1.64% | 4.32% | 4.30% | 2.40% | 2.65% |
| Industry Weighted Average | 6.20% | 6.18% | 5.59% | 4.84% | 3.95% | 3.25% | 2.92% | 2.74% | 2.70% | 2.90% |
Your health fund won't increase the price of your policy without letting you know, so expect a letter or an email notifying you about any changes.
From there, it's worth checking the updated policy information, so you can make an informed decision about what to do next.
If you don't do anything, it's highly likely that the cost of your health insurance will go up on 1 April. However, you may be able to save money if you compare providers and switch to a policy that suits you better.
Here are some handy tips to consider, which could save you money:
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