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Health insurance premium rates are rising in Australia
On 1 April 2021, health insurance premium rates will go up as much as 5.47%.
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The average price of private health insurance is set to go up once again in April, making it the second premium hike in around six months for many Australians, since the majority of funds delayed their 2020 increases until October last year because of coronavirus.
How much will my health insurance go up in 2021?
Health insurance will go up by an industry average of 2.74% on 1 April 2021 – the lowest premium increase since 2001. For example, if you're paying $85.65 a month now, come April 1 that could be an extra $28.20 a year based on the average increase of 2.74%.
However, it's not all the same – some policies will see a price jump as big as 5.47% while others will only rise by 0.50%.
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.
How much should you be paying?
You may not realise it, but health insurance prices can really vary between tiers. For example, we found a difference of over $200 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.
Average premium increases – how does your fund compare?
You can find out how much your provider plans to increase its premiums in the table below.
|ACA Health Benefits Fund Limited||3.54%|
|AIA Health Insurance||1.62%|
|Australian Unity Health Limited||1.99%|
|BUPA HI Pty Ltd||3.21%|
|CBHS Corporate Health Pty Ltd||5.47%|
|CBHS Health Fund Limited||4.26%|
|Cessnock District Health Benefits Fund Limited||4.14%|
|CUA Health Limited||2.99%|
|Defence Health Limited||3.93%|
|Doctors' Health Fund Pty Ltd||2.85%|
|HBF Health Limited||0.94%|
|Health Care Insurance Ltd||2.91%|
|Health Insurance Fund of Australia Limited||3.78%|
|Health Partners Limited||3.35%|
|health.com.au Pty Ltd||0.83%|
|Hospitals Contribution Fund of Australia Ltd||2.95%|
|Latrobe Health Services Limited||3.42%|
|Medibank Private Limited||3.25%|
|Mildura District Hospital Fund Ltd||4.07%|
|National Health Benefits Australia Pty Ltd||3.56%|
|Navy Health Ltd||3.46%|
|NIB Health Funds Ltd||4.36%|
|Nurses & Midwives Health Pty Ltd||3.38%|
|Peoplecare Health Limited||3.90%|
|Phoenix Health Fund Limited||3.47%|
|Police Health Limited||3.10%|
|Queensland Country Health Fund Ltd||4.43%|
|Queensland Teachers' Union Health Fund Limited||1.11%|
|Railway & Transport Health Fund Ltd||3.19%|
|Reserve Bank Health Society Ltd||3.74%|
|St Luke's Medical and Hospital Benefits Association||0.5%|
|Teachers Federation Health Ltd||2.88%|
|Transport Health Pty Ltd||2.61%|
|Industry Weighted Average||2.74%|
St Luke's Medical and Hospital Benefits Association and HBF reported the lowest average price increase of all insurers, at just 0.5% and 0.94%. At the other end, CBHS Corporate Health will be applying a 5.47% average increase.
Remember, health funds won't increase all of their policies by the same percentage. For example, a health fund may increase its hospital cover by 4% and its extras cover by 1%. However, insurers haven't confirmed exactly how they will apply the increases yet.
Ready to compare your health insurance options?
Use our free tool below to compare options from over 30 Australian health funds in just a few steps.