How much more will you be paying for health insurance in 2018?

Richard Laycock 10 March 2018 NEWS

saving money

We've crunched the costs for every major provider.

If you have private health insurance, you should have by now received a letter from your health fund letting you know how much your premiums will be going up in 2018. On average, health insurance premiums will be going up by 3.95% come 1 April but what does that look like in dollars?

To find out, we looked at how much it would have cost you in 2017 on average for a single hospital policy from each fund and multiplied that by how much they are raising their premiums on average in 2018.

With the lowest average premium increase in 2018 at just 0.48%, Qantas Assure's premiums will be going up the least, with an average yearly increase of $9.88. And with an average annual premium of $2,067.28, its members will also be paying less than the industry average of $2,141.36 per year.

At the other end of the spectrum, Health Care Insurance members are looking at paying an additional $206.81 in 2018. They will also be paying the fifth most on average for cover ($2,530.49).

Disclaimer

The table below displays the average cost for a single hospital policy for each fund, regardless of state, age or level of cover. Annual premium increases reflect the average increase for that fund and may differ from the amount your premiums are going up. Results are for illustrative purposes only.

Fund 2017 average policy 2018 average cost $ increase p/a
Qantas Assure $2,057.40 $2,067.28 $9.88
CBHS (Restricted) $1,710.96 $1,757.67 $46.71
ACA (Restricted) $1,879.44 $1,930.56 $51.12
Teachers Health (Restricted) $1,815.84 $1,867.41 $51.57
GU Health (Corporate) $1,828.08 $1,880.00 $51.92
Doctors Health (Restricted) $2,599.68 $2,658.95 $59.27
CUA Health $1,815.36 $1,875.09 $59.73
Queensland Country Health $1,383.84 $1,444.59 $60.75
HCF $1,833.72 $1,895.88 $62.16
MO Health $1,732.32 $1,799.88 $67.56
Medibank $1,816.68 $1,887.17 $70.49
Navy Health (Restricted) $1,984.32 $2,062.50 $78.18
nib $2,019.12 $2,098.47 $79.35
Railway and Transport Health (Restricted) $1,792.32 $1,872.44 $80.12
Peoplecare $1,925.88 $2,006.57 $80.69
Industry weighted average $2,059.99 $2,141.36 $81.37
Bupa $2,052.24 $2,134.12 $81.88
Health Partners $2,118.00 $2,201.66 $83.66
HBF $2,241.24 $2,325.29 $84.05
GMHBA $1,938.48 $2,022.61 $84.13
Australian Unity $2,182.08 $2,266.96 $84.88
Phoenix Health $2,073.96 $2,160.86 $86.90
Police Health (Restricted) $2,343.84 $2,431.03 $87.19
St.LukesHealth $2,185.92 $2,278.38 $92.46
Latrobe Health $2,190.72 $2,283.83 $93.11
Westfund $2,754.00 $2,848.46 $94.46
TUH (Restricted) $2,156.28 $2,251.16 $94.88
onemedifund $2,472.24 $2,570.39 $98.15
RBHS (Restricted) $2,587.08 $2,689.79 $102.71
HIF $2,072.76 $2,183.65 $110.89
Defence Health (Restricted) $1,880.40 $1,992.66 $112.26
Mildura Health Fund $2,036.64 $2,152.32 $115.68
Transport Health $2,286.96 $2,404.97 $118.01
health.com.au $2,028.96 $2,148.06 $119.10
CDH $1,979.28 $2,105.95 $126.67
Health Care Insurance $2,323.68 $2,530.49 $206.81

How did your fund fare? If you're concerned about whether or not you're getting value for money from your health insurance, make sure you read through your policy document and see where you might be able to make better use of your cover.

If you're thinking about switching health funds, make sure you check out what deals and discounts are on offer before you do.

Are you looking for a better deal? Compare health insurance online.

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Picture: Shutterstock

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