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NewsHealth Premium Increases: How does your fund compare?
Health Premium Increases: How does your fund compare?

Health Premium Increases: How does your fund compare?

Health Minister Greg Hunt has approved federal government plans to increase health premiums by 4.84 per cent, that will add an average $200 a year to the cost of family cover. 

The latest increase comes as private health coverage is going backwards for the first time in 15 years, with 1 in 5 policyholders reportedly considering dropping or downgrading their cover. Your precise price rise will depend on which health fund and policy you hold, but premiums on average have now risen by 72% in a decade, 3 times the rate of inflation. You can scroll down to see the fund-by-fund average increases.

Did you know? Because the FiftyUp Club has over 240,000 members, we are able to negotiate a special members offer on Health Insurance with the country's biggest not-for-profit Health Fund.

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Here's where your fund sits compared to the others (but be sure to check your own increase, as these are also just averages):

Insurer 2017 increase
   
health.com.au Pty Ltd 8.53
Health Insurance Fund of Australia Ltd 7.99
Queensland Teachers’ Union Health Fund Ltd 7.3
Cessnock District Health Benefits Fund Ltd 6.57
Health Care Insurance Ltd 6.06
HBF Health Ltd 5.96
Mildura District Hospital Fund Ltd 5.95
Phoenix Health Fund Ltd 5.93
Railway & Transport Health Fund Ltd 5.54
Defence Health Ltd 5.51
National Health Benefits Australia Pty Ltd 5.41
Queensland Country Health Fund Ltd 5.15
Health Partners Ltd 5.1
Peoplecare Health Ltd  5.09
Reserve Bank Health Society Ltd 5
St Luke's Medical and Hospital Benefits Association Ltd 4.99
CUA Health Ltd 4.97
Teachers Federation Health Ltd 4.96
Westfund Ltd 4.96
GMHBA Ltd 4.94
Navy Health Ltd 4.94
Transport Health Pty Ltd 4.93
Bupa HI Pty Ltd 4.9
INDUSTRY WEIGHTED AVERAGE 4.84
ACA Health Benefits Fund Ltd 4.7
Police Health Ltd  4.63
Medibank Private Ltd 4.6
Latrobe Health Services Ltd 4.49
NIB Health Funds Ltd 4.48
Australian Unity Health Ltd 4.46
Grand United Corporate Health Ltd 4.11
HCF 3.65
Doctors' Health Fund Pty Ltd, The 3.54
CBHS Health Fund Ltd 3.29
CBHS Corporate Health Pty Ltd 2.98

Source: Health Department data

Don't just accept the increase! The FiftyUp Club has over 240,000 members, so we are able to negotiate a members offer on Health Insurance with the country's biggest not-for-profit Health Fund. Join the Club for free to get a quick quote on the offer here.

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Russell
Russell from NSW commented:

In the chart above GMHBA reports as a 4.94 % increase, but mine went up 6.9%. Changed from Medibank to GMHBA last year as a good saving. Must have been a "honeymoon" deal Will be watching closely. Thinking hard about staying? 

Debra
Debra from NSW commented:

what about ahm 

Debra
Debra from NSW commented:

Have held health cover for some 41 years, in the beginning you were covered with no gaps and no excess. Now when we really feel like we need to have cover in this country it seems that the Government is a sleep at the wheel in ensuring that the majority of the population being able to afford and keep cover. I'am aware of so many people going overseas for treatment and paying a fraction of the cost as it would be in Australia, this is what the Government should be checking, in addition the Government has not moved it's scheduled fees in line with inflation and certainly with the rising costs of health in this country, so when a private health patient has a procedure, medi- care covers 85% of the inadequate schedule fee and your health fund covers 25% of the same scheduled fee and we the policy holder cover the large out of pockets from increasing health care costs. I ' am 60 years of age and have a yearly premium of $8500.00 this includes government contribution, Mr Hunt do you believe that this is ok, this equates to around 45% of a singles annual pension. One other thing Mr Hunt, you were beating your chest that you have achieved the lowest average premium increase this year of 4.8%, did you forget to tell us that you, your Government has also this year reduced it's rebate by nearly 1% , this rebate continues to be taken away at a time when we have ridiculously high health costs in this country. 

Beverley
Beverley from QLD commented:

B from Queensland I pulled out of hospital cover last April as I to am a pensioner and can not afford these high price rises so I am also relying on public system 

Marcia
Marcia from NSW commented:

I have been with HCF for about 20years ,expensive but in old age is something we would not do without . with a period of 2 people with a run of health problems ,received back 4 years fees in one. 

Someone
Someone from WA commented:

Yes, I totally agree with all of these comments. It's outrageous! The quoted premium increases are just not the truth! Ours with HBF for mid hospital , standard extras & ambulance plus for my husband & I with a $500.00 excess, went up $379.20 per year. It worked out to a 9.3% increase. We decreased our coverage last year, to try & hang in there. We didn't want maternity - but lost cover for other things we may need, so we've pulled the pin this year. We've decided to put that money aside & cover our own Dental & optical (but also gone elsewhere for ambulance cover) 

Someone
Someone from WA commented:

Just one big rip of, why have private health .cover,just iNcrease medicare 2 pc , theN every one gets the same care.. The whol ystemis inneed of a complete review , have wages gone up in line with these or any increase. Idontthinkso. 

Someone
Someone from VIC commented:

hey anonymous you need to learn how to spell 

Kenneth
Kenneth from NSW commented:

Medibank Private 4.6% increase. All BS. My increase in 2016 was 9%. in 2017 was 8%. there need to be an independent enquiry on private health insurance increases. We are mugs they tell us they have approved a 4.8% increase but then they slug members with whatever they feel they can take. This is a disgrace. 

Someone
Someone from NSW commented:

My health fund, Australian Unity, has increased my premium by 13% !! Not surprisingly I won't continue with them. 

Peter
Peter from NSW commented:

Likewise mine has increased by 9.57% so much for the 4.84% weighted average increase! Very difficult to compare extras cover when some quote max $ value per treatment and others pay a 60 or 80% of fee charged and it is near impossible to establish these beforehand. 

Albert
Albert from QLD commented:

I am a pensioner. My wife and I will pay $590.68 if we stay insured unless someone else can give me a cheaper premium. We have no option but to stay insured. Randall 

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