How Much is Your Health Insurance Increasing By?
It’s a new year and we all know what that means...Health Insurance premium increases are coming.
If you’ve got health cover, you can scroll down to see what your fund’s average increase will be. They range from under 2% to almost 6%!
But it’s also going to be a big year for changes to Health Insurance, so you need to know what’s coming.
Here is what is changing:
All policies categorised
Every hospital policy will have to be categorised as either Gold, Silver, Bronze or Basic from April 1 next year. Some policies will cease to exist and some will have their coverage adjusted.
$1500 excess now available
It will now be possible to opt for an excess of up to $1500 for couples/families (the maximum was previously $1000), or up to $750 for a single. This could save you hundreds on your premium, but you’ll pay more if you have to go to hospital.
Travel benefits for rural and regional customers
Insurers will now able to offer travel and accommodation benefits, as part of insurance policies, for people in regional and rural areas that need to travel for treatment.
The BIG question for many though is how much is my premium going to increase by?
Below is a list of providers and how much their premiums are set to rise on average.
Remember, ONE solution to avoid the price hike is to switch your combined hospital and extras now and pay a year in advance.
Average increase with rate protection
|
INSURER |
2019 |
|
ACA Health Benefits Fund Limited |
3.23% |
|
Australian Unity Health Limited |
3.35% |
|
BUPA HI Pty Ltd |
2.99% |
|
CBHS Corporate Health Pty Ltd |
3.68% |
|
CBHS Health Fund Limited |
3.67% |
|
Cessnock District Health Benefits Fund Limited |
3.90% |
|
CUA Health Limited |
4.19% |
|
Defence Health Limited |
4.50% |
|
Doctors' Health Fund Pty Ltd, The |
2.94% |
|
Emergency Services Health Pty Ltd |
3.25% |
|
GMHBA Limited |
3.31% |
|
Grand United Corporate Health Limited |
1.80% |
|
HBF Health Limited |
1.94% |
|
Health Care Insurance Ltd |
5.53% |
|
Health Insurance Fund of Australia Limited |
4.77% |
|
Health Partners Limited |
3.18% |
|
health.com.au Pty Ltd |
3.96% |
|
Hospitals Contribution Fund of Australia Ltd, The |
3.20% |
|
Latrobe Health Services Limited |
3.85% |
|
Medibank Private Limited |
3.30% |
|
Mildura District Hospital Fund Ltd |
3.89% |
|
MO Health Pty Ltd |
4.45% |
|
National Health Benefits Australia Pty Ltd |
3.62% |
|
Navy Health Ltd |
4.94% |
|
NIB Health Funds Ltd |
3.38% |
|
Nurses & Midwives Health Pty Ltd |
5.91% |
|
Peoplecare Health Limited |
4.90% |
|
Phoenix Health Fund Limited |
3.26% |
|
Police Health Limited |
3.58% |
|
Queensland Country Health Fund Ltd |
3.95% |
|
Queensland Teachers' Union Health Fund Limited |
3.18% |
|
Railway & Transport Health Fund Ltd |
3.36% |
|
Reserve Bank Health Society Ltd |
3.73% |
|
St Luke's Medical and Hospital Benefits Association |
3.56% |
|
Teachers Federation Health Ltd |
3.94% |
|
Transport Health Pty Ltd |
3.41% |
|
Westfund Limited |
1.64% |
|
INDUSTRY WEIGHTED AVERAGE |
3.25% |
Source: health.gov.au
