When will my health insurance premium increase?

Health insurance premiums are going up soon. When your rate hike notice arrives in the mail, it’s a prompt to see how your policy stacks up.

Our articles are dedicated to helping you find the right product at the right price. We may receive revenue from affiliate and advertising partnerships for sharing this content and when you make a purchase. learn more

You might notice your private health insurance premium increase is a little different this year.

HCF and nib have both announced they are deferring the annual rate rise while other insurers will likely start charging more from April 1, the date when increases traditionally kick in.

The one thing that is certain is your premium will increase at some point this year, unless you can find a way to avoid the hike altogether, such as by locking in your premium with your current provider or by getting a better deal from another health fund .

A spokesperson for comparison service iSelect, Jessie Petterd, said while it was good news, many health funds were deferring premiums, there was more customers could do to save money.

“It’s important that members don’t get complacent with their health policy just because their premiums have been deferred,” Ms Petterd said.

“We recommend continuing to review your policy regularly to ensure you’re still covered for what you need and not paying for things you don’t need.”

If you’re confused about when your policy is increasing its premiums and by how much, Ms Petterd said your health fund should notify you if and when any change will happen.

“This should be your prompt to shop around to see how your current policy stacks up,” she said.

To help you plan, we’ve wrapped up when some of the major health insurance providers are set to increase premiums and by how much.

Policies are set to rise by an average of 2.70 per cent overall – the lowest premium increase in more than a decade – but depending on your insurer you could be facing a much higher price rise.

Compare health policies now

Medibank health insurance premium increase

Average increase: 3.10 per cent

When: Sep 1 2022

All active Medibank and ahm customers who hold a hospital and/or extras policy will have their premium increase deferred until September.

It’s expected to save members an average of around $93 for hospital and extras policies and around $8 on extras policies.

Customers will find out what their individual increase will be – given it could be above or below the average of 3.10 per cent – ​​via post or email from August this year.

There’s also a give back offer for health insurance customers who no longer have a policy with Medibank but held an active policy between 1 July 2021 and 31 December 2021.

Bupa health insurance premium increase

Average increase: 3.18 per cent

When: To be announced

The date of Bupa’s health insurance premium increase has not been announced at this stage.

The health fund is currently in the process of returning $120 million in cash back to customers via its give back program, which is expected to be completed by the end of February.

HCF health insurance premium increase

Average increase: 2.72 per cent

When: November 1 2022

HCF is delaying its health insurance premium increase until November, which is the longest delay out of the major insurers.

The health insurance provider said the additional support for members was possible due to the continued reduction in claims resulting from the Covid pandemic.

Could you save on your health cover?

Nib health insurance premium increase

Average increase: 2.66 per cent

When: Sep 1 2022

Nib is freezing its premiums for five months until September for members who are Australian residents.

Members will be notified of their individual premium increase and the changes will be automatically applied to their health cover policy.

HBF health insurance premium increase

Average increase: 3.62 per cent

When: April 1 2022

HBF will be increasing premiums for members on April 1, which equates to an average increase of $4.47 per fortnight.

Over 80 per cent of HBF members live in Western Australia, so the fund said it had experienced less of an impact on claims from COVID-19 during 2021.

HBF has had the lowest average premium increase over the past five years, at 2.45 per cent.

How much are other health funds increasing premiums by?

These are the average premium increases by other open health insurance providers in 2022, according to the Department of Health:

  • AIA Health Insurance: 2.80 per cent
  • Australian Unity: 2.73 per cent
  • CBHS Corporate Health: 5.33 per cent
  • CUA Health: 3.42 per cent
  • GMHBA: 3.10 per cent
  • Health Care Insurance: 1.09 per cent
  • Health Partners: 3.15 per cent
  • Latrobe Health Services: 3.41 per cent
  • Mildura Health Fund: 2.90 per cent
  • People care: 3.27 per cent
  • Phoenix Health Fund: 3.16 per cent
  • Queensland Country Health Fund: 3.34 per cent
  • St. Luke’s Health: 3.19 per cent
  • Transport Health: 1.16 per cent
  • West Fund: 2.40 per cent

RELATED: Key changes to health insurance in 2022

Leave a Comment