What is the health insurance rate rise and why should you care?
Every year on April 1st, health insurance premiums in Australia increase. In 2019, the prices went up by 3.25%. In 2020, prices are increasing again! The exact additional amount you’ll be charged depends on your current fund and policy, but the industry average is 2.92%. If you’d like to check your estimated premium increase for 2020 you can use our health insurance rate rise calculator.
If you have private health cover or are planning to purchase a policy in the near future, it’s worth considering how the premium increase will impact you. Some smart Aussies are using this time to take advantage of this increase to compare funds and often times are able to switch to an equivalent policy at a lower premium.
If you have any concerns, you can compare policies to find out if you’re paying too much. Comparing health insurance annually ensures you’re getting good value, well-suited cover for the best possible price. It’s one way to make up for the health insurance rate rise and could you you hundreds.