How does the health insurance premium increase affect you?
Every year on April 1st, health insurance premiums in Australia increase. In 2020, the prices went up by 2.92%. In 2021, prices are increasing again. The exact additional amount you’ll be charged depends on your current fund and policy, but the industry average is 2.74%. If you’d like to check your estimated premium increase for 2021 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.
You can compare policies to find out if you’re paying too much. Remember, switch to a cheaper policy that offers equivalent or lower cover and you may not have to serve any new waiting periods.
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 save you hundreds.