On April 1st 2019, health insurance premiums are set to rise by an average of 3.25%.
But…what exactly does that mean for you? According to Federal Health Minister Greg Hunt, a single person can expect to pay an average of $1.14 extra per week, while families are looking at $2.35.
Premiums inevitably rise each year on April 1st, but the good news is next year’s hike is the lowest we’ve seen in the past 18 years, according to Hunt.
Good news for families and young adults too—the government announced health funds will now be able to offer discounts of up to 10% to Australians aged between 18 and 29 years old. In addition to the Lifetime Health Cover Loading which encourages people to take out hospital cover before age 31, this is another incentive for young people to get themselves covered while keeping more money in their pockets.
The product tiers for hospital cover (gold, silver, bronze and basic) will also start up next year in attempt to make health insurance easier to navigate, ensuring consumers are aware of what each policy covers and what it doesn’t.
With 37 health insurance funds currently out there, Hunt encourages Aussies to shop around and compare cover…and we couldn’t agree more. There can be huge variation between each policy, and so there should be—every situation is unique.
Get you and your family sorted before the new year and enjoy good quality health cover at the right price.