It's the lowest rise since 2010, but how much more will you be paying?
It's that time of the year again when we collectively wring our hands at how much more we will be paying for health insurance over the next 12 months.
In 2017, health insurance premiums will be going up by an industry weighted average of 4.84%, the lowest rise since 2010.
Of the "Big Four" health funds, HCF has the lowest average increase, raising its premiums by just 3.65%.
Shaun Larkin HCF managing director said, “HCF is unique among the major health funds – as a not-for-profit, we can sustainably operate on lower margins and put our members at the centre of all we do. This has allowed us to deliver our lowest rate in more than a decade to our members.”
NIB came in second with an increase of 4.48%, followed by Medibank (4.6%) and Bupa (4.9%). Bupa is the only insurer amongst the "Big Four" that is increasing its premiums by more than the industry average.
Outside of the big four, the restricted fund CBHS Corporate has the lowest average increase, with its premiums going up by just 2.98%. health.com.au has the largest premium rise in 2017, raising its average premium by a whopping 8.53%.
How do they compare year on year?
Below are the premium increases for each fund for 2017 and 2016.
So how much will you end up paying? Below, we show the average monthly premium for each fund in Australia last year, and the amount that's expected to rise to in 2017. The table covers combined, hospital and extras cover. While your individual rate will vary, this gives a useful general overview.
If you want to save on your health insurance premiums this year, make sure you make the switch before 1 April to lock in your premiums at the 2016 rate. Get your own personalised quote below.
Why compare health insurance with Finder?
We don't ask for your phone or email to see prices.
With 1 click, you can open your results to nearly every fund in Australia.
You pay the same price as going direct – we charge no fees.
Depending on your age, you may be eligible for an
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Under 65
65 - 69
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$93,001 to $108,000
$108,001 to $144,000
$144,001 and over
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Combined (Extras + Hospitals)
Extras
Hospital
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Restricted cover, You may be partially covered for
this category.
Not covered. Optional for insurer to include.
*Prices updated March 2024, in line with Finder's
database of health insurance policies. Prices are based
on a single individual with less than $93,000 income and
living in Sydney with a $750 excess.
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Select as many as you want or move to the next step
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