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
aged-based discount. This is used to estimate your
rebate.
Under 65
65 - 69
70 or older
What's your household's taxable income?
This is the combined income you and your spouse earn before tax. It's needed to calculate the correct Australian government rebate.
$93,000 and under
$93,001 to $108,000
$108,001 to $144,000
$144,001 and over
What kind of health insurance do you need?
Combined (Extras + Hospitals)
Extras
Hospital
What level of hospital coverage would you like?
You can change this at any time later.
Legend
Covered
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.
What extras cover do you need? (Optional)
Select as many as you want or move to the next step
Preventative & general dental
Major dental & implants
Optical
Physiotherapy
Podiatry
Non-PBS pharmaceuticals
Chiropractic
Emergency ambulance
Remedial massage
Email me my results (optional)
To get a copy of your results for later, add your email below
How likely would you be to recommend Finder to a friend or colleague?
0
1
2
3
4
5
6
7
8
9
10
Very UnlikelyExtremely Likely
Required
Thank you for your feedback.
Our goal is to create the best possible product, and your thoughts, ideas and suggestions play a major role in helping us identify opportunities to improve.
Important information about this website
Finder makes money from featured partners, but editorial opinions are our own.
Finder is one of Australia's leading comparison websites. We are committed to our readers and stand by our editorial principles
We try to take an open and transparent approach and provide a broad-based comparison service. However, you should be aware that while we are an independently owned service, our comparison service does not include all providers or all products available in the market.
Some product issuers may provide products or offer services through multiple brands, associated companies or different labeling arrangements. This can make it difficult for consumers to compare alternatives or identify the companies behind the products. However, we aim to provide information to enable consumers to understand these issues.
We make money by featuring products on our site. Compensation received from the providers featured on our site can influence which products we write about as well as where and how products appear on our page, but the order or placement of these products does not influence our assessment or opinions of them, nor is it an endorsement or recommendation for them.
Products marked as 'Top Pick', 'Promoted' or 'Advertisement' are prominently displayed either as a result of a commercial advertising arrangement or to highlight a particular product, provider or feature. Finder may receive remuneration from the Provider if you click on the related link, purchase or enquire about the product. Finder's decision to show a 'promoted' product is neither a recommendation that the product is appropriate for you nor an indication that the product is the best in its category. We encourage you to use the tools and information we provide to compare your options.
Where our site links to particular products or displays 'Go to site' buttons, we may receive a commission, referral fee or payment when you click on those buttons or apply for a product.
When products are grouped in a table or list, the order in which they are initially sorted may be influenced by a range of factors including price, fees and discounts; commercial partnerships; product features; and brand popularity. We provide tools so you can sort and filter these lists to highlight features that matter to you.
Please read our website terms of use and privacy policy for more information about our services and our approach to privacy.
We update our data regularly, but information can change between updates. Confirm details with the provider you're interested in before making a decision.
One Response